Piper says trial suggests Lilly ‘liked what it saw,’ positive for Scholar Rock

Piper Sandler says the recent positing of a new Phase 2 trial evaluating bimagrumab plus tirzepatide in obesity suggests that Eli Lilly (LLY) “liked what it saw” from combo data earlier this year, even though they didn’t disclose it. This has positive read-through for Scholar Rock’s (SRRK) anti-myostatin approach in obesity, contends the firm, which continues to believe that Scholar shares reflect little, if any, value for the obesity opportunity. The firm, which thinks this may begin to change as Scholar’s Phase 2 proof of concept obesity readout approaches in Q2 of 2025, keeps an Overweight rating on Scholar Rock shares.