Scholar Rock assumed with an Overweight at Piper Sandler

Piper Sandler analyst Allison Bratzel assumed coverage of Scholar Rock with an Overweight rating and $26 price target. With the company’s lead asset apitegromab having generated "compelling" Phase 2 data, the Phase 3 data in 2024 is "one of the more de-risked upcoming pivotal readouts in the sector," the analyst tells investors in a research note. Given the remaining unmet need for a muscle-directed therapy in spinal muscular atrophy, the firm believes apitegromab represents a blockbuster opportunity and models $1.4B in 2030 revenue.