Scholar Rock price target lowered to $23 from $24 at Wedbush

Wedbush lowered the firm’s price target on Scholar Rock to $23 from $24 and keeps an Outperform rating on the shares. Scholar Rock plans to advance SRK-439, its preclinical-stage myostatin inhibitor being developed for the treatment of cardiometabolic disorders, towards IND, and plans to initiate a Phase 2 proof-of-concept study of apitegromab in combination with a GLP-1 receptor agonist in 2024, pending regulatory clearance, the analyst tells investors in a research note. The main upcoming catalyst for shares remains the topline data from the Phase 3 SAPPHIRE trial of apitegromab in SMA, which is expected in 4Q24, and has a high likelihood of success based on positive 36-month data for Phase 2 TOPAZ, the firm says.