Scholar Rock price target raised to $34 from $31 at BMO Capital

BMO Capital analyst Etzer Darout raised the firm’s price target on Scholar Rock to $34 from $31 and keeps an Outperform rating on the shares. The company’s Q2 results included updated 48-month data from the apitegromab Phase 2 TOPAZ extension study in nonambulatory SMA patients, demonstrating continued improvements in functional scores across defined age groups and functional scale measures, the analyst tells investors in a research note. The data further increases BMO’s conviction on the upcoming SAPPHIRE data in Q4 and supports its “incrementally more positive view”, the firm added.