Join +750K new investors every month who copy stock picks from billionaire's portfoliosSign Up Free

Piper Sandler 'remains confident' in Scholar Rock, reaffirms shares overweight

Published 2024-05-23, 09:44 a/m
SRRK
-

On Thursday, Piper Sandler reaffirmed its Overweight rating on Scholar Rock (NASDAQ:SRRK) with a steady price target of $28.00. The firm's stance follows the biopharmaceutical company's Investor Day presentation held on Wednesday.

The presentation revealed new preclinical data for SRK-439, Scholar Rock's obesity asset, and announced the early start of a proof-of-concept obesity trial for apitegromab.

The company has several key data events lined up for the remainder of the year. Notably, data for SRK-181, an oncology asset likely to secure a partnership, will be presented at the American Society of Clinical Oncology (ASCO) meeting. Additional preclinical data for SRK-439 is expected at the American Diabetes Association (ADA) meeting in late June.

Furthermore, phase 3 data for apitegromab in treating spinal muscular atrophy (SMA) is anticipated in the fourth quarter of 2024.

Piper Sandler expressed confidence in Scholar Rock's strategic focus on selectively targeting latent myostatin, which could lead to a safety advantage in its anti-myostatin assets. The firm remains optimistic about the company's ability to execute its plans for its anti-myostatin portfolio, which targets obesity and SMA.

Investors are encouraged to consider Scholar Rock's upcoming value-creating events as potential opportunities. The company's progress and the anticipated data presentations are expected to be significant milestones in the current year.

InvestingPro Insights

As Scholar Rock (NASDAQ:SRRK) navigates a year filled with key data events, including presentations at major conferences and the initiation of a proof-of-concept obesity trial, investors may find additional context in the company's financial health and market performance. With a market capitalization of approximately $933.92 million, the company's financial position is characterized by more cash than debt on its balance sheet, which is a positive sign for stability. However, it's important to note that the firm has been quickly burning through cash, and analysts have recently revised their earnings downward for the upcoming period.

InvestingPro Tips indicate that while the stock has experienced a significant decline over the last week and month, it has managed a high return over the last year. This volatility underscores the importance of monitoring market dynamics and company performance closely. Additionally, Scholar Rock does not pay a dividend, which may be relevant for income-focused investors.

For those interested in deeper analysis, there are more InvestingPro Tips available on the company's profile at https://www.investing.com/pro/SRRK. Use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, unlocking a wealth of data and insights to inform investment decisions. There are 11 additional InvestingPro Tips listed for Scholar Rock, providing a comprehensive view of the company's financial and market status.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.