Scholar Rock

Michael Yee of Jefferies maintains a Buy rating on Biogen (BIIB) with a $250.00 price target, citing positive developments for Biogen’s Alzheimer’s drug, Leqembi, in the European market. The European Medicines Agency’s approval recommendation, despite limitations, is seen as a significant market opportunity. Challenges include EU pricing and reimbursement processes, logistical issues, and the need for pipeline expansion, but the drug’s potential in specific patient groups supports the Buy recommendation.

Scholar Rock announced successful Phase 3 SAPPHIRE study results for apitegromab in treating SMA, showing significant motor function improvement. Plans include filing regulatory applications in Q1 2025 and a U.S. commercial launch in Q4 2025. The company raised $345 million, boosting its cash balance to $463 million, and is preparing for apitegromab's potential $1 billion revenue.

Scholar Rock Holding Corp's Q3 2023 Form 10-Q reports increased operating expenses, net loss, and loss per share. Key business highlights include positive Phase 3 SAPPHIRE trial results for apitegromab in SMA, ongoing ONYX extension study, and initiation of SRK-439 Phase 2 EMBRAZE trial for obesity. The company plans to submit regulatory applications for apitegromab in Q1 2025, with potential U.S. and European launches in 2025. Challenges include product development risks, reliance on third parties, and financial condition.

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