The shares of Scholar Rock Holding Corp (NASDAQ: SRRK) soared 26.07% on Monday, after an experimental, muscle-preserving drug by competitor Biohaven missed its goal in a Phase 3 study of people suffering from spinal muscular atrophy (SMA).
taldefgrobep alfa, a regimen of Biohaven’s drug, and a standard SMA therapy failed to significantly improve motor function following 48 weeks in comparison with treatment by using a typical SMA medicine and placebo.
In October, Scholar Rock had announced that a similar drug to taldefgrobep alfa, which blocks a protein limiting muscle growth, had a success in a Phase 3 trial in SMA. The findings triggered a substantial surge (more than 250%) in Scholar Rock’s shares during the month.
Stock Performance
The shares of Scholar Rock Holding Corp (SRRK) closed 26.07% ($7.80) higher at $37.72 on Nasdaq on Monday, as they extended the gain from the previous market session.
SRRK was a top-gaining stock on Monday.
The company’s total market cap now stands at $3.531 billion.
The shares of Scholar Rock Holding Corp (SRRK) went up 107.73% in 2023, compared with a 43.42% gain for the benchmark index, Nasdaq Composite (IXIC).
The company’s shares have risen another 100.64% so far this year.
Analyst stock price forecast and recommendation
According to TipRanks, all 8 surveyed investment analysts, offering 12-month price targets for Scholar Rock Holding Corp, had rated the stock as “Buy”. The median price target on the stock stands at $38.17, which translates into a 1.19% upside compared to the closing price on Monday.
The high point of the analyst forecast range stands at $50.00.
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