Barclays Downgrades Scholar Rock to Equal Weight Despite FDA Approval of Isembyld

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Barclays downgraded Scholar Rock to Equal Weight from Overweight even after the FDA approved its lead asset, Isembyld, for spinal muscular atrophy last week. Analyst Etzer Darout cited a more balanced risk-reward setup post-approval and a cautious tone on the company's non-SMA pipeline, writing that additional clinical validation will likely be required before meaningful incremental value can be ascribed to the broader pipeline beyond SMA. The downgrade extended a slide in Scholar Rock shares, which have lost more than 14% since Friday, when the company became a commercial-stage biotech following the FDA nod for Isembyld as a late-line option for patients aged two years and older with SMA, though the stock is still up 7% year to date. Darout raised his price target on Scholar Rock to $58 from $55 per share, noting that the pricing management announced for Isembyld on Monday slightly exceeded his prior estimates. He added that future upside to his above-consensus estimates will increasingly depend on commercial execution that could surpass his expectations and on pipeline expansion opportunities beyond SMA.

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Barclays downgraded Scholar Rock to Equal Weight from Overweight on a more balanced risk-reward post-approval, extending the stock's slide.

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