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Scholar Rock Holding Corporation’s stock surged by over 328% today, reaching $31.80, following significant progress in the development of its drug, apitegromab. The positive momentum in the stock market comes on the heels of promising results from late-stage clinical trials aimed at treating spinal muscular atrophy (SMA).
Scholar Rock stock rallies on positive trial results
The Phase 2 TOPAZ trial, which assessed the effectiveness of apitegromab in enhancing muscle strength in non-ambulatory SMA patients, yielded strong results. Apitegromab is a selective myostatin inhibitor, designed to improve muscle function by targeting and inhibiting myostatin, a growth factor that limits muscle growth.
A Major Milestone in SMA Treatment
The impressive trial results have heightened investor confidence in the drug’s potential, reflecting the market’s positive reception. Apitegromab has already garnered multiple designations from the U.S. Food and Drug Administration (FDA), including fast-track and orphan-drug status, underscoring its potential as a groundbreaking therapy for SMA patients.
The stock, which opened at $26.27 today, has traded in the range of $25.15 to $32.50, with a massive volume of over 29 million shares changing hands. Scholar Rock’s market cap now stands at $2.545 billion.
This milestone represents a pivotal moment for Scholar Rock, as the company aims to revolutionize the treatment of SMA and improve the quality of life for patients affected by the rare genetic disorder.
Data as on 11:32 am, Oct 7, 2024