Acceleron Pharma Inc. (XLRN) Given “Buy” Rating at Credit Suisse Group AG
Credit Suisse Group AG reaffirmed their buy rating on shares of Acceleron Pharma Inc. (NASDAQ:XLRN) in a research report sent to investors on Wednesday. They currently have a $42.00 price target on the biopharmaceutical company’s stock.
“We view Mr Dable’s prior role as President of US Pharmaceuticals Bayer and experience in commercial product launches as a strong strategic fit for XLRN’s future commercialization. Further, Mr Dable brings significant collaboration experience from Bayer deals with Genzyme and Regeneron, where he spearheaded ophthalmology business planning and execution. Our conversation with mgmt. indicates Dr. Knopf will stay involved with XLRN in a scientific capacity, after co-founding the company 13 years ago. Mgmt change prepares XLRN for luspatercept co-commercialization: With ph3 trials in MDS and beta-thalassemia ongoing, we see Mr. Dable bringing significant commercial experience to XLRN. We conservatively model luspatercept sales in ESA-resistant and ring sideroblast-positive (RS+) MDS patients (ph3 MEDALIST population) and transfusion dependent beta- thalassemia patients (ph3 BELIEVE population). We model PoS-unadjusted peak year sales ests. of $908M globally in MDS and $1.1B in beta- thalassemia.”,” the firm’s analyst commented.
Several other brokerages also recently weighed in on XLRN. FBR & Co reaffirmed a buy rating and set a $63.00 price target on shares of Acceleron Pharma in a research report on Monday, June 13th. Barclays PLC increased their price target on Acceleron Pharma from $40.00 to $42.00 and gave the stock an overweight rating in a research report on Monday, June 13th. Leerink Swann reaffirmed a buy rating on shares of Acceleron Pharma in a research report on Sunday, June 12th. Piper Jaffray Cos. reaffirmed a buy rating on shares of Acceleron Pharma in a research report on Friday, June 10th. Finally, Morgan Stanley reaffirmed an overweight rating on shares of Acceleron Pharma in a research report on Wednesday, June 29th. Two equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. The stock currently has a consensus rating of Buy and an average target price of $47.11.
Acceleron Pharma (NASDAQ:XLRN) traded down 2.73% during midday trading on Wednesday, hitting $38.50. The company had a trading volume of 127,979 shares. The company has a 50 day moving average price of $32.79 and a 200 day moving average price of $32.08. Acceleron Pharma has a 1-year low of $21.93 and a 1-year high of $50.86. The firm’s market capitalization is $1.45 billion.
Acceleron Pharma (NASDAQ:XLRN) last announced its quarterly earnings results on Thursday, August 4th. The biopharmaceutical company reported ($0.59) earnings per share for the quarter, missing the consensus estimate of ($0.50) by $0.09. The company had revenue of $3.20 million for the quarter, compared to analyst estimates of $3.77 million. Acceleron Pharma had a negative return on equity of 30.00% and a negative net margin of 190.41%. The firm’s quarterly revenue was down 43.9% on a year-over-year basis. Equities research analysts forecast that Acceleron Pharma will post ($1.60) earnings per share for the current fiscal year.
In related news, CEO John L. Knopf sold 100,000 shares of Acceleron Pharma stock in a transaction that occurred on Wednesday, July 6th. The shares were sold at an average price of $33.87, for a total value of $3,387,000.00. Following the completion of the sale, the chief executive officer now owns 147,106 shares in the company, valued at approximately $4,982,480.22. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Steven D. Ertel sold 32,270 shares of Acceleron Pharma stock in a transaction that occurred on Tuesday, July 5th. The shares were sold at an average price of $34.56, for a total transaction of $1,115,251.20. Following the completion of the sale, the chief operating officer now owns 137,365 shares of the company’s stock, valued at approximately $4,747,334.40. The disclosure for this sale can be found here. Insiders own 12.20% of the company’s stock.
A number of hedge funds have recently bought and sold shares of the stock. Acrospire Investment Management LLC bought a new stake in Acceleron Pharma during the second quarter valued at $110,000. Teacher Retirement System of Texas increased its stake in Acceleron Pharma by 14.3% in the second quarter. Teacher Retirement System of Texas now owns 3,817 shares of the biopharmaceutical company’s stock valued at $130,000 after buying an additional 477 shares during the period. Pacad Investment Ltd. bought a new stake in Acceleron Pharma during the second quarter valued at $133,000. Legal & General Group Plc increased its stake in Acceleron Pharma by 33.8% in the first quarter. Legal & General Group Plc now owns 4,041 shares of the biopharmaceutical company’s stock valued at $109,000 after buying an additional 1,020 shares during the period. Finally, PNC Financial Services Group Inc. increased its stake in Acceleron Pharma by 4,112.5% in the second quarter. PNC Financial Services Group Inc. now owns 5,055 shares of the biopharmaceutical company’s stock valued at $172,000 after buying an additional 4,935 shares during the period. Hedge funds and other institutional investors own 75.55% of the company’s stock.
Acceleron Pharma Company Profile
Acceleron Pharma Inc is a United States-based clinical stage biopharmaceutical company. The Company focuses on discovering and developing therapies to treat a range of diseases. Its therapeutic candidate, luspatercept, is being evaluated in Phase III studies for the treatment of the hematologic diseases myelodysplastic syndromes (MDS) and beta-thalassemia.
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