Citigroup Inc. Initiates Coverage on Acceleron Pharma Inc. (XLRN)
Citigroup Inc. initiated coverage on shares of Acceleron Pharma Inc. (NASDAQ:XLRN) in a note issued to investors on Thursday. The firm set a “neutral” rating and a $40.00 price target on the biopharmaceutical company’s stock. Citigroup Inc.’s target price would indicate a potential upside of 10.53% from the company’s previous close.
Other research analysts also recently issued research reports about the stock. Credit Suisse Group AG reaffirmed a “buy” rating on shares of Acceleron Pharma in a report on Sunday, July 10th. Leerink Swann reaffirmed a “buy” rating on shares of Acceleron Pharma in a report on Sunday, June 12th. Piper Jaffray Cos. reissued a “buy” rating on shares of Acceleron Pharma in a report on Friday, June 10th. FBR & Co reissued a “buy” rating on shares of Acceleron Pharma in a report on Wednesday, September 28th. Finally, Barclays PLC increased their price objective on shares of Acceleron Pharma from $40.00 to $42.00 and gave the company an “overweight” rating in a report on Monday, June 13th. Two equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. Acceleron Pharma currently has a consensus rating of “Buy” and an average price target of $47.11.
Shares of Acceleron Pharma (NASDAQ:XLRN) opened at 36.19 on Thursday. Acceleron Pharma has a 1-year low of $21.93 and a 1-year high of $50.86. The company’s market capitalization is $1.36 billion. The company has a 50 day moving average price of $33.19 and a 200 day moving average price of $32.18.
Acceleron Pharma (NASDAQ:XLRN) last issued its 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 firm earned $3.20 million during the quarter, compared to the consensus estimate 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 analysts predict that Acceleron Pharma will post ($1.59) EPS for the current fiscal year.
In related news, SVP John D. Quisel sold 21,438 shares of the stock in a transaction dated Monday, September 12th. The shares were sold at an average price of $32.14, for a total value of $689,017.32. Following the sale, the senior vice president now directly owns 86,723 shares of the company’s stock, valued at approximately $2,787,277.22. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO John L. Knopf sold 100,000 shares of the stock in a transaction dated Wednesday, July 6th. The stock was sold at an average price of $33.87, for a total transaction of $3,387,000.00. Following the completion of the sale, the chief executive officer now directly owns 147,106 shares in the company, valued at $4,982,480.22. 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 XLRN. Legal & General Group Plc raised 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 worth $109,000 after buying an additional 1,020 shares during the period. Acrospire Investment Management LLC purchased a new stake in Acceleron Pharma during the second quarter worth $110,000. Teacher Retirement System of Texas raised 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 worth $130,000 after buying an additional 477 shares during the period. Pacad Investment Ltd. purchased a new stake in Acceleron Pharma during the second quarter worth $133,000. Finally, PNC Financial Services Group Inc. raised 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 worth $172,000 after buying an additional 4,935 shares during the period. 75.55% of the stock is currently owned by institutional investors.
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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