Acceleron Pharma Inc. (XLRN) Stock Price Down 4.7% After Insider Selling
Acceleron Pharma Inc. (NASDAQ:XLRN) shares fell 4.7% during mid-day trading on Thursday following insider selling activity. The stock traded as low as $34.16 and last traded at $34.52, with a volume of 91,355 shares traded. The stock had previously closed at $36.22.
Specifically, SVP John D. Quisel sold 45,952 shares of Acceleron Pharma stock in a transaction dated Wednesday, September 21st. The stock was sold at an average price of $38.05, for a total transaction of $1,748,473.60. Following the transaction, the senior vice president now owns 77,004 shares of the company’s stock, valued at approximately $2,930,002.20. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Jean George sold 857,145 shares of Acceleron Pharma stock in a transaction dated Friday, September 30th. The shares were sold at an average price of $35.50, for a total value of $30,428,647.50. The disclosure for this sale can be found here. Company insiders own 12.20% of the company’s stock.
XLRN has been the subject of several recent research reports. Morgan Stanley reissued a “buy” rating and issued a $58.00 price target on shares of Acceleron Pharma in a research note on Friday, August 5th. Zacks Investment Research cut Acceleron Pharma from a “buy” rating to a “hold” rating in a research note on Thursday, July 21st. FBR & Co reissued a “buy” rating on shares of Acceleron Pharma in a research note on Wednesday, September 28th. Credit Suisse Group AG reissued a “buy” rating and issued a $42.00 price target on shares of Acceleron Pharma in a research note on Wednesday, September 28th. Finally, Citigroup Inc. initiated coverage on Acceleron Pharma in a research note on Thursday, September 29th. They issued a “neutral” rating and a $40.00 price target for the company. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and nine have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average price target of $47.11.
The company has a 50-day moving average price of $33.80 and a 200 day moving average price of $32.47. The firm’s market capitalization is $1.28 billion.
Acceleron Pharma (NASDAQ:XLRN) last announced its quarterly earnings data on Thursday, August 4th. The biopharmaceutical company reported ($0.59) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.50) by $0.09. The company earned $3.20 million during the quarter, compared to analyst estimates of $3.77 million. Acceleron Pharma had a negative net margin of 190.41% and a negative return on equity of 30.00%. The firm’s revenue was down 43.9% on a year-over-year basis. Equities research analysts anticipate that Acceleron Pharma Inc. will post ($1.59) EPS for the current year.
Institutional investors have recently made changes to their positions in the stock. Legal & General Group Plc boosted its position in shares of 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 in the last quarter. Acrospire Investment Management LLC bought a new position in shares of Acceleron Pharma during the second quarter valued at $110,000. Teacher Retirement System of Texas boosted its position in shares of 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 in the last quarter. Pacad Investment Ltd. bought a new position in shares of Acceleron Pharma during the second quarter valued at $133,000. Finally, PNC Financial Services Group Inc. boosted its position in shares of 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 in the last quarter. 75.55% of the stock is owned by hedge funds and other institutional investors.
About Acceleron Pharma
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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