Acceleron Pharma (XLRN) Gets a Buy Rating from Oppenheimer

Oppenheimer analyst Leland Gershell maintained a Buy rating on Acceleron Pharma (XLRN) today and set a price target of $59. The company’s shares closed yesterday at $41.51.

Gershell said:

“1Q net loss came in at $38.1M vs. our $29.1M estimate. Initial marketing approvals of luspatercept to treat anemia in 2L low-risk MDS and transfusion-dependent β- thalassemia are anticipated in 1H20 (US) and 2H20 (EU), and with eventual label expansions (1L MDS, non-TF-dep β-thal) we see a $3B+ aggregate sales opportunity through partner CELG. We are favorable toward 2H19 myelofibrosis data, which we view as a likely positive stock catalyst. Part 2 top-line data from Ph 2s of wholly- owned ACE-083 in FSHD and CMT are anticipated in 2H19 and 1Q20, respectively, and we should see sotatercept’s Ph 2 PULSAR data in PAH in 1H20. We reiterate our Outperform and our $59 PT on XLRN.”

According to TipRanks.com, Gershell is a 4-star analyst with an average return of 12.8% and a 61.1% success rate. Gershell covers the Healthcare sector, focusing on stocks such as BioMarin Pharmaceutical Inc., Anchiano Therapeutics Ltd, and Miragen Therapeutics Inc.

Currently, the analyst consensus on Acceleron Pharma is a Strong Buy with an average price target of $64.40, which is a 55.1% upside from current levels. In a report issued on April 26, H.C. Wainwright also maintained a Buy rating on the stock with a $66 price target.

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The company has a one-year high of $59.59 and a one-year low of $32.53. Currently, Acceleron Pharma has an average volume of 344K.

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Acceleron Pharma, Inc. is a biopharmaceutical company, which engages in the discovery, development, and commercialization of therapeutics to treat serious and rare diseases. Its product candidates include Luspatercept, designed to patients with chronic anemia associated within a wide range of blood diseases; ACE-083, designed for the treatment of focal muscle disorders; and Sotatercept, designed to treat pulmonary arterial hypertension. The company was founded by John L. Knopf and Thomas P. Maneates in June 2003 and is headquartered in Cambridge, MA.