On September 13, 2023, Acelyrin (NASDAQ:SLRN) experienced a downgrade from equities research analysts at Morgan Stanley. The rating was lowered from “overweight” to “equal weight,” according to a research note issued by Briefing.com. As a result of this downgrade, Morgan Stanley has set a price objective of $19.00 on the stock, implying a potential upside of 48.44% from its current price.
Shares of SLRN opened at $12.80 on Wednesday, and the firm’s fifty-day moving average price is $24.24. Over the past year, Acelyrin’s stock has reached a low of $10.32 and a high of $29.88.
Acelyrin, Inc., is a clinical biopharmaceutical company that focuses on identifying, acquiring, and expediting the development and commercialization of transformative medicines. Their primary product candidate is izokibep, a small protein therapeutic designed to inhibit IL-17A with high potency. Currently, izokibep is undergoing Phase 3 clinical trials for the treatment of Hidradenitis Suppurativa, Psoriatic Arthritis, and uveitis. Additionally, it is also in Phase 2 clinical trials for the treatment of Axial Spondyloarthritis.
The latest earnings results from Acelyrin were released on August 14th, reporting an EPS (earnings per share) of ($0.56) for the quarter. This exceeded analysts’ consensus estimates by $0.25 ($0.81). Research analysts as a group anticipate that Acelyrin will post -7.04 EPS for the current year.
Overall, with Morgan Stanley’s recent downgrade and revised price objective for Acelyrin (NASDAQ:SLRN), investors are advised to exercise caution when considering investment opportunities in this particular stock as market conditions continue to evolve and develop.
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Analyst Ratings, Target Price Adjustments, and Institutional Investments Indicate Positive Outlook for Acelyrin (SLRN)
In recent news, numerous research firms have shared their perspectives on Acelyrin (SLRN) and its target price. HC Wainwright, for instance, recently revised its target price from $44.00 to $30.00 in a research report published on Tuesday. Despite this decrease, they maintained their “buy” rating on the stock. Similarly, Jefferies Financial Group initiated coverage on Acelyrin back in May and set a “buy” rating with a target price of $31.00.
TD Cowen also joined in covering Acelyrin in May 2023 and expressed an “outperform” rating for the company. On the same day, Piper Sandler initiated their coverage of Acelyrin as well, giving it an “overweight” rating along with a price objective of $68.00.
It is important to note that one analyst has given the stock a hold rating, while four others have issued buy ratings. According to data obtained from Bloomberg.com, there appears to be a consensus among analysts that Acelyrin is worthy of a “Moderate Buy” recommendation with an average target price of $37.00.
On the institutional side, several investors and hedge funds have made adjustments to their holdings of SLRN in recent times. Decheng Capital Management III Cayman LLC took up a new position in Acelyrin during the second quarter at an estimated value of around $32,487,000. Bank of Montreal Can also acquired a new position worth approximately $1,848,000 during the same period.
In addition to these investments, Bank of New York Mellon Corp entered Acelyrin’s portfolio during the second quarter with a position valued at roughly $276,000. Jennison Associates LLC followed suit by purchasing shares valued at approximately $4,180,000.
Lastly, TD Asset Management Inc became another institutional investor when it acquired a stake in Acelyrin worth around $1,288,000 during the second quarter. Overall, institutional investors and hedge funds now hold a significant 94.68% of the company’s stock.
These recent developments in ratings, target price adjustments, and institutional investments provide valuable insights into Acelyrin’s current standing in the market. With multiple research firms expressing positive sentiments through their buy ratings and with a consensus recommendation of “Moderate Buy,” investors may find it worthwhile to closely monitor Acelyrin’s future growth prospects.
