Acceleron Pharma Receives a Buy from Oppenheimer

By Carrie Williams

Oppenheimer analyst Leah R. Cann reiterated a Buy rating on Acceleron Pharma (NASDAQ: XLRN) today and set a price target of $40. The company’s shares closed yesterday at $25.51, close to its 52-week low of $23.07.

R. Cann said:

“Acceleron Pharma Inc. and Celgene announced today that they have completed target enrollment in the MEDALIST and BELIEVE phase III studies of Luspatercept in patients with myelodysplastic syndromes (MDS) and beta-thalassemia. The companies reiterated that they expect to report top line results from the clinical trials in mid-2018. While these studies enrolled more quickly than we had estimated, the companies are still guiding to top line results in mid-2018, which is consistent with our expectations.”

According to TipRanks.com, Cann is a 3-star analyst with an average return of 4.2% and a 36.6% success rate. Cann covers the Healthcare sector, focusing on stocks such as CytomX Therapeutics Inc, Seattle Genetics, and Kura Oncology.

Currently, the analyst consensus on Acceleron Pharma is Moderate Buy and the average price target is $35.67, representing a 39.8% upside.

In a report issued on May 18, FBR Capital also reiterated a Buy rating on the stock.

The company has a one year high of $41.69 and a one year low of $23.07. Currently, Acceleron Pharma has an average volume of 400.2K.

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Acceleron Pharma, Inc. is a clinical stage biopharmaceutical company focused on the discovery, development and commercialization of therapeutics to treat serious and rare diseases. Its product candidates include Luspatercept, designed to promote red blood cell production; dalantercept, for the treatment of patients with renal cell carcinoma; and ACE-083, designed for the treatment of focal muscle disorders. The company was founded by John L. Knopf and Thomas P. Maneates in June 2003 and is headquartered in Cambridge, MA.