Acceleron Pharma Gets a Hold Rating from Oppenheimer

By Ryan Adsit

Oppenheimer analyst Leah R. Cann reiterated a Hold rating on Acceleron Pharma (NASDAQ: XLRN) yesterday. The company’s shares closed yesterday at $28.23.

R. Cann wrote:

“Acceleron Pharma announced today that the DART phase II study of dalantercept plus axitinib failed to meet its primary endpoint in advanced renal cell carcinoma (RCC). In addition, Acceleron management announced they will not be developing dalantercept further. As a result of today’s announcement, we are removing sales expectations for dalantercept from our model. For 2021, we are lowering our estimated revenue by nearly 68% to $120.6 million, decreasing operating expense by 69.2%, and reducing loss per share by 83.8%.”

According to TipRanks.com, Cann is a 3-star analyst with an average return of 2.4% and a 55.1% success rate. Cann covers the Healthcare sector, focusing on stocks such as CytomX Therapeutics Inc, Seattle Genetics, and Kura Oncology.

Acceleron Pharma has an analyst consensus of Moderate Buy, with a price target consensus of $34.50.

Based on Acceleron Pharma’s latest earnings report for the quarter ending March 31, the company posted quarterly revenue of $3.71 million and GAAP net loss of $25.41 million. In comparison, last year the company earned revenue of $18.2 million and had a net profit of $5.06 million.

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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.