UPDATE: Piper Jaffray Initiates Coverage on Acceleron Pharma on Promising Anemia and Cancer Play
In a report published Monday, Piper Jaffray analyst Edward A. Tenthoff initiated coverage on Acceleron Pharma (NASDAQ: XLRN) with an Overweight rating and $32.00 price target.
In the report, Piper Jaffray noted, “Acceleron is a biotechnology company focused on developing biotherapeutic drugs that target the TGF-β super family of proteins. The company's anemia drugs, sotatercept and ACE-536, are partnered with Celgene and currently in Phase II Beta-thalassemia and Myelodysplastic Syndromes (MDS) trials. We are most interested in Acceleron's wholly-owned dalantercept, a novel anti-angiogenic agent currently in a Phase I/II trial in renal cell carcinoma (RCC) in combination with axitinib. Acceleron recently completed a successful IPO and Celgene invested $10 million in a concurrent private placement, bringing pro forma cash of ~$126 million. We are initiating coverage of Acceleron with an Overweight rating and $32 price target.”
Acceleron Pharma closed on Friday at $22.12.
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