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On Monday, Janney issued a company note on Acceleron Pharma Inc (NASDAQ: XLRN) after the company announced positive Phase III trial results of their drug that treats metastatic renal cell carcinoma (mRCC). Analysts at Janney upgraded Acceleron from Neutral to Buy, while lowering their price target from $45 to $39.
Roy Buchanan, an analyst at Janney, wrote, "Acceleron ended 2015 with $136 million in cash."
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"We're upgrading to Buy from Neutral with about 60 percent upside to our current fair value, which doesn't include Celgene-funded sotatercept or the muscle programs, and could be conservative in our MDS assumptions [...] We also look forward to the dalantercept data in mRCC by YE; we have a 30 percent probability of success (through phase 3) for dalantercept in mRCC."
Justification Of Acceleron Strength
Janney gave two reasons why they see strength in Acceleron Pharma:
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2. Recent Phase II DataReports have indicated that Acceleron's luspatercept trial showed strong safety and efficacy rates in Phase II trials and will likely be proceeding to Phase III trials. This drug, if approved, can bring significant market share to Acceleron and be a strong component of their drug portfolio.
At The Time Of This Writing...
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.