BTIG Starts Acceleron Pharma (XLRN) at Buy
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BTIG initiated coverage on Acceleron Pharma (NASDAQ: XLRN) with a Buy rating and a price target of $46. Analyst Ling Wang noted its de-risked Phase III trials.
"We see a good chance of success in two ongoing Phase III trials of luspatercept (partnered with Celgene in lower-risk MDS and beta thalassemia. Near-term, we expect updates on response duration from the two Phase II luspatercept trials and initial data from MDS expansion trials to drive upside. We see the luspatercept franchise (projected global peak sales of ~$2B across indications) as sufficient to support XLRN’s current valuation and view the rest of the programs as upside," said Wang.
Shares of Acceleron Pharma closed at $30.00 yesterday.
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