Foresite Capital Management III LLC lowered its holdings in shares of Acceleron Pharma Inc (NASDAQ:XLRN) by 10.0% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 250,863 shares of the biopharmaceutical company’s stock after selling 27,890 shares during the quarter. Acceleron Pharma makes up approximately 3.2% of Foresite Capital Management III LLC’s holdings, making the stock its 9th biggest position. Foresite Capital Management III LLC’s holdings in Acceleron Pharma were worth $14,357,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Bank of Montreal Can boosted its stake in Acceleron Pharma by 214.6% in the 3rd quarter. Bank of Montreal Can now owns 1,891 shares of the biopharmaceutical company’s stock worth $108,000 after purchasing an additional 1,290 shares during the period. Cubist Systematic Strategies LLC bought a new position in Acceleron Pharma in the 2nd quarter worth approximately $259,000. Amalgamated Bank bought a new position in Acceleron Pharma in the 2nd quarter worth approximately $281,000. Highland Capital Management LP bought a new position in Acceleron Pharma in the 2nd quarter worth approximately $291,000. Finally, PNC Financial Services Group Inc. boosted its stake in Acceleron Pharma by 36.4% in the 3rd quarter. PNC Financial Services Group Inc. now owns 5,980 shares of the biopharmaceutical company’s stock worth $343,000 after purchasing an additional 1,596 shares during the period. 93.11% of the stock is owned by hedge funds and other institutional investors.
Several research analysts have weighed in on XLRN shares. BidaskClub downgraded Acceleron Pharma from a “buy” rating to a “hold” rating in a research note on Monday, October 15th. Cann restated a “hold” rating on shares of Acceleron Pharma in a research note on Wednesday, October 31st. Morgan Stanley started coverage on Acceleron Pharma in a research note on Monday, September 10th. They issued an “equal weight” rating and a $55.00 price target for the company. Finally, Piper Jaffray Companies upgraded Acceleron Pharma from a “neutral” rating to an “overweight” rating and upped their price target for the stock from $52.00 to $75.00 in a research note on Monday, September 17th. Five research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company. Acceleron Pharma currently has a consensus rating of “Buy” and a consensus price target of $56.30.
Acceleron Pharma (NASDAQ:XLRN) last issued its quarterly earnings data on Tuesday, October 30th. The biopharmaceutical company reported ($0.63) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.66) by $0.03. The business had revenue of $3.30 million for the quarter, compared to analysts’ expectations of $4.37 million. Acceleron Pharma had a negative return on equity of 32.69% and a negative net margin of 807.36%. The company’s revenue for the quarter was up 10.0% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.65) EPS. As a group, equities research analysts predict that Acceleron Pharma Inc will post -2.51 earnings per share for the current fiscal year.
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Acceleron Pharma Profile
Acceleron Pharma Inc, a clinical stage biopharmaceutical company, focuses on the discovery, development, and commercialization of therapeutics to treat serious and rare diseases. Its therapeutic candidates include luspatercept, which is in Phase III clinical trials for the treatment of myelodysplastic syndromes and beta-thalassemia; Phase II clinical trials for the treatment of patients with transfusion-dependent beta-thalassemia and myelofibrosis.
Further Reading: Diversification in Investing
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