Wells Fargo & Company Issues Pessimistic Forecast for Acelyrin (NASDAQ:SLRN) Stock Price

Acelyrin (NASDAQ:SLRN) had its price target cut by investment analysts at Wells Fargo & Company from $15.00 to $13.00 in a report released on Wednesday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Wells Fargo & Company‘s price target indicates a potential upside of 291.57% from the company’s previous close.

Other equities analysts have also recently issued research reports about the stock. Piper Sandler lowered their target price on shares of Acelyrin from $68.00 to $20.00 and set an “overweight” rating on the stock in a research note on Wednesday, August 14th. HC Wainwright reissued a “neutral” rating and set a $8.00 target price on shares of Acelyrin in a report on Wednesday. Finally, Morgan Stanley cut their target price on Acelyrin from $13.00 to $6.00 and set an “equal weight” rating for the company in a research report on Monday, August 19th.

Acelyrin Price Performance

Shares of SLRN traded down $0.74 during trading hours on Wednesday, reaching $3.32. 387,431 shares of the company’s stock traded hands, compared to its average volume of 987,964. Acelyrin has a twelve month low of $3.32 and a twelve month high of $8.89. The business’s fifty day simple moving average is $5.29 and its two-hundred day simple moving average is $5.02. The firm has a market capitalization of $333.10 million, a price-to-earnings ratio of -1.35 and a beta of 1.63.

Institutional Trading of Acelyrin

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Price T Rowe Associates Inc. MD bought a new stake in shares of Acelyrin during the 1st quarter worth $140,000. SG Americas Securities LLC purchased a new position in Acelyrin in the 2nd quarter worth about $51,000. Nisa Investment Advisors LLC raised its holdings in Acelyrin by 58,570.8% during the 2nd quarter. Nisa Investment Advisors LLC now owns 14,081 shares of the company’s stock worth $62,000 after buying an additional 14,057 shares during the period. Bank of New York Mellon Corp raised its holdings in Acelyrin by 22.5% during the 2nd quarter. Bank of New York Mellon Corp now owns 223,395 shares of the company’s stock worth $985,000 after buying an additional 41,058 shares during the period. Finally, Principal Financial Group Inc. purchased a new stake in Acelyrin during the second quarter valued at about $49,000. 87.31% of the stock is owned by institutional investors and hedge funds.

Acelyrin Company Profile

Acelyrin, Inc, a clinical biopharma company, focuses on identifying, acquiring, and accelerating the development and commercialization of transformative medicines. The company's lead product candidate is izokibep, a small protein therapeutic designed to inhibit IL-17A with high potency, which is in Phase 3 clinical trials for use in the treatment of Hidradenitis Suppurativa, Psoriatic Arthritis, and uveitis, as well as in Phase 2 clinical trials for use in the treatment of Axial Spondyloarthritis.