Acelyrin (NASDAQ:SLRN) Stock Price Down 2.4% – What’s Next?

Shares of Acelyrin, Inc. (NASDAQ:SLRN) dropped 2.4% on Friday . The company traded as low as $5.26 and last traded at $5.32. Approximately 279,175 shares changed hands during mid-day trading, a decline of 74% from the average daily volume of 1,079,955 shares. The stock had previously closed at $5.45.

Analyst Upgrades and Downgrades

SLRN has been the topic of a number of research reports. HC Wainwright lowered Acelyrin from a “buy” rating to a “neutral” rating and cut their price objective for the company from $18.00 to $6.00 in a report on Wednesday, August 14th. Piper Sandler dropped their target price on Acelyrin from $68.00 to $20.00 and set an “overweight” rating on the stock in a report on Wednesday, August 14th. Morgan Stanley dropped their target price on Acelyrin from $13.00 to $6.00 and set an “equal weight” rating on the stock in a report on Monday, August 19th. Finally, Wells Fargo & Company raised Acelyrin from an “equal weight” rating to an “overweight” rating and set a $13.00 target price on the stock in a report on Monday, July 8th. Three research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat, Acelyrin presently has an average rating of “Moderate Buy” and a consensus price target of $10.83.

Acelyrin Stock Down 1.8 %

The company has a market cap of $533.98 million, a PE ratio of -1.86 and a beta of 2.33. The business has a 50-day simple moving average of $4.80 and a 200-day simple moving average of $4.97.

Acelyrin (NASDAQ:SLRN) last issued its quarterly earnings results on Tuesday, August 13th. The company reported ($0.86) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.78) by ($0.08). During the same period in the prior year, the firm posted ($0.56) earnings per share. On average, research analysts forecast that Acelyrin, Inc. will post -3.08 EPS for the current fiscal year.

Hedge Funds Weigh In On Acelyrin

Hedge funds and other institutional investors have recently made changes to their positions in the company. Ameritas Investment Partners Inc. lifted its position in shares of Acelyrin by 118.0% in the first quarter. Ameritas Investment Partners Inc. now owns 7,243 shares of the company’s stock valued at $49,000 after acquiring an additional 3,921 shares in the last quarter. Principal Financial Group Inc. purchased a new position in shares of Acelyrin in the second quarter valued at approximately $49,000. SG Americas Securities LLC purchased a new position in shares of Acelyrin in the second quarter valued at approximately $51,000. Nisa Investment Advisors LLC increased its holdings in shares of Acelyrin by 58,570.8% in the second quarter. Nisa Investment Advisors LLC now owns 14,081 shares of the company’s stock valued at $62,000 after purchasing an additional 14,057 shares during the last quarter. Finally, China Universal Asset Management Co. Ltd. increased its holdings in shares of Acelyrin by 66.2% in the first quarter. China Universal Asset Management Co. Ltd. now owns 18,718 shares of the company’s stock valued at $126,000 after purchasing an additional 7,459 shares during the last quarter. Hedge funds and other institutional investors own 87.31% of the company’s stock.

About Acelyrin

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.