Leerink analyst Geoffrey Porges lowered his price target for Acceleron Pharma to $36 following the company's discontinuation of the dalantercept program after it failed on efficacy in the ongoing phase II study in renal cell carcinoma. The news was largely expected given "tepid comments" from management in recent interactions, but as the company's only late-stage wholly owned program, it did carry significant value in our model, Porges tells investors in a research note. The analyst still sees upside from Acceleron's orphan muscle disease programs and keeps an Outperform rating on the shares.