Morgan Stanley analyst Jeffrey Hung upgraded Acceleron (XLRN) to Overweight from Equal Weight with a $122 price target, up from $52. In a research note to investors, Hung says that while shares are up more than 60% since the surprisingly positive top-line sotatercept PULSAR data in pulmonary arterial hypertension, he believes significant upside potential remains ahead of the full data presentation and SPECTRA readout later this year. The analyst says he now has greater confidence that sotatercept can play a meaningful role in PAH on top of SOC. While luspatercept remains important, he says sotatercept has greater upside potential not only because of the market opportunity, but also because it provides better economics to the company as it is wholly owned aside from a low-20% royalty to Bristol-Myers (BMY).