Fly News Breaks for September 17, 2019
Sep 17, 2019 | 06:43 EDT
JPMorgan analyst Eric Joseph views the "disappointing" announcement of functional data and suspension of ACE-083 development for facioscapulohumeral muscular dystrophy as a "clearing event" for Acceleron Pharma shares. The update does not come as all that much of a surprise, but does represent a fundamental setback for company's proprietary pipeline, Joseph tells investors in a research note. The analyst, however, is a buyer of Acceleron on any weakness today ahead of the "meaningful" Q4 clinical and regulatory catalysts for luspatercept. He lowered his price target for the shares to $56 from $58 and keeps an Overweight rating on Acceleron.
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