Wells Fargo & Company Has Lowered Expectations for Acelyrin (NASDAQ:SLRN) Stock Price

Acelyrin (NASDAQ:SLRN) had its price objective trimmed by Wells Fargo & Company from $15.00 to $13.00 in a research note released on Wednesday morning,Benzinga reports. The brokerage currently has an overweight rating on the stock.

A number of other brokerages have also weighed in on SLRN. Piper Sandler dropped their price target on Acelyrin from $68.00 to $20.00 and set an “overweight” rating on the stock in a research note on Wednesday, August 14th. Morgan Stanley dropped their target price on shares of Acelyrin from $13.00 to $6.00 and set an “equal weight” rating on the stock in a research report on Monday, August 19th. Finally, HC Wainwright reaffirmed a “neutral” rating and issued a $8.00 price target on shares of Acelyrin in a report on Wednesday.

Acelyrin Price Performance

Acelyrin stock opened at $3.23 on Wednesday. The business has a fifty day moving average price of $5.21 and a 200-day moving average price of $5.00. Acelyrin has a 1-year low of $3.14 and a 1-year high of $8.89. The stock has a market capitalization of $324.07 million, a price-to-earnings ratio of -1.31 and a beta of 1.61.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of SLRN. Millennium Management LLC boosted its position in Acelyrin by 15.7% in the second quarter. Millennium Management LLC now owns 4,642,056 shares of the company’s stock valued at $20,471,000 after buying an additional 628,528 shares during the last quarter. Geode Capital Management LLC boosted its holdings in shares of Acelyrin by 30.8% in the 3rd quarter. Geode Capital Management LLC now owns 1,651,614 shares of the company’s stock valued at $8,144,000 after acquiring an additional 388,631 shares during the last quarter. Almitas Capital LLC acquired a new stake in shares of Acelyrin in the second quarter worth $1,659,000. Acuta Capital Partners LLC purchased a new position in shares of Acelyrin during the third quarter worth $1,795,000. Finally, Charles Schwab Investment Management Inc. lifted its position in Acelyrin by 81.4% during the third quarter. Charles Schwab Investment Management Inc. now owns 609,678 shares of the company’s stock valued at $3,006,000 after purchasing an additional 273,604 shares during the period. 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.