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On Tuesday, Piper Sandler confirmed its Overweight rating and $20.00 price target for Acelyrin Inc (NASDAQ:SLRN) stock, representing significant upside potential from the current price of $3.49. According to InvestingPro analysis, the stock appears fairly valued based on its proprietary Fair Value model.
The firm's analysts highlighted Acelyrin's recent presentation of positive Phase 1b/2a data for its drug candidate longigutamab, emphasizing the importance of maintaining a certain minimum concentration level to achieve a response in Thyroid Eye Disease (TED) treatment.
The drug showed a clean safety profile, notably without any cases of hearing loss, audiogram changes, or hyperglycemia, which are considered differentiated benefits compared to competing anti-IGF-1R therapies. While the company maintains a strong financial position with a healthy current ratio of 7.15 and more cash than debt, InvestingPro data indicates the company is quickly burning through its cash reserves, a common characteristic for clinical-stage biotech firms.
Based on the data, Acelyrin plans to proceed with a Phase 3 dose of 100 mg initially, followed by 50 mg every two weeks, aiming to provide rapid and sustained efficacy while addressing safety concerns and improving convenience for TED patients.
Acelyrin has provided insights into their Phase 3 program, which includes the 52-week LONGITUDE-1 and LONGITUDE-2 studies, each enrolling approximately 175 participants. The trials are expected to commence in the first quarter of 2025, with interim data anticipated in the second half of 2026.
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