Citigroup Cuts Acelyrin (NASDAQ:SLRN) Price Target to $3.00

Acelyrin (NASDAQ:SLRN) had its target price cut by Citigroup from $6.00 to $3.00 in a research report released on Tuesday,Benzinga reports. They currently have a neutral rating on the stock.

Other analysts have also recently issued reports about the company. HC Wainwright dropped their price objective on Acelyrin from $8.00 to $6.00 and set a “neutral” rating for the company in a report on Tuesday. Wells Fargo & Company dropped their price target on shares of Acelyrin from $15.00 to $13.00 and set an “overweight” rating for the company in a research note on Wednesday, December 11th. Three equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $9.60.

Acelyrin Stock Performance

NASDAQ SLRN opened at $2.14 on Tuesday. Acelyrin has a 52 week low of $1.91 and a 52 week high of $8.89. The stock has a market capitalization of $214.70 million, a P/E ratio of -0.87 and a beta of 1.94. The stock has a fifty day moving average of $4.16 and a 200-day moving average of $4.84.

Institutional Trading of Acelyrin

A number of institutional investors and hedge funds have recently modified their holdings of SLRN. Bank of New York Mellon Corp grew its holdings in Acelyrin by 22.5% during the second quarter. Bank of New York Mellon Corp now owns 223,395 shares of the company’s stock valued at $985,000 after purchasing an additional 41,058 shares during the period. Principal Financial Group Inc. bought a new stake in Acelyrin during the 2nd quarter worth approximately $49,000. Rhumbline Advisers raised its holdings in Acelyrin by 25.3% during the 2nd quarter. Rhumbline Advisers now owns 108,384 shares of the company’s stock worth $478,000 after buying an additional 21,859 shares during the period. Los Angeles Capital Management LLC bought a new position in Acelyrin in the second quarter valued at approximately $693,000. Finally, Acadian Asset Management LLC acquired a new position in shares of Acelyrin in the second quarter valued at approximately $590,000. 87.31% of the stock is owned by institutional investors.

About Acelyrin

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.