Acelyrin (NASDAQ:SLRN) Trading Down 5% – Here’s What Happened

Acelyrin, Inc. (NASDAQ:SLRN) was down 5% on Thursday . The company traded as low as $5.53 and last traded at $5.68. Approximately 86,536 shares were traded during trading, a decline of 92% from the average daily volume of 1,023,090 shares. The stock had previously closed at $5.98.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on SLRN shares. HC Wainwright cut shares of Acelyrin from a “buy” rating to a “neutral” rating and cut their price objective for the company from $18.00 to $6.00 in a research note on Wednesday, August 14th. Wells Fargo & Company lifted their price objective on shares of Acelyrin from $13.00 to $15.00 and gave the company an “overweight” rating in a research note on Wednesday, October 16th. Morgan Stanley cut their price objective on shares of Acelyrin from $13.00 to $6.00 and set an “equal weight” rating on the stock in a research note on Monday, August 19th. Finally, Piper Sandler lowered their target price on Acelyrin from $68.00 to $20.00 and set an “overweight” rating on the stock in a report on Wednesday, August 14th. Three analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $11.17.

Acelyrin Price Performance

The stock has a market capitalization of $520.00 million, a P/E ratio of -1.90 and a beta of 1.98. The firm has a 50 day moving average of $5.39 and a 200-day moving average of $5.01.

Acelyrin (NASDAQ:SLRN) last announced its earnings results on Tuesday, August 13th. The company reported ($0.86) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.78) by ($0.08). During the same quarter in the prior year, the business posted ($0.56) earnings per share. As a group, equities analysts expect that Acelyrin, Inc. will post -3.08 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the stock. Millennium Management LLC increased its stake in shares of Acelyrin by 15.7% in the 2nd 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 period. Jacobs Levy Equity Management Inc. bought a new stake in shares of Acelyrin during the first quarter worth $3,961,000. Almitas Capital LLC bought a new stake in shares of Acelyrin during the second quarter worth $1,659,000. Acuta Capital Partners LLC bought a new stake in shares of Acelyrin during the third quarter worth $1,795,000. Finally, Charles Schwab Investment Management Inc. raised its position in shares of Acelyrin by 81.4% during the third quarter. Charles Schwab Investment Management Inc. now owns 609,678 shares of the company’s stock worth $3,006,000 after acquiring an additional 273,604 shares during the last quarter. Institutional investors own 87.31% of the company’s stock.

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.