BMY - Citi reiterates buy boosts price target of Acceleron shares

Citi analyst Yigal Nochomovitz is reiterating his buy rating on shares of Acceleron Pharmaceutical Inc. (XLRN) shares and increasing his price target from $137 to $171.Nochomovitz says his bullishness on shares is backed by the strong launch of anemia therapy Reblozyl with partner Bristol Myers Squibb (BMY); 2) increased confidence that sotatercept for pulmonary arterial hypertension (PAH) will be successful in the phase 3; and 3) upcoming catalysts for Reblozyl and sotatercept.For sotatercept, those catalysts include an update on the PULSAR on-label extension trial and more data from the phase 2 SPECTRA trial, both in the first half of this year.For Reblozyl, Nochomovitz is expecting data from the phase 2 BEYOND trial in patients with transfusion-dependent beta-thalassemia, also in the first half of 2021.His thesis assumes about $1.5B peak worldwide sales for sotatercept in PAH, and about $2.5B peak worldwide sales for Reblozyl in second-line myelodysplastic syndromes (MDS) and transfusion-dependent

For further details see:

Citi reiterates buy, boosts price target of Acceleron shares