On Friday, Piper Sandler affirmed its Overweight rating on Acelyrin Inc (NASDAQ:SLRN) stock, with a stable price target of $68.00. The firm's positive stance comes in anticipation of significant upcoming events for Acelyrin in the second half of 2024, which are expected to be major catalysts for the biotech company.
According to the investment firm, Acelyrin's stock is currently undervalued when considering its pipeline potential. The firm highlighted that the latter half of 2024 will be data-rich for Acelyrin, with several key developments on the horizon that investors should be aware of.
These include the anticipated results from the izokibep Hidradenitis Suppurativa (HS) study in the third quarter of 2024, which could further confirm the treatment's rapid onset, effectiveness, and safety profile.
In addition to the izokibep HS data, Acelyrin is expected to announce a second significant readout for a uveitis treatment by the end of 2024. This readout carries a high probability of success, according to Piper Sandler. Furthermore, the initiation of a Phase 2b/3 trial for lonigutamab in Thyroid Eye Disease (TED) is projected to take place in the second half of the year.
The firm underscored the importance of these upcoming datasets, stating that they are critical for Acelyrin's future decisions regarding the path to potential approval of their treatments. Piper Sandler's commentary reflects a sense of optimism about the company's prospects, as these data releases could play a pivotal role in shaping Acelyrin's trajectory in the near future.
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