Shares of Acceleron Pharma Inc. (NASDAQ: XLRN) were down 4% in afternoon trade on Monday. The stock has gained 92% in the past three months. It reached a new 52-week high of $95.95 on February 11. The stock is currently trading 5% below this level but there are reasons to suggest it might see a pickup in the near future.
The company is set to report its fourth quarter 2019 earnings results this week. Analysts have projected a loss of $0.30 per share which compares to a loss of $0.75 per share reported in the year-ago period. Revenue is expected to increase 840% year-over-year to $35 million. If Acceleron beats these estimates, the stock could see a gain.
Last month, Acceleron announced positive topline results from the PULSAR trial for sotatercept in the treatment of patients with pulmonary arterial hypertension. The stock had jumped over 50% on the news at the time. Developments in this area and potential approvals are likely to fuel the stock in the coming months.
Prior to this, the company said that the MEDALIST trial evaluating the use of Reblozyl in the treatment of anemia in patients with myelodysplastic syndromes (MDS) also turned out positive results. Reblozyl has already received FDA approval for the treatment of anemia in patients with beta thalassemia. The approval of this product for the new indication is also likely to give the stock a boost.
In the third quarter of 2019, Acceleron reported revenue of $4.2 million and a net loss of $45.4 million. As of September 30, 2019, the company had cash, cash equivalents and investments of $468.3 million. Acceleron believes the current cash level will be sufficient to fund operating requirements until it receives significant royalty revenue from luspatercept sales.
The majority of analysts have rated the stock as Buy and it has an average price target of $110.10, which represents a 21% increase from the current level.
Nutanix (NASDAQ: NTNX) reported first-quarter 2021 financial results after the regular trading hours on Monday. The software firm reported Q1 revenue of $312.8 million, down 0.6% year-over-year, but higher than
Urban Outfitters, Inc. (NASDAQ: URBN) reported third quarter 2021 earnings results today. Net sales decreased 1.8% year-over-year to $970 million. Net income was $77 million, or $0.78 per share, compared to
After starting the week on a positive note, major stock indexes witnessed volatility and slipped mid-week. Meanwhile, the S&P 500 index regained a part of the lost momentum and closed