Acceleron Pharma Rises Despite Q3 Revenue Miss

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When Acceleron Pharma Inc. (NASDAQ: XLRN) released its third-quarter earnings report after the markets closed on Thursday, it said that it had a net loss of $0.55 per share and $3.0 million in revenue. The consensus estimates from Thomson Reuters had called for a net loss of $0.56 per share and $3.79 million in revenue. The same period of last year reportedly had a net loss of $0.81 per share and revenue of $3.8 million.

Enrollment is ongoing in two of the company’s hematology programs: Phase 3 in pivotal luspatercept for the treatment of myelodysplastic syndromes (MDS), and Phase 2 in trial cohorts evalutating luspatercept in a first-line treatment setting in low- or intermediate risk MDS patients.

In the fourth quarter, the company plans to initiate its ACE-083 Phase 2 study in patients with facioscapulohumeral muscular dystrophy, one of the most prevalent forms of muscular dystrophy. Acceleron also plans to present data at the American Society of Hematology annual meeting from ongoing luspatercept Phase 2 studies and an ongoing sotatercept Phase 2 investigator initiated trial in patients with myelofibrosis.

On the books, Acceleron’s cash, cash equivalents and investments totaled $251.0 million at the end of the quarter, versus $136.0 million at the end of 2015.

John Knopf, Ph.D., CEO of Acceleron Pharma, commented:

In the third quarter, we continued to make strong progress across our pipeline of clinical and preclinical programs. Enrollment continues to go well in both of the ongoing luspatercept Phase 3 studies in patients with myelodysplastic syndromes and beta-thalassemia. We look forward to providing new and updated preliminary results from several Phase 2 studies at the upcoming American Society of Hematology annual meeting in December. Within our muscle program, we’re on track to initiate the ACE-083 Phase 2 study in patients with facioscapulohumeral muscular dystrophy before year-end.

Shares of Acceleron Pharma were last seen up nearly 13% at $27.99 on Friday, with a consensus analyst price target of $46.44 and a 52-week trading range of $22.67 to $50.86.