Acelyrin, Inc. (NASDAQ:SLRN) Sees Significant Drop in Short Interest

Acelyrin, Inc. (NASDAQ:SLRN) was the recipient of a significant decline in short interest in March. As of March 31st, there was short interest totalling 3,650,000 shares, a decline of 22.0% from the March 15th total of 4,680,000 shares. Based on an average daily volume of 2,170,000 shares, the days-to-cover ratio is currently 1.7 days. Currently, 5.0% of the shares of the stock are sold short.

Insider Buying and Selling

In related news, CEO Mina Kim sold 17,986 shares of the firm’s stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $2.74, for a total value of $49,281.64. Following the sale, the chief executive officer now owns 671,753 shares of the company’s stock, valued at $1,840,603.22. This trade represents a 2.61 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 13.60% of the stock is owned by company insiders.

Institutional Trading of Acelyrin

Institutional investors have recently added to or reduced their stakes in the business. Geode Capital Management LLC grew its position in shares of Acelyrin by 30.8% during the 3rd quarter. Geode Capital Management LLC now owns 1,651,614 shares of the company’s stock valued at $8,144,000 after buying an additional 388,631 shares during the last quarter. HighTower Advisors LLC acquired a new position in Acelyrin during the 3rd quarter valued at approximately $50,000. State Street Corp grew its stake in Acelyrin by 10.0% during the 3rd quarter. State Street Corp now owns 1,273,096 shares of the company’s stock worth $6,276,000 after buying an additional 116,094 shares during the last quarter. Wellington Management Group LLP bought a new stake in Acelyrin in the fourth quarter valued at $567,000. Finally, Franklin Resources Inc. boosted its holdings in shares of Acelyrin by 36.9% during the third quarter. Franklin Resources Inc. now owns 128,591 shares of the company’s stock valued at $634,000 after acquiring an additional 34,642 shares during the period. Institutional investors own 87.31% of the company’s stock.

Acelyrin Stock Performance

Shares of NASDAQ SLRN traded up $0.08 during midday trading on Monday, reaching $2.28. 936,844 shares of the company’s stock were exchanged, compared to its average volume of 1,999,886. Acelyrin has a 52-week low of $1.85 and a 52-week high of $7.25. The business’s fifty day moving average price is $2.45 and its two-hundred day moving average price is $3.43. The stock has a market capitalization of $230.07 million, a PE ratio of -0.93 and a beta of 1.12.

Acelyrin (NASDAQ:SLRN) last issued its quarterly earnings results on Wednesday, March 19th. The company reported ($0.79) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.86) by $0.07. Analysts predict that Acelyrin will post -2.53 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on SLRN shares. HC Wainwright dropped their price objective on Acelyrin from $8.00 to $6.00 and set a “neutral” rating on the stock in a report on Tuesday, January 7th. Citigroup dropped their price objective on shares of Acelyrin from $6.00 to $3.00 and set a “neutral” rating on the stock in a research note on Tuesday, January 7th. Three analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $9.60.

Acelyrin Company Profile

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.