Newly minted Acelyrin stock is hitting record lows
Publicly traded since May, Acelyrin Inc (NASDAQ:SLRN) stock is plummeting to record lows today. The shares are down 62% at $10.60 at last glance, after the pharma company's skin disease drug failed in a mid-to-late-stage trial. Jefferies slashed its price target to $15 from $31 after the event, with the analyst in coverage calling the data "painfully disappointing."
SLRN isn't typically too popular amongst options traders, though today's minor uptick in options activity represents five times the intraday average volume. The September 15 call is the most active contract, with new positions being bought to open there. Acelyrin stock has also landed on the short sell restricted (SSR) list today amid the volatility.
All five of the analysts in coverage carry a "strong buy" rating on SLRN, leaving plenty of room for more bear notes. Plus, the 12-month consensus price target of $38 is now a 245.5% premium to current levels.
Prior to today's massive bear gap, SLRN had carved out a channel of higher highs during its first summer of trading, nearly hitting $30 in late August, with support at its ascending 40-day moving average.