Acelyrin price target lowered to $6 from $13 at Morgan Stanley

Morgan Stanley lowered the firm’s price target on Acelyrin to $6 from $13 and keeps an Equal Weight rating on the shares after the company announced the de-prioritization of izokibep in hidradenitis suppurativa, or HS, and psoriatic arthritis, or PsA, and said its pipeline will now focus on lonigutamab for thyroid eye disease, or TED. The firm, which notes that Acelyrin will also halt further development of early-stage asset SLRN-517 and is enacting a workforce reduction, points to the next key catalyst being updated Phase 2 data and clarity for next steps with lonigutamab through an investor event in late 2024 or early 2025.