Intrinsic value of Acceleron Pharma - XLRN

Previous Close

$50.66

  Intrinsic Value

$2.00

stock screener

  Rating & Target

str. sell

-96%

Previous close

$50.66

 
Intrinsic value

$2.00

 
Up/down potential

-96%

 
Rating

str. sell

We calculate the intrinsic value of XLRN stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 0001), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 2.3

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  20.50
  18.95
  17.56
  16.30
  15.17
  14.15
  13.24
  12.41
  11.67
  11.01
  10.40
  9.86
  9.38
  8.94
  8.55
  8.19
  7.87
  7.58
  7.33
  7.09
  6.88
  6.70
  6.53
  6.37
  6.24
  6.11
  6.00
  5.90
  5.81
  5.73
Revenue, $m
  16
  19
  23
  26
  30
  35
  39
  44
  49
  55
  61
  66
  73
  79
  86
  93
  100
  108
  116
  124
  133
  142
  151
  160
  170
  181
  192
  203
  215
  227
Variable operating expenses, $m
  55
  65
  77
  89
  103
  118
  133
  150
  167
  186
  205
  225
  246
  268
  291
  315
  340
  365
  392
  420
  449
  479
  510
  543
  577
  612
  649
  687
  727
  768
Fixed operating expenses, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  55
  65
  77
  89
  103
  118
  133
  150
  167
  186
  205
  225
  246
  268
  291
  315
  340
  365
  392
  420
  449
  479
  510
  543
  577
  612
  649
  687
  727
  768
Operating income, $m
  -39
  -46
  -54
  -63
  -73
  -83
  -94
  -105
  -118
  -131
  -144
  -159
  -173
  -189
  -205
  -222
  -239
  -257
  -276
  -296
  -316
  -337
  -360
  -382
  -406
  -431
  -457
  -484
  -512
  -541
EBITDA, $m
  -37
  -44
  -52
  -61
  -70
  -80
  -90
  -101
  -113
  -126
  -139
  -152
  -167
  -181
  -197
  -213
  -230
  -247
  -265
  -284
  -304
  -324
  -345
  -367
  -390
  -414
  -439
  -465
  -492
  -520
Interest expense (income), $m
  0
  0
  0
  1
  1
  1
  2
  2
  3
  3
  4
  4
  5
  5
  6
  7
  7
  8
  9
  9
  10
  11
  12
  13
  14
  15
  16
  17
  18
  19
  20
Earnings before tax, $m
  -39
  -46
  -55
  -64
  -74
  -85
  -96
  -108
  -121
  -134
  -148
  -163
  -179
  -195
  -212
  -229
  -247
  -266
  -286
  -306
  -327
  -349
  -372
  -396
  -421
  -447
  -474
  -502
  -531
  -561
Tax expense, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Net income, $m
  -39
  -46
  -55
  -64
  -74
  -85
  -96
  -108
  -121
  -134
  -148
  -163
  -179
  -195
  -212
  -229
  -247
  -266
  -286
  -306
  -327
  -349
  -372
  -396
  -421
  -447
  -474
  -502
  -531
  -561

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  159
  189
  223
  259
  298
  340
  386
  433
  484
  537
  593
  652
  713
  777
  843
  912
  984
  1,058
  1,136
  1,216
  1,300
  1,387
  1,478
  1,572
  1,670
  1,772
  1,879
  1,989
  2,105
  2,226
Adjusted assets (=assets-cash), $m
  159
  189
  223
  259
  298
  340
  386
  433
  484
  537
  593
  652
  713
  777
  843
  912
  984
  1,058
  1,136
  1,216
  1,300
  1,387
  1,478
  1,572
  1,670
  1,772
  1,879
  1,989
  2,105
  2,226
Revenue / Adjusted assets
  0.101
  0.101
  0.103
  0.100
  0.101
  0.103
  0.101
  0.102
  0.101
  0.102
  0.103
  0.101
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
Average production assets, $m
  8
  9
  11
  12
  14
  16
  18
  21
  23
  26
  28
  31
  34
  37
  40
  44
  47
  51
  54
  58
  62
  66
  71
  75
  80
  85
  90
  95
  100
  106
Working capital, $m
  -12
  -15
  -17
  -20
  -23
  -26
  -30
  -34
  -37
  -42
  -46
  -50
  -55
  -60
  -65
  -71
  -76
  -82
  -88
  -94
  -101
  -107
  -114
  -122
  -129
  -137
  -145
  -154
  -163
  -172
Total debt, $m
  6
  12
  18
  25
  32
  40
  49
  58
  67
  77
  88
  99
  110
  122
  135
  147
  161
  175
  190
  205
  220
  237
  254
  272
  290
  309
  329
  350
  372
  394
Total liabilities, $m
  30
  36
  42
  49
  56
  64
  72
  81
  91
  101
  112
  123
  134
  146
  158
  171
  185
  199
  214
  229
  244
  261
  278
  296
  314
  333
  353
  374
  396
  418
Total equity, $m
  129
  154
  181
  210
  242
  276
  313
  352
  393
  436
  482
  529
  579
  631
  684
  741
  799
  859
  922
  988
  1,056
  1,126
  1,200
  1,276
  1,356
  1,439
  1,525
  1,615
  1,709
  1,807
Total liabilities and equity, $m
  159
  190
  223
  259
  298
  340
  385
  433
  484
  537
  594
  652
  713
  777
  842
  912
  984
  1,058
  1,136
  1,217
  1,300
  1,387
  1,478
  1,572
  1,670
  1,772
  1,878
  1,989
  2,105
  2,225
Debt-to-equity ratio
  0.050
  0.080
  0.100
  0.120
  0.130
  0.140
  0.150
  0.160
  0.170
  0.180
  0.180
  0.190
  0.190
  0.190
  0.200
  0.200
  0.200
  0.200
  0.210
  0.210
  0.210
  0.210
  0.210
  0.210
  0.210
  0.210
  0.220
  0.220
  0.220
  0.220
Adjusted equity ratio
  0.812
  0.812
  0.812
  0.812
  0.812
  0.812
  0.812
  0.812
  0.812
  0.812
  0.812
  0.812
  0.812
  0.812
  0.812
  0.812
  0.812
  0.812
  0.812
  0.812
  0.812
  0.812
  0.812
  0.812
  0.812
  0.812
  0.812
  0.812
  0.812
  0.812

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -39
  -46
  -55
  -64
  -74
  -85
  -96
  -108
  -121
  -134
  -148
  -163
  -179
  -195
  -212
  -229
  -247
  -266
  -286
  -306
  -327
  -349
  -372
  -396
  -421
  -447
  -474
  -502
  -531
  -561
Depreciation, amort., depletion, $m
  2
  2
  2
  2
  3
  3
  4
  4
  5
  5
  6
  6
  7
  7
  8
  9
  9
  10
  11
  12
  12
  13
  14
  15
  16
  17
  18
  19
  20
  21
Funds from operations, $m
  -37
  -45
  -53
  -62
  -71
  -81
  -92
  -104
  -116
  -129
  -143
  -157
  -172
  -187
  -204
  -220
  -238
  -256
  -275
  -295
  -315
  -336
  -358
  -381
  -405
  -430
  -456
  -483
  -511
  -540
Change in working capital, $m
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -9
Cash from operations, $m
  -35
  -42
  -50
  -59
  -68
  -78
  -89
  -100
  -112
  -125
  -138
  -153
  -167
  -183
  -198
  -215
  -232
  -250
  -269
  -288
  -308
  -329
  -351
  -374
  -397
  -422
  -448
  -474
  -502
  -531
Maintenance CAPEX, $m
  -1
  -2
  -2
  -2
  -2
  -3
  -3
  -4
  -4
  -5
  -5
  -6
  -6
  -7
  -7
  -8
  -9
  -9
  -10
  -11
  -12
  -12
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
New CAPEX, $m
  -2
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
Cash from investing activities, $m
  -3
  -3
  -4
  -4
  -4
  -5
  -5
  -6
  -6
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -12
  -13
  -14
  -15
  -16
  -16
  -17
  -18
  -20
  -21
  -22
  -23
  -25
  -26
Free cash flow, $m
  -38
  -45
  -54
  -63
  -72
  -83
  -94
  -106
  -119
  -132
  -146
  -161
  -176
  -192
  -209
  -226
  -244
  -263
  -283
  -303
  -324
  -346
  -369
  -392
  -417
  -443
  -470
  -497
  -526
  -557
Issuance/(repayment) of debt, $m
  6
  6
  6
  7
  7
  8
  8
  9
  10
  10
  11
  11
  11
  12
  12
  13
  13
  14
  15
  15
  16
  16
  17
  18
  18
  19
  20
  21
  22
  23
Issuance/(repurchase) of shares, $m
  64
  71
  82
  93
  106
  119
  133
  147
  162
  178
  194
  211
  228
  247
  266
  285
  306
  327
  349
  372
  395
  420
  446
  473
  501
  530
  560
  592
  625
  659
Cash from financing (excl. dividends), $m  
  70
  77
  88
  100
  113
  127
  141
  156
  172
  188
  205
  222
  239
  259
  278
  298
  319
  341
  364
  387
  411
  436
  463
  491
  519
  549
  580
  613
  647
  682
Total cash flow (excl. dividends), $m
  32
  31
  35
  38
  41
  44
  47
  50
  53
  55
  58
  61
  64
  66
  69
  72
  75
  78
  81
  84
  87
  90
  94
  98
  102
  106
  111
  115
  120
  125
Retained Cash Flow (-), $m
  -64
  -71
  -82
  -93
  -106
  -119
  -133
  -147
  -162
  -178
  -194
  -211
  -228
  -247
  -266
  -285
  -306
  -327
  -349
  -372
  -395
  -420
  -446
  -473
  -501
  -530
  -560
  -592
  -625
  -659
Prev. year cash balance distribution, $m
  262
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
  230
  -40
  -47
  -56
  -65
  -75
  -86
  -97
  -109
  -122
  -136
  -150
  -165
  -180
  -197
  -213
  -231
  -249
  -268
  -288
  -308
  -330
  -352
  -375
  -399
  -424
  -450
  -477
  -505
  -534
Discount rate, %
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
  220
  -36
  -41
  -46
  -50
  -54
  -58
  -61
  -63
  -64
  -64
  -64
  -63
  -61
  -58
  -54
  -50
  -46
  -41
  -37
  -32
  -27
  -23
  -19
  -16
  -12
  -10
  -7
  -6
  -4
Current shareholders' claim on cash, %
  91.1
  83.8
  77.4
  71.5
  66.3
  61.5
  57.2
  53.3
  49.7
  46.4
  43.3
  40.5
  38.0
  35.6
  33.4
  31.3
  29.4
  27.6
  26.0
  24.4
  23.0
  21.6
  20.3
  19.2
  18.0
  17.0
  16.0
  15.1
  14.2
  13.4

Acceleron Pharma Inc. is a clinical-stage biopharmaceutical company. The Company is focused on the discovery, development and commercialization of therapeutics to treat serious and rare diseases. Its research focuses on key natural regulators of cellular growth and repair, particularly the Transforming Growth Factor-Beta (TGF-beta), protein superfamily. It has four internally discovered therapeutic candidates that are in clinical trials, which include luspatercept, sotatercept, dalantercept and ACE-083. It offers a platform technology, IntelliTrap. It is also evaluating ACE-1332, a selective TGF-beta antagonist, for treatment of disorders with a fibrotic component, and additional molecules from its IntelliTrap platform for undisclosed therapeutic areas. Dalantercept is designed to treat cancers by inhibiting blood vessel formation by inhibiting signaling through the ALK1 receptor. ACE-083 is designed to promote muscle growth and function in specific, targeted muscles.

FINANCIAL RATIOS  of  Acceleron Pharma (XLRN)

Valuation Ratios
P/E Ratio -34
Price to Sales 69.2
Price to Book 8.6
Price to Tangible Book
Price to Cash Flow -43.1
Price to Free Cash Flow -40.4
Growth Rates
Sales Growth Rate 55.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 200%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets -28.9%
Ret/ On Assets - 3 Yr. Avg. -33%
Return On Total Capital -34%
Ret/ On T. Cap. - 3 Yr. Avg. -42.2%
Return On Equity -34%
Return On Equity - 3 Yr. Avg. -43.3%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin -196.4%
EBITDA Margin - 3 Yr. Avg. -288.8%
Operating Margin -235.7%
Oper. Margin - 3 Yr. Avg. -313.8%
Pre-Tax Margin -203.6%
Pre-Tax Margin - 3 Yr. Avg. -299.7%
Net Profit Margin -203.6%
Net Profit Margin - 3 Yr. Avg. -299.7%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 0%

XLRN stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the XLRN stock intrinsic value calculation we used $13.481 million for the last fiscal year's total revenue generated by Acceleron Pharma. The default revenue input number comes from 0001 income statement of Acceleron Pharma. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our XLRN stock valuation model: a) initial revenue growth rate of 20.5% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for XLRN is calculated based on our internal credit rating of Acceleron Pharma, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Acceleron Pharma.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of XLRN stock the variable cost ratio is equal to 338.5%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for XLRN stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.4% for Acceleron Pharma.

Corporate tax rate of 27% is the nominal tax rate for Acceleron Pharma. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the XLRN stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for XLRN are equal to 46.8%.

Life of production assets of 2.2 years is the average useful life of capital assets used in Acceleron Pharma operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for XLRN is equal to -75.9%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $365.217 million for Acceleron Pharma - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 45.775 million for Acceleron Pharma is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Acceleron Pharma at the current share price and the inputted number of shares is $2.3 billion.

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COMPANY NEWS

▶ 3 Top Healthcare Stocks to Buy Right Now   [Nov-19-18 08:46PM  Motley Fool]
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▶ Acceleron: 3Q Earnings Snapshot   [04:20PM  Associated Press]
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▶ Here's Why Acceleron Pharma Rose 24% in August   [Sep-04-18 03:17PM  Motley Fool]
▶ Could Biotech Giant Celgene Join Tesla In The Private Markets?   [Aug-08-18 04:17PM  Investor's Business Daily]
▶ Here's Why Acceleron Pharma Inc. Lost 10.2% in July   [Aug-04-18 01:11PM  Motley Fool]
▶ Acceleron: 2Q Earnings Snapshot   [05:21PM  Associated Press]
▶ Acceleron Pharma Q2 Earnings Preview   [07:53AM  Benzinga]
▶ 3 Biotech Stocks That Soared This Week: Are They Buys?   [Jun-30-18 07:17AM  Motley Fool]
▶ Acceleron Pharma Soars On Celgene-Partnered Anemia Treatment   [Jun-29-18 05:00PM  Investor's Business Daily]
▶ Big News Is Fast Approaching for Celgene   [Jun-08-18 05:01PM  Motley Fool]
▶ Acceleron: 1Q Earnings Snapshot   [May-08-18 05:11PM  Associated Press]
▶ Boston biotech entrepreneur Christoph Westphal launches new startup   [May-02-18 11:56AM  American City Business Journals]
▶ High Growth NasdaqGM Stocks For The Day   [Mar-06-18 11:02AM  Simply Wall St.]
▶ Acceleron reports 4Q loss   [Feb-27-18 07:17PM  Associated Press]
▶ Acceleron Announces Appointment of Chief Commercial Officer   [Feb-08-18 04:01PM  Business Wire]
▶ Celgene's Investments Are Soaring   [Jan-23-18 08:00AM  Motley Fool]
▶ Acceleron Pharma Joins Rank Of Stocks With RS Ratings Over 90   [Dec-22-17 03:00AM  Investor's Business Daily]
▶ Acceleron Pharma Hits 80-Plus Relative Strength Rating Benchmark   [Dec-21-17 03:00AM  Investor's Business Daily]
▶ Stocks Showing Improved Relative Strength: Acceleron Pharma   [Dec-19-17 03:00AM  Investor's Business Daily]
▶ Acceleron Pharma Sees RS Rating Climb To 74   [Dec-12-17 03:00AM  Investor's Business Daily]
▶ 5 Health Care Stocks Gurus Are Buying   [Dec-07-17 04:28PM  GuruFocus.com]
▶ Acceleron reports 3Q loss   [Nov-07-17 07:15AM  Associated Press]

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