Aclaris Therapeutics (NASDAQ:ACRS) Upgraded by Canaccord Genuity Group to “Strong-Buy” Rating

Aclaris Therapeutics (NASDAQ:ACRS) was upgraded by analysts at Canaccord Genuity Group to a “strong-buy” rating in a report issued on Tuesday, Zacks reports.

Other equities research analysts also recently issued reports about the company. Wall Street Zen raised Aclaris Therapeutics from a “sell” rating to a “hold” rating in a report on Saturday, May 16th. Weiss Ratings restated a “sell (d-)” rating on shares of Aclaris Therapeutics in a report on Wednesday, June 24th. Lifesci Capital assumed coverage on shares of Aclaris Therapeutics in a report on Tuesday, June 2nd. They issued an “outperform” rating and a $13.00 target price for the company. Guggenheim assumed coverage on shares of Aclaris Therapeutics in a research report on Tuesday, May 5th. They issued a “buy” rating and a $12.00 target price on the stock. Finally, Piper Sandler boosted their price target on shares of Aclaris Therapeutics from $7.00 to $11.00 and gave the company an “overweight” rating in a report on Tuesday, May 5th. Four equities research analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of $11.33.

Aclaris Therapeutics Stock Performance

NASDAQ ACRS opened at $6.02 on Tuesday. Aclaris Therapeutics has a 1 year low of $1.74 and a 1 year high of $6.60. The business’s fifty day moving average is $5.69 and its two-hundred day moving average is $4.62. The stock has a market capitalization of $841.74 million, a P/E ratio of -10.38 and a beta of 0.78.

Aclaris Therapeutics (NASDAQ:ACRS) last released its quarterly earnings data on Thursday, August 6th. The biotechnology company reported ($0.15) earnings per share for the quarter, topping the consensus estimate of ($0.16) by $0.01. The business had revenue of $1.63 million during the quarter, compared to analyst estimates of $1.38 million. Aclaris Therapeutics had a negative return on equity of 61.65% and a negative net margin of 921.50%. On average, research analysts forecast that Aclaris Therapeutics will post -0.65 earnings per share for the current year.

Hedge Funds Weigh In On Aclaris Therapeutics

A number of large investors have recently made changes to their positions in the business. BlackRock Inc. purchased a new stake in shares of Aclaris Therapeutics in the second quarter worth approximately $53,096,000. Millennium Management LLC grew its position in Aclaris Therapeutics by 111.0% during the first quarter. Millennium Management LLC now owns 4,134,148 shares of the biotechnology company’s stock valued at $6,325,000 after purchasing an additional 2,175,101 shares in the last quarter. Kalehua Capital Management LLC acquired a new position in Aclaris Therapeutics in the 1st quarter valued at approximately $6,871,000. Kotler Kevin acquired a new position in Aclaris Therapeutics in the 4th quarter valued at approximately $5,135,000. Finally, Palo Alto Investors LP purchased a new stake in Aclaris Therapeutics in the 2nd quarter worth approximately $8,535,045. Institutional investors and hedge funds own 98.34% of the company’s stock.

Aclaris Therapeutics Company Profile

Aclaris Therapeutics, Inc (NASDAQ:ACRS) is a clinical‐stage biopharmaceutical company focused on discovering, developing and commercializing novel small‐molecule therapies for dermatologic diseases and related rare disorders. The company’s pipeline includes several product candidates designed to address chronic inflammatory skin conditions and non‐melanoma skin lesions. Lead programs include ATI‐50002, a topical agent in late‐stage development for molluscum contagiosum removal; ATI‐50003 for common wart resolution; ATI‐1501, an oral JAK1/2 inhibitor targeting pruritic disorders; and ATI‐450, an oral MK2 inhibitor for inflammatory indications.

Founded in 2016 and headquartered in Malvern, Pennsylvania, Aclaris leverages proprietary chemistry platforms and translational research capabilities to advance multiple clinical and preclinical candidates.