Aclaris Therapeutics (NASDAQ:ACRS) Announces Quarterly Earnings Results

Key Points

• Aclaris Therapeutics reported a quarterly earnings per share (EPS) of ($0.13), surpassing the consensus estimate of ($0.14) by $0.01, with revenues of $1.78 million compared to expectations of $1.34 million.
• The stock has been active, trading at $1.63 with a market capitalization of $176.50 million and showing a 12-month price range between $1.05 and $5.17.
• Institutional investors have significantly increased their stakes, with Millennium Management LLC boosting its ownership by 111%, now holding over 4 million shares of Aclaris Therapeutics.

Aclaris Therapeutics (NASDAQ:ACRS - Get Free Report) posted its quarterly earnings data on Thursday. The biotechnology company reported ($0.13) earnings per share for the quarter, hitting analysts' consensus estimates of ($0.13), Zacks reports. Aclaris Therapeutics had a negative return on equity of 34.01% and a negative net margin of 802.03%. The business had revenue of $1.78 million for the quarter, compared to analyst estimates of $1.34 million.

Aclaris Therapeutics Trading Up 2.8%

NASDAQ:ACRS traded up $0.05 during trading hours on Wednesday, hitting $1.69. The company's stock had a trading volume of 1,099,407 shares, compared to its average volume of 978,361. The stock has a market capitalization of $182.65 million, a P/E ratio of -1.23 and a beta of 0.30. The stock has a fifty day moving average of $1.54 and a 200-day moving average of $1.60. Aclaris Therapeutics has a 52-week low of $1.05 and a 52-week high of $5.17.

Hedge Funds Weigh In On Aclaris Therapeutics

Several large investors have recently bought and sold shares of ACRS. Millennium Management LLC increased its holdings in Aclaris Therapeutics by 111.0% in the first quarter. Millennium Management LLC now owns 4,134,148 shares of the biotechnology company's stock valued at $6,325,000 after buying an additional 2,175,101 shares during the last quarter. Geode Capital Management LLC boosted its stake in Aclaris Therapeutics by 108.4% in the second quarter. Geode Capital Management LLC now owns 2,464,779 shares of the biotechnology company's stock valued at $3,501,000 after acquiring an additional 1,282,042 shares in the last quarter. Goldman Sachs Group Inc. boosted its stake in Aclaris Therapeutics by 29.7% in the first quarter. Goldman Sachs Group Inc. now owns 555,953 shares of the biotechnology company's stock valued at $851,000 after acquiring an additional 127,366 shares in the last quarter. JPMorgan Chase & Co. boosted its stake in Aclaris Therapeutics by 25.1% in the second quarter. JPMorgan Chase & Co. now owns 623,792 shares of the biotechnology company's stock valued at $886,000 after acquiring an additional 125,071 shares in the last quarter. Finally, New York State Common Retirement Fund acquired a new position in Aclaris Therapeutics in the second quarter valued at $91,000. Hedge funds and other institutional investors own 98.34% of the company's stock.

Analyst Ratings Changes

A number of analysts have recently weighed in on ACRS shares. HC Wainwright reaffirmed a "buy" rating and set a $16.00 price objective on shares of Aclaris Therapeutics in a research report on Wednesday, June 25th. Scotiabank cut their price objective on Aclaris Therapeutics from $15.00 to $9.00 and set a "sector outperform" rating on the stock in a research report on Friday, May 9th. Wedbush reaffirmed an "outperform" rating and set a $8.00 price objective on shares of Aclaris Therapeutics in a research report on Monday, June 23rd. Finally, Piper Sandler started coverage on Aclaris Therapeutics in a research report on Thursday, July 10th. They set an "overweight" rating and a $6.00 price objective on the stock. One investment analyst has rated the stock with a sell rating, eight have given a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, Aclaris Therapeutics presently has an average rating of "Moderate Buy" and an average target price of $8.71.

About Aclaris Therapeutics

Aclaris Therapeutics, Inc a clinical-stage biopharmaceutical company, engages in the development of novel drug candidates for immune-inflammatory diseases in the United States. The company operates through two segments, Therapeutics and Contract Research. The Therapeutics segment is involved in identifying and developing therapies to address significant unmet needs for immuno-inflammatory diseases.