Aclaris Therapeutics (NASDAQ:ACRS) Sets New 12-Month High Following Earnings Beat

Key Points

• Aclaris reported Q results with EPS of ($0.15) beating estimates of ($0.16) and revenue of $2.0M versus $1.24M expected, sending the stock to a new 52-week high of $4.89.
• Several firms initiated coverage or raised targets (Guggenheim, Wedbush, Piper Sandler, Craig Hallum, Oppenheimer), leaving a consensus analyst target price of $11 and predominantly Buy/Outperform ratings.
• Major shareholder Braden Michael Leonard sold 300,000 shares at $4.53, and the company is reported to have high institutional ownership (about 98.34%) while insiders hold roughly 5.6%.

Shares of Aclaris Therapeutics, Inc. (NASDAQ:ACRS - Get Free Report) reached a new 52-week high on Thursday following a stronger than expected earnings report. The stock traded as high as $4.89 and last traded at $4.8350, with a volume of 794688 shares traded. The stock had previously closed at $4.78.

The biotechnology company reported ($0.15) EPS for the quarter, beating analysts' consensus estimates of ($0.16) by $0.01. The company had revenue of $2.00 million during the quarter, compared to analysts' expectations of $1.24 million. Aclaris Therapeutics had a negative return on equity of 52.04% and a negative net margin of 829.58%.

Analysts Set New Price Targets

A number of research firms have recently weighed in on ACRS. Guggenheim began coverage on Aclaris Therapeutics in a research note on Tuesday. They issued a "buy" rating and a $12.00 price objective for the company. Wedbush upped their price objective on Aclaris Therapeutics from $8.00 to $10.00 and gave the stock an "outperform" rating in a research note on Wednesday, April 29th. Piper Sandler upped their price objective on Aclaris Therapeutics from $7.00 to $11.00 and gave the stock an "overweight" rating in a research note on Tuesday. Craig Hallum began coverage on Aclaris Therapeutics in a research note on Friday, January 30th. They issued a "buy" rating and a $10.00 price objective for the company. Finally, Oppenheimer began coverage on Aclaris Therapeutics in a research note on Thursday, April 16th. They issued an "outperform" rating and a $10.00 price objective for the company. Two research analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Aclaris Therapeutics has an average rating of "Buy" and a consensus target price of $11.00.

Insider Transactions at Aclaris Therapeutics

In other Aclaris Therapeutics news, major shareholder Braden Michael Leonard sold 300,000 shares of the company's stock in a transaction that occurred on Thursday, April 23rd. The stock was sold at an average price of $4.53, for a total transaction of $1,359,000.00. Following the sale, the insider directly owned 13,950,000 shares in the company, valued at $63,193,500. This represents a 2.11% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link. 5.60% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the company. R Squared Ltd acquired a new stake in Aclaris Therapeutics during the 4th quarter worth about $37,000. AXQ Capital LP acquired a new stake in Aclaris Therapeutics during the 3rd quarter worth about $27,000. Strs Ohio acquired a new stake in Aclaris Therapeutics during the 1st quarter worth about $60,000. CIBC Asset Management Inc acquired a new stake in Aclaris Therapeutics during the 4th quarter worth about $52,000. Finally, China Universal Asset Management Co. Ltd. acquired a new stake in Aclaris Therapeutics during the 4th quarter worth about $53,000. 98.34% of the stock is currently owned by hedge funds and other institutional investors.

Aclaris Therapeutics Trading Up 1.4%

The firm has a market cap of $676.65 million, a price-to-earnings ratio of -9.14 and a beta of 0.76. The company has a fifty day moving average price of $3.80 and a 200-day moving average price of $3.24.

About Aclaris Therapeutics

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.

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