Aclaris Therapeutics (NASDAQ:ACRS) Stock Price Down 6% - Here's What Happened

Key Points

• Aclaris Therapeutics shares fell 6% to about $5.72 in midday trading, with roughly 916,000 shares traded—53% below average volume.
• Despite the sell-off, analysts maintain an overall “Buy” rating with an average price target of $11.50; targets range from $10 to $13, although Weiss Ratings reiterated a “sell” rating.
• The company slightly beat quarterly expectations, reporting an adjusted loss of $0.15 per share versus the $0.16 consensus and revenue of $1.63 million versus $1.38 million expected. Institutional investors own 98.34% of the stock, with several major funds recently increasing or initiating positions.

Aclaris Therapeutics, Inc. (NASDAQ:ACRS - Get Free Report)'s share price was down 6% during mid-day trading on Friday . The stock traded as low as $5.75 and last traded at $5.7230. Approximately 916,115 shares changed hands during mid-day trading, a decline of 53% from the average session volume of 1,956,714 shares. The stock had previously closed at $6.09.

Analyst Upgrades and Downgrades

A number of analysts have commented on the stock. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Aclaris Therapeutics in a report on Wednesday, June 24th. Piper Sandler boosted their price target on Aclaris Therapeutics from $7.00 to $11.00 and gave the company an "overweight" rating in a research note on Tuesday, May 5th. Oppenheimer started coverage on Aclaris Therapeutics in a report on Thursday, April 16th. They issued an "outperform" rating and a $10.00 price objective for the company. UBS Group set a $10.00 price objective on shares of Aclaris Therapeutics in a research report on Thursday, April 16th. Finally, Lifesci Capital began coverage on shares of Aclaris Therapeutics in a research report on Tuesday, June 2nd. They issued an "outperform" rating and a $13.00 target price for the company. Three investment analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Aclaris Therapeutics presently has an average rating of "Buy" and an average target price of $11.50.

Aclaris Therapeutics Price Performance

The company has a fifty day moving average price of $5.10 and a 200 day moving average price of $4.31. The company has a market cap of $805.14 million, a PE ratio of -10.29 and a beta of 0.78.

Aclaris Therapeutics (NASDAQ:ACRS - Get Free Report) last released its quarterly earnings results on Thursday, August 6th. The biotechnology company reported ($0.15) earnings per share for the quarter, beating analysts' consensus estimates of ($0.16) by $0.01. The business had revenue of $1.63 million for the quarter, compared to the consensus estimate of $1.38 million. Aclaris Therapeutics had a negative return on equity of 55.89% and a negative net margin of 832.58%. As a group, sell-side analysts predict that Aclaris Therapeutics, Inc. will post -0.65 EPS for the current fiscal year.

Institutional Trading of Aclaris Therapeutics

Hedge funds have recently added to or reduced their stakes in the business. BlackRock Inc. purchased a new position in shares of Aclaris Therapeutics in the second quarter worth $53,096,000. Millennium Management LLC raised its position in Aclaris Therapeutics by 111.0% during the 1st 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 during the last quarter. Kalehua Capital Management LLC purchased a new stake in Aclaris Therapeutics in the 1st quarter worth approximately $6,871,000. Kotler Kevin bought a new stake in shares of Aclaris Therapeutics in the 4th quarter worth approximately $5,135,000. Finally, Geode Capital Management LLC raised its holdings in shares of Aclaris Therapeutics by 108.4% during 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. 98.34% of the stock is owned by institutional investors.

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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