Aclaris Therapeutics (NASDAQ:ACRS) Stock Price Down 8% - Here's What Happened

Key Points

• Aclaris Therapeutics shares fell 8% to about $5.58, with trading volume 24% above average.
• Despite the decline, analysts maintain a consensus “Buy” rating with an $11.33 price target; recent coverage includes targets of $10 and $13.
• The company modestly beat quarterly expectations, reporting a $0.15 loss per share versus the projected $0.16 loss and $1.63 million in revenue versus $1.38 million expected. Institutional investors own a substantial 98.34% of its shares.

Aclaris Therapeutics, Inc. (NASDAQ:ACRS - Get Free Report) was down 8% during trading on Wednesday . The company traded as low as $5.61 and last traded at $5.5750. 2,394,664 shares were traded during mid-day trading, an increase of 24% from the average daily volume of 1,927,777 shares. The stock had previously closed at $6.06.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the company. Canaccord Genuity Group started coverage on Aclaris Therapeutics in a report on Tuesday, September 1st. They issued a "buy" rating and a $10.00 target price for the company. Wall Street Zen raised shares of Aclaris Therapeutics from a "sell" rating to a "hold" rating in a research note on Saturday, May 16th. Lifesci Capital initiated coverage on shares of Aclaris Therapeutics in a research report on Tuesday, June 2nd. They set an "outperform" rating and a $13.00 price target on the stock. Finally, Weiss Ratings restated a "sell (d-)" rating on shares of Aclaris Therapeutics in a research note on Wednesday, June 24th. Three analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Buy" and a consensus target price of $11.33.

Aclaris Therapeutics Trading Down 9.0%

The firm has a market cap of $771.11 million, a PE ratio of -9.53 and a beta of 0.79. The business's 50-day simple moving average is $5.80 and its 200 day simple moving average is $4.72.

Aclaris Therapeutics (NASDAQ:ACRS - Get Free Report) last issued its earnings results on Thursday, August 6th. The biotechnology company reported ($0.15) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.16) by $0.01. Aclaris Therapeutics had a negative return on equity of 61.65% and a negative net margin of 921.50%.The company had revenue of $1.63 million during the quarter, compared to analysts' expectations of $1.38 million. Analysts expect that Aclaris Therapeutics, Inc. will post -0.65 earnings per share for the current year.

Institutional Investors Weigh In On Aclaris Therapeutics

Several hedge funds have recently made changes to their positions in the company. BlackRock Inc. acquired a new stake in shares of Aclaris Therapeutics in the second quarter valued at $53,096,000. Rock Springs Capital Management LP lifted its stake in shares of Aclaris Therapeutics by 0.4% during the 1st quarter. Rock Springs Capital Management LP now owns 4,472,650 shares of the biotechnology company's stock valued at $16,772,000 after buying an additional 18,909 shares in the last quarter. Millennium Management LLC boosted its stake 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 acquiring an additional 2,175,101 shares in the last quarter. Geode Capital Management LLC increased its position in shares of Aclaris Therapeutics by 108.4% in the 2nd 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 during the period. Finally, Braidwell LP increased its position in Aclaris Therapeutics by 26.1% during the second quarter. Braidwell LP now owns 2,142,348 shares of the biotechnology company's stock worth $11,333,000 after purchasing an additional 443,232 shares during the last quarter. Hedge funds and other institutional investors own 98.34% of the company's stock.

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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