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

Aclaris Therapeutics, Inc. (NASDAQ:ACRS) shares hit a new 52-week high during mid-day trading 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. The stock had previously closed at $4.78.

The biotechnology company reported ($0.15) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.16) by $0.01. The business 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%.

Wall Street Analysts Forecast Growth

ACRS has been the subject of several recent analyst reports. Piper Sandler lifted 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. HC Wainwright reiterated a “buy” rating and set a $16.00 price objective on shares of Aclaris Therapeutics in a research note on Thursday, March 19th. Wedbush boosted 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. Guggenheim started coverage on Aclaris Therapeutics in a research note on Tuesday. They set a “buy” rating and a $12.00 price objective for the company. Finally, Craig Hallum started coverage on Aclaris Therapeutics in a research note on Friday, January 30th. They set a “buy” 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 given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus target price of $11.00.

Insider Buying and Selling

In other news, major shareholder Braden Michael Leonard sold 300,000 shares of the business’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 transaction, the insider directly owned 13,950,000 shares in the company, valued at $63,193,500. The trade was a 2.11% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 5.60% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Millennium Management LLC lifted 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 acquiring an additional 2,175,101 shares during the last quarter. Kotler Kevin acquired a new position in Aclaris Therapeutics during the fourth quarter worth $5,135,000. Geode Capital Management LLC lifted its stake in 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 worth $3,501,000 after purchasing an additional 1,282,042 shares in the last quarter. Ameriprise Financial Inc. acquired a new position in Aclaris Therapeutics during the third quarter worth $2,428,000. Finally, State Street Corp lifted its stake in Aclaris Therapeutics by 35.3% during the fourth quarter. State Street Corp now owns 1,506,403 shares of the biotechnology company’s stock worth $4,534,000 after purchasing an additional 393,257 shares in the last quarter. 98.34% of the stock is currently owned by institutional investors and hedge funds.

Aclaris Therapeutics Price Performance

The business has a 50 day simple moving average of $3.80 and a 200 day simple moving average of $3.24. The company has a market capitalization of $676.65 million, a price-to-earnings ratio of -9.14 and a beta of 0.76.

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.