Aclaris Therapeutics (NASDAQ:ACRS) Stock Price Down 8.1% – Here’s Why

Shares of Aclaris Therapeutics, Inc. (NASDAQ:ACRS) were down 8.1% during mid-day trading on Wednesday . The company traded as low as $5.32 and last traded at $5.2550. 320,982 shares traded hands during mid-day trading, a decline of 84% from the average daily volume of 2,002,963 shares. The stock had previously closed at $5.72.

Analyst Ratings Changes

Several equities analysts have recently commented on ACRS shares. Lifesci Capital assumed coverage on shares of Aclaris Therapeutics in a report on Tuesday, June 2nd. They set an “outperform” rating and a $13.00 price target on the stock. Canaccord Genuity Group initiated coverage on Aclaris Therapeutics in a research report on Tuesday, September 1st. They set a “buy” rating and a $10.00 price objective for the company. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Aclaris Therapeutics in a research note on Monday. Three research analysts have rated the stock with a Strong Buy rating, five have given a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of $11.33.

Aclaris Therapeutics Price Performance

The company has a fifty day simple moving average of $5.80 and a two-hundred day simple moving average of $4.88. The company has a market capitalization of $719.37 million, a P/E ratio of -8.87 and a beta of 0.79.

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

Institutional Investors Weigh In On Aclaris Therapeutics

A number of large investors have recently added to or reduced their stakes in ACRS. Braidwell LP raised its holdings in Aclaris Therapeutics by 26.1% in the 2nd quarter. Braidwell LP now owns 2,142,348 shares of the biotechnology company’s stock worth $11,333,000 after acquiring an additional 443,232 shares during the period. Wellington Management Group LLP boosted its holdings in Aclaris Therapeutics by 4.0% during the second quarter. Wellington Management Group LLP now owns 267,498 shares of the biotechnology company’s stock valued at $1,415,000 after acquiring an additional 10,342 shares during the period. Palo Alto Investors LP bought a new stake in Aclaris Therapeutics during the second quarter valued at about $8,535,045. Jefferies Financial Group Inc. acquired a new stake in shares of Aclaris Therapeutics in the second quarter valued at about $58,000. Finally, Bank of America Corp DE acquired a new stake in shares of Aclaris Therapeutics in the second quarter valued at about $584,000. Institutional investors own 98.34% of the company’s stock.

Aclaris Therapeutics Company Profile

Aclaris Therapeutics, Inc (NASDAQ: ACRS) is a clinical-stage biopharmaceutical company focused on developing therapies for immune-mediated and inflammatory diseases. The company’s research programs are centered on potentially addressing conditions in which existing treatments have limited effectiveness or tolerability.

Aclaris has developed a pipeline that has included zunsemetinib, an oral mitogen-activated protein kinase-activated protein kinase 2 (MK2) inhibitor being studied for inflammatory diseases, and other small-molecule therapies targeting immune and inflammatory pathways.