Aclaris Therapeutics (NASDAQ:ACRS) Shares Up 8.4% – Here’s What Happened

Aclaris Therapeutics, Inc. (NASDAQ:ACRS) was up 8.4% on Monday . The company traded as high as $4.84 and last traded at $4.88. Approximately 709,843 shares were traded during mid-day trading, a decline of 62% from the average daily volume of 1,887,893 shares. The stock had previously closed at $4.50.

Analyst Upgrades and Downgrades

ACRS has been the topic of several research analyst reports. Lifesci Capital assumed coverage on Aclaris Therapeutics in a research note on Tuesday, June 2nd. They set an “outperform” rating and a $13.00 price objective on the stock. Wall Street Zen upgraded shares of Aclaris Therapeutics from a “sell” rating to a “hold” rating in a research note on Saturday, May 16th. Guggenheim started coverage on shares of Aclaris Therapeutics in a report on Tuesday, May 5th. They set a “buy” rating and a $12.00 target price on the stock. Wedbush raised their price target on shares of Aclaris Therapeutics from $8.00 to $10.00 and gave the stock an “outperform” rating in a research report on Wednesday, April 29th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Aclaris Therapeutics in a report on Friday, March 27th. Three investment analysts have rated the stock with a Strong Buy rating, four have given a Buy rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Buy” and an average price target of $11.50.

Aclaris Therapeutics Price Performance

The company has a 50-day simple moving average of $4.44 and a two-hundred day simple moving average of $3.72. The stock has a market capitalization of $675.26 million, a price-to-earnings ratio of -8.61 and a beta of 0.76.

Aclaris Therapeutics (NASDAQ:ACRS) last announced its quarterly earnings results on Thursday, May 7th. The biotechnology company reported ($0.15) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.16) by $0.01. The company had revenue of $2.00 million during the quarter, compared to the consensus estimate of $1.32 million. Aclaris Therapeutics had a negative net margin of 832.58% and a negative return on equity of 55.89%. Research analysts anticipate that Aclaris Therapeutics, Inc. will post -0.65 EPS for the current year.

Insiders Place Their Bets

In other Aclaris Therapeutics news, major shareholder Braden Michael Leonard sold 300,000 shares of the business’s stock in a transaction dated Thursday, April 23rd. The shares were sold at an average price of $4.53, for a total transaction of $1,359,000.00. Following the completion of the transaction, the insider directly owned 13,950,000 shares of the company’s stock, valued at $63,193,500. The trade was a 2.11% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 4.80% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Aclaris Therapeutics

Several large investors have recently made changes to their positions in ACRS. Millennium Management LLC grew its holdings in Aclaris Therapeutics by 111.0% in the 1st quarter. Millennium Management LLC now owns 4,134,148 shares of the biotechnology company’s stock worth $6,325,000 after buying an additional 2,175,101 shares in the last quarter. Kalehua Capital Management LLC bought a new stake in Aclaris Therapeutics during the 1st quarter valued at $6,871,000. Kotler Kevin bought a new stake in Aclaris Therapeutics during the 4th quarter valued at $5,135,000. Geode Capital Management LLC boosted its position in Aclaris Therapeutics by 108.4% during the 2nd quarter. Geode Capital Management LLC now owns 2,464,779 shares of the biotechnology company’s stock worth $3,501,000 after acquiring an additional 1,282,042 shares during the period. Finally, Ameriprise Financial Inc. acquired a new position in Aclaris Therapeutics during the 3rd quarter worth $2,428,000. Institutional investors and hedge funds 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.