Aclaris Therapeutics (NASDAQ:ACRS) Raised to “Overweight” at Piper Sandler

Aclaris Therapeutics (NASDAQ:ACRS) was upgraded by research analysts at Piper Sandler from a “neutral” rating to an “overweight” rating in a report released on Monday, MarketBeat reports. The firm currently has a $13.00 price objective on the biotechnology company’s stock, up from their previous price objective of $3.00. Piper Sandler’s target price points to a potential upside of 183.22% from the company’s previous close.

A number of other brokerages have also issued reports on ACRS. StockNews.com raised Aclaris Therapeutics from a “sell” rating to a “hold” rating in a research note on Friday, November 15th. HC Wainwright reiterated a “neutral” rating on shares of Aclaris Therapeutics in a report on Tuesday, September 17th. Three analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $8.80.

Aclaris Therapeutics Price Performance

NASDAQ:ACRS opened at $4.59 on Monday. Aclaris Therapeutics has a 1-year low of $0.77 and a 1-year high of $5.17. The firm has a 50 day simple moving average of $1.53 and a 200-day simple moving average of $1.32. The firm has a market cap of $327.86 million, a PE ratio of -7.73 and a beta of 0.10.

Aclaris Therapeutics (NASDAQ:ACRS) last issued its quarterly earnings results on Wednesday, November 6th. The biotechnology company reported ($0.11) earnings per share for the quarter, missing the consensus estimate of ($0.08) by ($0.03). Aclaris Therapeutics had a negative net margin of 136.65% and a negative return on equity of 40.26%. The business had revenue of $4.35 million during the quarter, compared to analyst estimates of $8.31 million. As a group, sell-side analysts expect that Aclaris Therapeutics will post -0.65 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Aclaris Therapeutics

Several hedge funds and other institutional investors have recently modified their holdings of ACRS. Mirae Asset Global Investments Co. Ltd. acquired a new stake in Aclaris Therapeutics during the 1st quarter worth approximately $39,000. SG Americas Securities LLC grew its stake in Aclaris Therapeutics by 69.5% during the first quarter. SG Americas Securities LLC now owns 32,843 shares of the biotechnology company’s stock worth $41,000 after buying an additional 13,461 shares during the period. Russell Investments Group Ltd. increased its position in shares of Aclaris Therapeutics by 5,265.1% in the first quarter. Russell Investments Group Ltd. now owns 62,772 shares of the biotechnology company’s stock worth $78,000 after acquiring an additional 61,602 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of Aclaris Therapeutics in the 2nd quarter valued at $119,000. Finally, Assenagon Asset Management S.A. purchased a new position in shares of Aclaris Therapeutics in the 3rd quarter valued at $214,000. 98.34% of the stock is owned by institutional investors and hedge funds.

About Aclaris Therapeutics

Aclaris Therapeutics, Inc a clinical-stage biopharmaceutical company, engages in the development of novel drug candidates for immune-inflammatory diseases in the United States. The company operates through two segments, Therapeutics and Contract Research. The Therapeutics segment is involved in identifying and developing therapies to address significant unmet needs for immuno-inflammatory diseases.