Aclaris Therapeutics (NASDAQ:ACRS) Hits New 52-Week High – Here’s Why

Shares of Aclaris Therapeutics, Inc. (NASDAQ:ACRS) hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $5.88 and last traded at $5.8750, with a volume of 600057 shares. The stock had previously closed at $5.53.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on ACRS shares. Weiss Ratings reissued a “sell (d-)” rating on shares of Aclaris Therapeutics in a report on Wednesday, June 24th. Wedbush raised their price target on Aclaris Therapeutics from $8.00 to $10.00 and gave the stock an “outperform” rating in a research note on Wednesday, April 29th. UBS Group set a $10.00 price target on Aclaris Therapeutics in a research report on Thursday, April 16th. Lifesci Capital assumed coverage on Aclaris Therapeutics in a research note on Tuesday, June 2nd. They issued an “outperform” rating and a $13.00 price objective for the company. Finally, Piper Sandler increased their price objective on Aclaris Therapeutics from $7.00 to $11.00 and gave the company an “overweight” rating in a report on Tuesday, May 5th. Three investment analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $11.50.

Aclaris Therapeutics Price Performance

The firm’s 50 day moving average price is $5.01 and its two-hundred day moving average price is $4.24. The firm has a market cap of $833.07 million, a price-to-earnings ratio of -10.76 and a beta of 0.78.

Aclaris Therapeutics (NASDAQ:ACRS) last issued 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. Aclaris Therapeutics had a negative return on equity of 55.89% and a negative net margin of 832.58%.The firm had revenue of $2.00 million for the quarter, compared to analysts’ expectations of $1.32 million. On average, analysts anticipate that Aclaris Therapeutics, Inc. will post -0.65 earnings per share for the current year.

Hedge Funds Weigh In On Aclaris Therapeutics

Hedge funds and other institutional investors have recently bought and sold shares of the company. Rock Springs Capital Management LP raised its position in 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 worth $16,772,000 after buying an additional 18,909 shares during the last quarter. Millennium Management LLC boosted its holdings in shares of 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 stake in shares of 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 acquiring an additional 1,282,042 shares during the period. Kalehua Capital Management LLC acquired a new position in shares of Aclaris Therapeutics during the first quarter worth about $6,871,000. Finally, Kotler Kevin purchased a new position in Aclaris Therapeutics during the fourth quarter worth about $5,135,000. 98.34% of the stock is currently owned by hedge funds and other institutional investors.

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.