Canaccord Genuity Group Forecasts Strong Price Appreciation for Aclaris Therapeutics (NASDAQ:ACRS) Stock

Aclaris Therapeutics (NASDAQ:ACRS) had its price objective lifted by equities researchers at Canaccord Genuity Group from $10.00 to $13.00 in a report issued on Friday, Benzinga reports. The firm currently has a “buy” rating on the biotechnology company’s stock. Canaccord Genuity Group‘s price objective points to a potential upside of 227.46% from the company’s current price.

ACRS has been the topic of several other research reports. HC Wainwright restated a “buy” rating and set a $16.00 price target on shares of Aclaris Therapeutics in a report on Wednesday, October 28th. Wedbush cut their target price on shares of Aclaris Therapeutics from $10.00 to $8.00 and set an “outperform” rating on the stock in a research note on Wednesday, October 28th. Wall Street Zen upgraded shares of Aclaris Therapeutics from a “sell” rating to a “hold” rating in a research note on Saturday, October 24th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Aclaris Therapeutics in a report on Monday, September 21st. Finally, Craig Hallum set a $9.00 price target on shares of Aclaris Therapeutics in a research note on Wednesday. Three investment analysts have rated the stock with a Strong Buy rating, five have given a Buy rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Buy” and an average price target of $11.33.

Aclaris Therapeutics Stock Performance

NASDAQ ACRS opened at $3.97 on Friday. The firm has a market cap of $555.10 million, a price-to-earnings ratio of -6.84 and a beta of 0.87. The firm has a 50 day simple moving average of $4.88 and a 200-day simple moving average of $4.52. Aclaris Therapeutics has a one year low of $2.10 and a one year high of $6.60.

Aclaris Therapeutics (NASDAQ:ACRS) last posted its quarterly earnings data on Thursday, August 6th. The biotechnology company reported ($0.15) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.16) by $0.01. The business had revenue of $1.63 million for the quarter, compared to analyst estimates 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 predict that Aclaris Therapeutics will post -0.62 EPS for the current fiscal year.

Institutional Trading of Aclaris Therapeutics

Hedge funds and other institutional investors have recently bought and sold shares of the business. Bank of New York Mellon Corp lifted its holdings in Aclaris Therapeutics by 1.7% during the 1st quarter. Bank of New York Mellon Corp now owns 207,024 shares of the biotechnology company’s stock worth $776,000 after buying an additional 3,507 shares during the last quarter. China Universal Asset Management Co. Ltd. increased its holdings in shares of Aclaris Therapeutics by 20.8% in the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 26,858 shares of the biotechnology company’s stock valued at $142,000 after acquiring an additional 4,630 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. purchased a new position in shares of Aclaris Therapeutics in the 3rd quarter valued at about $40,000. MBE Wealth Management LLC acquired a new stake in shares of Aclaris Therapeutics during the 3rd quarter worth about $53,000. Finally, Wellington Management Group LLP raised its position in shares of Aclaris Therapeutics by 4.0% during the 2nd quarter. Wellington Management Group LLP now owns 267,498 shares of the biotechnology company’s stock worth $1,415,000 after acquiring an additional 10,342 shares in the last quarter. 98.34% of the stock is currently owned by institutional investors and hedge funds.

About Aclaris Therapeutics

Aclaris Therapeutics, Inc (NASDAQ: ACRS) is a clinical-stage biopharmaceutical company focused on developing therapies for immune-inflammatory diseases. The company’s research programs are designed to address conditions in areas such as rheumatology, dermatology and other inflammatory disorders.

Aclaris’ lead investigational product is zunsemetinib (ATI-450), an oral small-molecule therapy being evaluated for inflammatory diseases. The company has also developed additional investigational programs, including selective kinase inhibitors intended for potential use in dermatologic and immune-mediated conditions.