Aclaris Therapeutics (ACRS): Raising PT On Additional Ph2 Data - Jefferies
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Jefferies analyst, David Steinberg, reiterated his Buy rating on shares of Aclaris Therapeutis (NASDAQ: ACRS) and raised his price target to $31 from $23. ACRS released additional information on the A-101 common wart Ph2 study last week. Based on the new information, the analyst is increasingly optimistic about the outlook for this second indication for A-101 and thinks the sustainability of this franchise could be further bolstered by new patents.
The analyst increased his peak sales estimate from $75M to $250M and continues to look forward to the important Ph3 data in Q4 for A-101 SK for which he pegs a 75% chance of success.
Flowing the new A-101 warts forecast through the model and assuming incrementally higher SG&A expenses to support a more robust launch, the analyst increased his FY20 & FY21 EPS ests by $0.44 & $1.68 to $2.44 & $4.55.
Shares of Aclaris Therapeutis closed at $24.50 yesterday.
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