Leerink Partners Starts Aclaris Therapeutis (ACRS) at Outperform
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Leerink Partners initiates coverage on Aclaris Therapeutis (NASDAQ: ACRS) with a Outperform rating and a price target of $54.00.
Analyst Seamus Fernandez commented, "ACRS's lead asset, A-101 (high concentration formulation of hydrogen peroxide) offers a new treatment option for patients with seborrheic keratosis (SK) with reduced risk of dyspigmentation and scarring. With two successful Phase 3 studies complete, A-101 is de-risked and could achieve $300-400M peak sales. A-101 is also being developed into a treatment for common warts, which could provide incremental commercial opportunity. However, the opportunity for significant upside potential resides in ACRS's JAK (janus kinase) inhibitors program for the treatment of immune-mediated hair loss disorders such as alopecia areata (AA). We believe oral JAK inhibitors alone could achieve peak annual sales of $2-3B in AA, with ACRS taking significant market share. We assume A-101 is approved and successful for SK, with a 50% probability of success (POS) for A-101 for common warts. A-101 accounts for ~$18/shr in our DCF analysis. Assuming only a 40% POS, ACRS's oral JAK program in hair loss disorders accounts for ~70% of our $54 PT."
Shares of Aclaris Therapeutis closed at $28.04 yesterday.
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