UPDATE: Piper Sandler Starts Aclaris Therapeutis (ACRS) at Overweight, $30 PT
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(Updated - June 15, 2021 8:19 AM EDT)
Piper Sandler analyst Christopher Raymond initiates coverage on Aclaris Therapeutis (NASDAQ: ACRS) with an Overweight rating and a price target of $30.00.
The analyst commented, "Despite the stock’s ~176% YTD move, we believe the market continues to heavily discount the commercial potential of ACRS' two most advanced assets – ATI-450 an oral MK2 inhibitor with promising early data in RA and ATI-1777, an equally promising topical “soft” JAK1/3 inhibitor, for atopic dermatitis. While neither space is without competition, we think both compounds are each sufficiently differentiated so as to warrant blockbuster revenue potential. Importantly, both assets remain completely unencumbered. Combining this with the company’s proven internal discovery capabilities, we like the set up on this name and would be buyers into the $30/sh range."
Shares of Aclaris Therapeutis closed at $17.83 yesterday.
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