Aclaris Therapeutics (NASDAQ:ACRS) Announces Quarterly Earnings Results, Beats Expectations By $0.01 EPS

Aclaris Therapeutics (NASDAQ:ACRS) posted its quarterly earnings results on Thursday. The biotechnology company reported ($0.15) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.16) by $0.01, FiscalAI reports. Aclaris Therapeutics had a negative return on equity of 58.88% and a negative net margin of 832.58%.The business had revenue of $2.00 million for the quarter, compared to analyst estimates of $1.32 million.

Aclaris Therapeutics Stock Performance

Shares of ACRS stock opened at $4.93 on Friday. The firm has a market cap of $688.52 million, a P/E ratio of -8.80 and a beta of 0.76. Aclaris Therapeutics has a fifty-two week low of $1.16 and a fifty-two week high of $4.94. The business’s 50 day moving average price is $3.83 and its 200-day moving average price is $3.26.

Insider Activity at Aclaris Therapeutics

In related news, major shareholder Braden Michael Leonard sold 300,000 shares of the company’s stock in a transaction that occurred on Thursday, April 23rd. The stock was sold at an average price of $4.53, for a total transaction of $1,359,000.00. Following the completion of the transaction, the insider owned 13,950,000 shares in the company, valued at $63,193,500. This represents a 2.11% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 5.60% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Millennium Management LLC lifted its position in shares of Aclaris Therapeutics by 111.0% in the 1st quarter. Millennium Management LLC now owns 4,134,148 shares of the biotechnology company’s stock worth $6,325,000 after purchasing an additional 2,175,101 shares during the period. Kotler Kevin bought a new stake in shares of Aclaris Therapeutics during the 4th quarter valued at about $5,135,000. Geode Capital Management LLC increased its position 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 valued at $3,501,000 after buying an additional 1,282,042 shares during the period. Ameriprise Financial Inc. bought a new position in Aclaris Therapeutics in the third quarter worth about $2,428,000. Finally, State Street Corp raised its stake in Aclaris Therapeutics by 35.3% in the fourth quarter. State Street Corp now owns 1,506,403 shares of the biotechnology company’s stock worth $4,534,000 after buying an additional 393,257 shares in the last quarter. 98.34% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the company. Piper Sandler increased their price objective on Aclaris Therapeutics from $7.00 to $11.00 and gave the company an “overweight” rating in a research note on Tuesday. Guggenheim started coverage on shares of Aclaris Therapeutics in a report on Tuesday. They set a “buy” rating and a $12.00 price target for the company. Oppenheimer began coverage on shares of Aclaris Therapeutics in a research report on Thursday, April 16th. They set an “outperform” rating and a $10.00 price target for the company. Craig Hallum assumed coverage on shares of Aclaris Therapeutics in a report on Friday, January 30th. They issued a “buy” rating and a $10.00 price target on the stock. Finally, Wall Street Zen cut shares of Aclaris Therapeutics from a “hold” rating to a “sell” rating in a research report on Sunday, April 12th. Two analysts have rated the stock with a Strong Buy rating, four have given a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Aclaris Therapeutics currently has a consensus rating of “Buy” and a consensus price target of $11.29.

Aclaris Therapeutics Company Profile

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.