Aclaris Therapeutics (NASDAQ:ACRS) Stock Price Passes Above 50 Day Moving Average – Here’s What Happened

Aclaris Therapeutics, Inc. (NASDAQ:ACRS) shares crossed above its 50 day moving average during trading on Tuesday . The stock has a 50 day moving average of $4.80 and traded as high as $5.65. Aclaris Therapeutics shares last traded at $5.43, with a volume of 832,208 shares trading hands.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on ACRS. UBS Group set a $10.00 price target on shares of Aclaris Therapeutics in a research note on Thursday, April 16th. Wall Street Zen upgraded shares of Aclaris Therapeutics from a “sell” rating to a “hold” rating in a research report on Saturday, May 16th. Guggenheim assumed coverage on shares of Aclaris Therapeutics in a report on Tuesday, May 5th. They issued a “buy” rating and a $12.00 target price on the stock. Lifesci Capital initiated coverage on shares of Aclaris Therapeutics in a research note on Tuesday, June 2nd. They set an “outperform” rating and a $13.00 target price for the company. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Aclaris Therapeutics in a report on Wednesday, June 24th. Three investment analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Aclaris Therapeutics presently has a consensus rating of “Buy” and an average price target of $11.50.

Aclaris Therapeutics Trading Down 4.3%

The firm has a market capitalization of $748.58 million, a P/E ratio of -9.57 and a beta of 0.76. The stock has a 50 day simple moving average of $4.83 and a 200-day simple moving average of $4.02.

Aclaris Therapeutics (NASDAQ:ACRS) last issued its quarterly earnings data on Thursday, May 7th. The biotechnology company reported ($0.15) earnings per share for the quarter, topping the consensus estimate of ($0.16) by $0.01. The firm had revenue of $2.00 million for the quarter, compared to analysts’ expectations of $1.32 million. Aclaris Therapeutics had a negative net margin of 832.58% and a negative return on equity of 55.89%. As a group, sell-side analysts expect that Aclaris Therapeutics, Inc. will post -0.65 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, major shareholder Braden Michael Leonard sold 300,000 shares of Aclaris Therapeutics stock in a transaction on Thursday, April 23rd. The shares were sold at an average price of $4.53, for a total transaction of $1,359,000.00. Following the transaction, the insider owned 13,950,000 shares in the company, valued at $63,193,500. This trade represents a 2.11% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 4.80% of the company’s stock.

Hedge Funds Weigh In On Aclaris Therapeutics

A number of institutional investors have recently bought and sold shares of the stock. Rock Springs Capital Management LP grew its holdings in Aclaris Therapeutics by 0.4% during the first quarter. Rock Springs Capital Management LP now owns 4,472,650 shares of the biotechnology company’s stock valued at $16,772,000 after purchasing an additional 18,909 shares during the period. Millennium Management LLC increased its position in Aclaris Therapeutics by 111.0% in the first quarter. Millennium Management LLC now owns 4,134,148 shares of the biotechnology company’s stock worth $6,325,000 after buying an additional 2,175,101 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of Aclaris Therapeutics by 108.4% in the second quarter. Geode Capital Management LLC now owns 2,464,779 shares of the biotechnology company’s stock worth $3,501,000 after buying an additional 1,282,042 shares during the period. Kalehua Capital Management LLC purchased a new position in shares of Aclaris Therapeutics during the 1st quarter valued at about $6,871,000. Finally, Kotler Kevin purchased a new position in shares of Aclaris Therapeutics during the 4th quarter valued at about $5,135,000. 98.34% of the stock is owned by institutional investors.

About Aclaris Therapeutics

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.