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

Aclaris Therapeutics (NASDAQ:ACRS) issued its quarterly earnings results on Thursday. The biotechnology company reported ($0.15) earnings per share for the quarter, topping the consensus estimate of ($0.16) by $0.01, FiscalAI reports. The company had revenue of $1.63 million for the quarter, compared to the consensus estimate of $1.38 million. Aclaris Therapeutics had a negative net margin of 832.58% and a negative return on equity of 55.89%.

Aclaris Therapeutics Price Performance

NASDAQ ACRS traded down $0.27 during mid-day trading on Thursday, hitting $6.09. The stock had a trading volume of 2,821,480 shares, compared to its average volume of 2,048,408. The firm’s 50 day moving average is $5.10 and its 200 day moving average is $4.31. The stock has a market capitalization of $850.53 million, a price-to-earnings ratio of -10.87 and a beta of 0.78. Aclaris Therapeutics has a twelve month low of $1.52 and a twelve month high of $6.51.

Institutional Trading of Aclaris Therapeutics

A number of hedge funds have recently bought and sold shares of ACRS. Invesco Ltd. boosted its holdings in shares of Aclaris Therapeutics by 409.0% during the 1st quarter. Invesco Ltd. now owns 57,079 shares of the biotechnology company’s stock worth $87,000 after purchasing an additional 45,864 shares during the last quarter. Millennium Management LLC increased its holdings in shares of Aclaris Therapeutics by 111.0% in the first quarter. Millennium Management LLC now owns 4,134,148 shares of the biotechnology company’s stock valued at $6,325,000 after purchasing an additional 2,175,101 shares during the last quarter. Goldman Sachs Group Inc. lifted its position in Aclaris Therapeutics by 29.7% during the first quarter. Goldman Sachs Group Inc. now owns 555,953 shares of the biotechnology company’s stock worth $851,000 after buying an additional 127,366 shares in the last quarter. Geode Capital Management LLC lifted its position in 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 worth $3,501,000 after buying an additional 1,282,042 shares in the last quarter. Finally, JPMorgan Chase & Co. boosted its stake in Aclaris Therapeutics by 25.1% during the second quarter. JPMorgan Chase & Co. now owns 623,792 shares of the biotechnology company’s stock worth $886,000 after buying an additional 125,071 shares during the last quarter. Institutional investors and hedge funds own 98.34% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently issued reports on the stock. Wall Street Zen raised shares of Aclaris Therapeutics from a “sell” rating to a “hold” rating in a 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 price objective for the company. Piper Sandler upped their price objective on shares of Aclaris Therapeutics from $7.00 to $11.00 and gave the stock an “overweight” rating in a research report on Tuesday, May 5th. Wedbush increased their target price on shares of Aclaris Therapeutics from $8.00 to $10.00 and gave the stock an “outperform” rating in a research note on Wednesday, April 29th. Finally, Lifesci Capital initiated coverage on Aclaris Therapeutics in a research report on Tuesday, June 2nd. They set an “outperform” rating and a $13.00 target price on the stock. Three research analysts have rated the stock with a Strong Buy rating, four have given a Buy rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, Aclaris Therapeutics presently has an average rating of “Buy” and a consensus target price of $11.50.

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.