Aclaris Therapeutics (NASDAQ:ACRS) Shares Gap Up – Time to Buy?

Aclaris Therapeutics, Inc. (NASDAQ:ACRS) shares gapped up before the market opened on Wednesday . The stock had previously closed at $5.29, but opened at $5.65. Aclaris Therapeutics shares last traded at $5.5320, with a volume of 337,251 shares.

Analysts Set New Price Targets

Several brokerages have recently issued reports on ACRS. Wedbush lifted their price target on Aclaris Therapeutics from $8.00 to $10.00 and gave the company an “outperform” rating in a report on Wednesday, April 29th. Piper Sandler increased their price objective on Aclaris Therapeutics from $7.00 to $11.00 and gave the stock an “overweight” rating in a report on Tuesday, May 5th. UBS Group set a $10.00 price objective on shares of Aclaris Therapeutics in a research report on Thursday, April 16th. Guggenheim began coverage on shares of Aclaris Therapeutics in a research report on Tuesday, May 5th. They issued a “buy” rating and a $12.00 target price for the company. Finally, Oppenheimer assumed coverage on shares of Aclaris Therapeutics in a research report on Thursday, April 16th. They issued an “outperform” rating and a $10.00 target price for the company. Three equities research analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and an average target price of $11.50.

Aclaris Therapeutics Stock Up 4.1%

The company has a market cap of $776.51 million, a price-to-earnings ratio of -9.93 and a beta of 0.76. The business has a 50-day simple moving average of $4.62 and a two-hundred day simple moving average of $3.84.

Aclaris Therapeutics (NASDAQ:ACRS) last issued its quarterly earnings data on Thursday, May 7th. The biotechnology company reported ($0.15) EPS for the quarter, beating analysts’ consensus estimates of ($0.16) by $0.01. Aclaris Therapeutics had a negative return on equity of 55.89% 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. As a group, equities analysts anticipate that Aclaris Therapeutics, Inc. will post -0.65 earnings per share for the current year.

Insider Transactions at Aclaris Therapeutics

In other Aclaris Therapeutics news, major shareholder Braden Michael Leonard sold 300,000 shares of the 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 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 ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 4.80% of the stock is owned by insiders.

Hedge Funds Weigh In On Aclaris Therapeutics

A number of institutional investors have recently made changes to their positions in ACRS. XTX Topco Ltd bought a new position in Aclaris Therapeutics in the 2nd quarter worth approximately $34,000. R Squared Ltd bought a new position in Aclaris Therapeutics during the fourth quarter worth $37,000. The Manufacturers Life Insurance Company acquired a new position in Aclaris Therapeutics during the 2nd quarter valued at $48,000. BNP Paribas Financial Markets raised its stake in Aclaris Therapeutics by 59.0% during the 3rd quarter. BNP Paribas Financial Markets now owns 26,667 shares of the biotechnology company’s stock valued at $51,000 after purchasing an additional 9,894 shares during the last quarter. Finally, CIBC Asset Management Inc acquired a new position in Aclaris Therapeutics during the 4th quarter valued at $52,000. 98.34% of the stock is currently owned by institutional investors.

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.