Aclaris Therapeutics (NASDAQ:ACRS) Shares Gap Down – Here’s What Happened

Shares of Aclaris Therapeutics, Inc. (NASDAQ:ACRS) gapped down before the market opened on Friday . The stock had previously closed at $4.55, but opened at $4.36. Aclaris Therapeutics shares last traded at $4.3850, with a volume of 209,740 shares.

Analysts Set New Price Targets

Several research analysts have weighed in on ACRS shares. Weiss Ratings reiterated a “sell (d-)” rating on shares of Aclaris Therapeutics in a report on Friday, March 27th. Wall Street Zen downgraded Aclaris Therapeutics from a “hold” rating to a “sell” rating in a research note on Sunday, April 12th. HC Wainwright reissued a “buy” rating and issued a $16.00 price target on shares of Aclaris Therapeutics in a research note on Thursday, March 19th. Craig Hallum assumed coverage on Aclaris Therapeutics in a research note on Friday, January 30th. They issued a “buy” rating and a $10.00 price target on the stock. Finally, Wedbush reissued an “outperform” rating and issued a $8.00 price target on shares of Aclaris Therapeutics in a research note on Tuesday, March 31st. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $9.86.

Aclaris Therapeutics Price Performance

The business has a 50-day moving average of $3.62 and a 200-day moving average of $3.10. The firm has a market cap of $528.83 million, a price-to-earnings ratio of -8.24 and a beta of 0.67.

Aclaris Therapeutics (NASDAQ:ACRS) last released its earnings results on Thursday, February 26th. The biotechnology company reported ($0.16) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.15) by ($0.01). The company had revenue of $1.30 million during the quarter, compared to analyst estimates of $2.07 million. Aclaris Therapeutics had a negative net margin of 829.58% and a negative return on equity of 52.04%. As a group, equities analysts anticipate that Aclaris Therapeutics, Inc. will post -0.63 EPS for the current fiscal year.

Institutional Trading of Aclaris Therapeutics

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Millennium Management LLC increased its position in Aclaris Therapeutics by 111.0% during 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 during the last quarter. Geode Capital Management LLC increased 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 during the last quarter. Kotler Kevin acquired a new position in Aclaris Therapeutics during the fourth quarter worth approximately $5,135,000. Palo Alto Investors LP increased its position in Aclaris Therapeutics by 12.7% during the third quarter. Palo Alto Investors LP now owns 1,566,840 shares of the biotechnology company’s stock worth $2,977,000 after buying an additional 176,812 shares during the last quarter. Finally, State Street Corp increased its position in Aclaris Therapeutics by 35.3% during 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 during the last quarter. Institutional investors and hedge funds own 98.34% of the company’s stock.

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.