Aclaris Therapeutics (NASDAQ:ACRS) Stock Falls 3.8% – Here’s Why

Aclaris Therapeutics, Inc. (NASDAQ:ACRS)’s share price was down 3.8% during mid-day trading on Tuesday. The company traded as low as $5.23 and last traded at $5.2250. 169,743 shares changed hands during trading, a decline of 92% from the average daily volume of 2,004,112 shares. The stock had previously closed at $5.43.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on ACRS shares. Canaccord Genuity Group started coverage on Aclaris Therapeutics in a research note on Tuesday, September 1st. They set a “buy” rating and a $10.00 price target on the stock. Weiss Ratings restated a “sell (d-)” rating on shares of Aclaris Therapeutics in a report on Monday, September 21st. Three equities research analysts have rated the stock with a Strong Buy rating, five have given a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Buy” and an average target price of $11.33.

Aclaris Therapeutics Stock Performance

The stock has a market cap of $735.45 million, a PE ratio of -9.07 and a beta of 0.79. The business has a 50 day moving average price of $5.77 and a two-hundred day moving average price of $4.96.

Aclaris Therapeutics (NASDAQ:ACRS) last issued its quarterly earnings results on Thursday, August 6th. The biotechnology company reported ($0.15) EPS for the quarter, topping analysts’ consensus estimates of ($0.16) by $0.01. Aclaris Therapeutics had a negative return on equity of 61.65% and a negative net margin of 921.50%.The business had revenue of $1.63 million for the quarter, compared to analyst estimates of $1.38 million. As a group, research analysts anticipate that Aclaris Therapeutics, Inc. will post -0.62 earnings per share for the current year.

Institutional Trading of Aclaris Therapeutics

Several institutional investors and hedge funds have recently bought and sold shares of the company. BlackRock Inc. purchased a new stake in shares of Aclaris Therapeutics in the second quarter worth $53,096,000. Rock Springs Capital Management LP grew its holdings in shares of 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 worth $16,772,000 after purchasing an additional 18,909 shares in the last quarter. Braidwell LP increased its position in shares of Aclaris Therapeutics by 26.1% in the second quarter. Braidwell LP now owns 2,142,348 shares of the biotechnology company’s stock worth $11,333,000 after purchasing an additional 443,232 shares during the last quarter. Kalehua Capital Management LLC purchased a new stake in Aclaris Therapeutics in the first quarter valued at approximately $6,871,000. Finally, Palo Alto Investors LP purchased a new position in Aclaris Therapeutics in the 2nd quarter worth approximately $8,535,045. 98.34% of the stock is currently owned by hedge funds and other institutional investors.

About Aclaris Therapeutics

Aclaris Therapeutics, Inc (NASDAQ: ACRS) is a clinical-stage biopharmaceutical company focused on developing therapies for immune-mediated and inflammatory diseases. The company’s research programs are centered on potentially addressing conditions in which existing treatments have limited effectiveness or tolerability.

Aclaris has developed a pipeline that has included zunsemetinib, an oral mitogen-activated protein kinase-activated protein kinase 2 (MK2) inhibitor being studied for inflammatory diseases, and other small-molecule therapies targeting immune and inflammatory pathways.