ACRS - Aclaris price target raised at Jefferies citing 'significant stock moving event'

naphtalina/iStock via Getty Images Jefferies has assumed Aclaris Therapeutics ([[ACRS]] +0.9%) with a buy rating and has raised its price target to $32 from $27, implying a premium of ~105.0% as the analysts point to a key event linked to the company’s rheumatoid arthritis candidate ATI-450. Aclaris plans to start a Phase 2b trial for ATI-450 in 2H21, and with data anticipated in early 2023, it “would be a significant stock moving event,” the analysts argued. The firm also highlights the potential of the company’s other lead program, ATI-1777 in moderate to severe atopic dermatitis ((AD)), which has already showcased promising Phase 2a data ahead of a Phase 2b study. ATI-1777 designed to address safety concerns of JAK inhibitors with comparable levels of efficacy is on track to generate data in 2H23, the analysts point out. In addition, the company’s KINect drug discovery platform will continue to create new kinase

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Aclaris price target raised at Jefferies citing ‘significant stock moving event’