H.C. Wainwright upgraded Aclaris Therapeutics (ACRS) to Buy from Neutral with a $20 price target after the company entered into an exclusive license agreement with privately-held Biosion. The “transformative” licensing transaction revitalizes the company’s pipeline with renewed focus on biologic candidates, the analyst tells investors in a research note. The firm ascribes a 30% probability of approval to BSI-045B in chronic asthma and a 20% probability of approval to this candidate in atopic dermatitis. It also believes Aclaris’ legacy pipeline programs may generate additional value.
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