Aclaris Therapeutics upgraded to Outperform from Market Perform at Leerink

Leerink upgraded Aclaris Therapeutics (ACRS) to Outperform from Market Perform with a price target of $7, up from $2, representing over 120% upside from current levels. Following completion of the company’s strategic review, the firm expects investor focus to shift to its “newly strengthened” immunology-focused pipeline that includes two in-licensed biologics from discovery-focused Biosion – BSI-045B and BSI-502. Signaling further confidence, Aclaris announced a concurrent and oversubscribed $80M private placement to support its newly bolstered pipeline and operational efforts, the analyst tells investors in a research note. Leerink believes these updates “have ushered in a new chapter” for Aclaris, bringing a renewed strategic vision and an attractive catalyst path over the next 6-12 months which has the potential to further de-risk BSI-045B and “unlock meaningful fundamental value.”