SVB Leerink starts Aclaris Therapeutics at OP; PT $13

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SVB Leerink initiated coverage of Aclaris Therapeutics (NASDAQ:ACRS) with an “outperform” rating and $13 price target. The stock closed at $6.34 on May 3.

Aclaris is transitioning from a specialty play in dermatology to a play that is a bit more substantive in immuno-dermatology, writes analyst Dr. Pasha Sarrat.

Through licensing and acquisitions, Aclaris has put together a portfolio of Janus kinase inhibitors to pursue treatment in niche indications, including various autoimmune alopecias and vitiligo.

“We see these indications having significant unmet need but also see a crowded pipeline, with big players trying to capture its value,” Dr. Sarrat said. “2019 is a data heavy year for Aclaris’ portfolio, which will catalyze an inflection, if patient outcomes are compelling.”

Abby Hardy