Aclaris down as BTIG downgrades to 'neutral' on dermatitis drug trial setback

Aclaris Therapeutics

11/01/2024 12:28

** Shares of drug developer Aclaris Therapeutics  ACRS.O 
fall 3.8% to 97 cents premarket
    ** Brokerage BTIG downgrades rating on stock to "neutral"
from "buy"
    ** Company reported on Wednesday that the once-daily version
of its atopic dermatitis drug did not show statistical
significance in second part of a mid-stage trial
    ** Atopic dermatitis causes itching, leading to skin
reddening, swelling and cracking
    ** The twice daily version met the trial's main goal - ACRS
    ** Weakness in stock likely attributable to
higher-than-estimated placebo responses for both the drug
versions, consistent across endpoints and not clearly explained
in the data disclosure - BTIG
    ** Aclaris stock closed 21.5% down on Wednesday
    ** "The drug's competitive efficacy vs Incyte Corp's
 INCY.O  skin disorder drug Opzelura remains an important
success factor and latest data does not provide sufficient
clarity on that point" - BTIG 
    ** Stock fell 93.3% in 2023

 (Reporting by Pratik Jain in Bengaluru)
 ((Pratik.Jain@thomsonreuters.com;))