Aclaris soars after multiple brokerages upgrade ratings following key deal

Aclaris Therapeutics

19/11/2024 19:31

** Shares of drug developer Aclaris Therapeutics  ACRS.O 
soar about 58% to $4.96, highest in over a year, after at least
four brokerages upgrade ratings following company's deal and $80
mln fund raising announcement
    ** On Monday, ACRS signed deal with Biosion for global
rights of two experimental antibody drugs, BSI-045B and BSI-502,
to boost company's immunology pipeline
    ** Leerink Partners upgrades stock rating to "outperform"
from "market perform" and raises PT to $7 from $2; says the deal
and funding have "ushered in a new chapter for ACRS" and promise
an attractive path over the next six to 12 months
    ** Piper Sandler upgrades to "overweight" from "neutral" and
raises PT to $13 from $3; calls company's deal "transformative"
    ** BTIG upgrades to "buy" from "neutral" and sets PT at $8
    ** Jefferies upgrades to "buy" from "hold" and raises PT to
$7 from $2
    ** Four of seven brokerages rate the stock "buy" or higher
and three "hold"; their median PT is $7, according to data
compiled by LSEG
    ** Including session's gains, stock up 373.8% YTD

 (Reporting by Kamal Choudhury in Bengaluru)
 ((Kamal.Choudhury@thomsonreuters.com;))