Aclaris Therapeutics initiated with an Outperform at Scotiabank

Scotiabank initiated coverage of Aclaris Therapeutics (ACRS) with an Outperform rating and $15 price target The stock has traded down about 50% from its one-year high reached last November 20, notes the analyst, who believes “it is a good time to take another look” ahead of a potentially positive read-through from Chia Tai-Tianqing Pharmaceutical’s asthma program to ACRS’s ATI-045, expected around March or April of this year. This data could represent an important value inflection point, though “it is not binary” since Aclaris has a cash runway into 2028 as well as “a steady stream of additional readouts through 2026,” the analyst added.