Piper Sandler raised Aclaris' rating from "neutral" to "shareholding" and significantly increased the target price from $3 to $13.
According to Zhitong Finance APP, biopharmaceutical company Aclaris therapeutics (ACRS.US) saw its stock price rise 53% on Monday to $3.14, after the company announced exclusivity for two immune candidate drugs licensed from Biosion, prompting Piper Sandler to upgrade its rating for the company.
Earlier on Monday, Aclaris announced that it had signed an exclusive licensing agreement for the global rights (excluding greater china) for the development of candidate drugs BSI-045 and BSI-502. BSI-045 has entered phase II trials for the treatment of atopic dermatitis (AD).
Piper Sandler raised Aclaris' rating from "neutral" to "shareholding" and significantly increased the target price from $3 to $13, stating that this trade is "transformative" for the company.
Although the AD market is becoming crowded, Piper stated that the candidate drugs' "mechanism and the data produced so far are sufficiently compelling, indicating that Aclaris has discovered some truly distinctive assets."
Piper added, "Along with a series of meaningful catalysts expected next year, we believe Aclaris' stock price has significant upside potential."
