Biopharmaceutical company Aclaris Therapeutics (ACRS, Financial) saw its stock price jump 53% to $3.14 after announcing an exclusive licensing agreement with Biosion for two immune drug candidates. The agreement grants Aclaris global rights, excluding the Greater China region, to develop candidate drugs BSI-045 and BSI-502. Notably, BSI-045 has reached Phase II trials for treating atopic dermatitis (AD).
Following this news, Piper Sandler upgraded Aclaris' rating from "Neutral" to "Overweight" and significantly increased the target price from $3 to $13. Piper Sandler described the deal as "transformative" for Aclaris. Despite the competitive AD market, the investment firm believes the mechanism and existing data of these drug candidates are compelling, suggesting Aclaris has identified truly differentiated assets.
Piper further noted that with several significant catalysts expected next year, there is substantial potential for Aclaris' stock price to grow.
