Shares of biopharmaceutical company Aclaris Therapeutics (NASDAQ:ACRS) are tanking today after the company announced preliminary topline data from a Phase 2a trial evaluating its product candidate ATI-450 (zunsemetinib) for the treatment of moderate to severe hidradenitis suppurativa.
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The drug did not achieve primary or secondary endpoints in the trial and the observed placebo effect across all efficacy endpoints was higher compared to earlier HS studies.
Next, the company now awaits the next data readout of a Phase 2b trial evaluating zunsemetinib for the treatment of moderate to severe rheumatoid arthritis.
Despite today’s outcome, Wall Street has a consensus price target of $35 on ACRS, implying a mouth-watering 395% potential upside in the stock.
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