Jefferies downgraded Aclaris Therapeutics to Hold from Buy with a price target of $1, down from $1.50, after the company reported topline data from its Phase 2b study of ATI-1777 in mild to severe atopic dermatitis, or AD. The data did not meet the firm’s placebo-adjusted efficacy expectation benchmarking historical topical AD drugs, while absolute efficacy “looks positive,” the analyst tells investors. The company is in discussion with a potential partner for further development, so the firm sees the stock “as likely range-bound,” the analyst added.
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