Leerink downgraded Aclaris Therapeutics to Market Perform from Outperform with a price target of $2, down from $26, following “disappointing results” from the Phase 2b trial of zunsemetinib in rheumatoid arthritis, or RA. The company is discontinuing the development of zunsemetinib and will be terminating the ongoing Phase 2a trial in psoriatic arthritis, or PsA, noted the firm, which has updated its model to remove value for zunsemetinib and lower expected near-term OpEx to account for reduced expenditure on ongoing clinical development for the drug.
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