BTIG analyst Julian Harrison downgraded Aclaris Therapeutics to Neutral from Buy without a price target. The analyst sees the stock weakness as likely attributable to the higher than expected placebo response both on the Eczema Area and IGA-TS response in the Phase 2b study of ATI-1777 in patients with mild to severe atopic dermatitis. The Phase 2b atopic dermatitis data and lack of near-term catalysts “make the stock difficult to defend,” the analyst tells investors in a research note. The firm recognizes that future business development of ATI-1777 could provide upside, however.
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