Evercore ISI analyst Gavin Clark-Gartner lowered the firm’s price target on Aclaris Therapeutics (ACRS) to $3 from $22 and keeps an Outperform rating on the shares. Following Aclaris’ zunsemetinib Phase 2b RA trial having showed no signs of efficacy or dose response and Bristol Myers’ (BMY) covalent MK2 inhibitor’s failure in ankylosing spondylitis, the firm’s current view is that MK2 is no longer an attractive target to pursue in I&I. Evercore has accordingly removed zunsemetinib from its Aclaris model, the analyst tells investors.
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