Craig-Hallum began coverage of Aclaris Therapeutics (NASDAQ:ACRS) on Friday, assigning a Buy rating and setting a $10.00 price target. At the current trading price of $3.65, that target represents a 174% potential upside. The research note frames Aclaris as moving away from a legacy dermatology profile toward a more catalyst-driven immunology company, with the ATI-052 program at the center of that repositioning.
The firm points to the company’s capital position as a supporting factor; Aclaris carries a market capitalization of $394.49 million and, according to the research note, has more cash than debt on its balance sheet. Craig-Hallum described ATI-052 as a next-generation biologic being developed for both atopic dermatitis and asthma, and also noted additional upside from the company’s ITK program.
Craig-Hallum said its $10.00 target is predicated on a "proof-of-concept setup" ahead of anticipated second-half 2026 data readouts. The analyst also observed that the current market valuation "still implies limited credit for ATI-052" prior to the availability of Phase 1b clinical data.
Separately, Aclaris recently reported positive preclinical findings for ATI-2138. In a murine model study conducted at Columbia University, the experimental agent produced rapid and near-complete hair regrowth in severe alopecia areata and outperformed another treatment in hair regrowth measures. The results reported were preclinical and derived from animal testing.
On the clinical front, Aclaris has initiated a Phase 1b trial of ATI-052 in patients with moderate-to-severe atopic dermatitis. The trial is structured to assess safety and tolerability alongside clinical efficacy, comparing the bispecific anti-TSLP/IL-4Ralpha antibody against placebo. The company also released interim results from a Phase 1a study of ATI-052 that were described as favorable, reporting a good safety profile and no serious adverse events.
Market analysts have expressed support for the company following these developments. H.C. Wainwright reaffirmed its Buy rating and assigned a $16.00 price target in the wake of the positive preclinical data for ATI-2138. Jefferies likewise reiterated a Buy recommendation with a $7.00 price target, pointing to initial validation of the bispecific ’052 therapy.
Together, the new coverage from Craig-Hallum and the continued analyst backing from H.C. Wainwright and Jefferies reflect recent progress in Aclaris’s pipeline programs and a degree of analyst confidence in the near-term clinical and preclinical readouts. At the same time, Craig-Hallum’s commentary underscores that the market has not yet fully priced in potential upside from ATI-052 ahead of Phase 1b data.
Summary
Craig-Hallum initiated coverage of Aclaris Therapeutics with a Buy rating and $10.00 price target, citing a strategic pivot toward immunology centered on ATI-052, a strong cash position relative to debt, positive preclinical data for ATI-2138, and early clinical activity for ATI-052.