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Fly News Breaks for October 16, 2018
AGN, ACRS
Oct 16, 2018 | 08:19 EDT
JMP Securities analyst Donald Ellis lowered his price target on Aclaris Therapeutics (ACRS) shares to $34 from $47 after the company announced a deal to acquire Rhofade from Allergan (AGN) and disclosed unaudited Q3 Eskata sales of about $0.5M, which missed his prior estimate of $2.8M. His lower price target is attributable to his updated Eskata estimates with the launch proceeding slower than expected, but Ellis maintains an Outperform rating on Aclaris shares, stating that he sees the Rhofade deal as "strategic and accretive."
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