William Blair sees 'significant value disconnect' in Aclaris Therapeutics
William Blair analyst Tim Lugo maintains an Outperform rating on Aclaris Therapeutics after the company announced the divestiture of worldwide rights for Rhofade to EPI Health for up to $55M. The analyst says the deal value compares well with his previously estimated net present value for the Rhofade program of $65M. The divestiture is a first step in management extracting value from its commercial portfolio as the company has signaled additional partnerships and divestitures, Lugo tells investors in a research note. He continues to see a "significant value disconnect" with Aclaris shares trading at less than half of cash. The analyst sees "some promising early-stage assets, and near-term potential for strategic partnerships."