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HC Wainwright has downgraded Aclaris Therapeutics (NASDAQ:ACRS) to neutral, citing disappointing data from a Phase 2 study for its drug ATI-1777 in the treatment of atopic dermatitis, or AD.
The investment bank said that although the study met its main objective As a statistically significant endpoint, once-daily treatment was not shown to be statistically superior to placebo, while the difference for twice-daily treatment was “relatively small.”
He added that the results “indicate a profile that does not appear commercially attractive, particularly given the nature of AD's current competitive landscape.”
The investment bank did not set a price target for the stock.
