Piper Sandler: Authorized transaction is transformational, significantly raises Aclaris (ACRS.US) target price to $13.

Biopharmaceutical company Aclaris Therapeutics (ACRS.US) saw its stock price rise by 53% to $3.14 on Monday, after the company announced it had received exclusive rights to two immune candidates from Biosion, prompting Piper Sandler to upgrade its rating on the company. Earlier on Monday, Aclaris stated that it had signed an exclusive licensing agreement for the global rights (excluding Greater China) to develop the candidate drugs BSI-045 and BSI-502. BSI-045 has entered phase two trials for the treatment of atopic dermatitis (AD). Piper Sandler raised Aclaris' rating from "Neutral" to "Hold" and significantly raised its target price from $3 to $13, stating that this deal is "transformative" for the company. While the AD market is becoming increasingly crowded, Piper noted that the candidate drugs' "mechanism and data generated to date are compelling enough to suggest that Aclaris has discovered some truly differentiated assets." Piper added, "Coupled with a series of meaningful catalysts next year, we believe there is significant upside potential for Aclaris' stock price."