Quantumup
Cantor reiterated $ACRS at Overweight after its KOLs call.
$INCY $REGN - SNY NKTR LLY ABBV PFE BMY CRVS
Cantor said -- KOLs sounded very confident that modzatinib (oral ITK/JAK3) should work across all LP subtypes (~100-300K addressable patients in the U.S., by our estimate).
KOLs also liked Aclaris' development strategy of testing modzatinib in oral mucosal LP first, as responses can be rapid in this subtype. Just ~4-5K LP patients would make modzatinib a blockbuster drug.
~$1B in peak sales implies ~$2-3B of NPV for the LP indication alone, versus ~$800M market cap for ACRS.
Not much is priced into the stock, so there is still time to BUY ACRS ahead of the interim LP readout in 1H27.
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