AcelRx Pharmaceuticals (ACRX) Shares Down 9.8%

AcelRx Pharmaceuticals Inc (NASDAQ:ACRX)’s share price dropped 9.8% during mid-day trading on Tuesday . The stock traded as low as $3.90 and last traded at $4.15. Approximately 2,420,500 shares traded hands during trading, an increase of 305% from the average daily volume of 597,775 shares. The stock had previously closed at $4.60.

ACRX has been the topic of several research analyst reports. Cantor Fitzgerald initiated coverage on AcelRx Pharmaceuticals in a research report on Monday, June 11th. They set a “buy” rating and a $6.00 price target on the stock. LADENBURG THALM/SH SH assumed coverage on AcelRx Pharmaceuticals in a report on Thursday, August 16th. They issued a “buy” rating and a $7.00 target price on the stock. Zacks Investment Research upgraded AcelRx Pharmaceuticals from a “hold” rating to a “buy” rating and set a $3.50 target price on the stock in a report on Thursday, August 9th. Oppenheimer assumed coverage on AcelRx Pharmaceuticals in a report on Thursday, July 12th. They issued a “hold” rating on the stock. Finally, HC Wainwright restated a “buy” rating on shares of AcelRx Pharmaceuticals in a report on Tuesday, August 7th. Five investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. AcelRx Pharmaceuticals has a consensus rating of “Buy” and a consensus price target of $5.21.

The company has a quick ratio of 3.96, a current ratio of 4.01 and a debt-to-equity ratio of -0.15. The firm has a market capitalization of $239.37 million, a PE ratio of -3.77 and a beta of 2.09.

AcelRx Pharmaceuticals (NASDAQ:ACRX) last issued its earnings results on Thursday, August 2nd. The specialty pharmaceutical company reported ($0.20) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.19) by ($0.01). The company had revenue of $0.82 million during the quarter, compared to analyst estimates of $0.93 million. research analysts forecast that AcelRx Pharmaceuticals Inc will post -0.83 EPS for the current year.

In related news, CEO Vincent J. Angotti bought 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 7th. The shares were acquired at an average cost of $2.90 per share, for a total transaction of $29,000.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Pamela P. Palmer bought 37,000 shares of the firm’s stock in a transaction that occurred on Monday, August 6th. The stock was bought at an average price of $2.75 per share, for a total transaction of $101,750.00. The disclosure for this purchase can be found here. Insiders purchased a total of 57,300 shares of company stock worth $159,552 over the last 90 days. Insiders own 25.50% of the company’s stock.

Hedge funds and other institutional investors have recently modified their holdings of the stock. BlackRock Inc. boosted its position in shares of AcelRx Pharmaceuticals by 2.7% in the second quarter. BlackRock Inc. now owns 673,115 shares of the specialty pharmaceutical company’s stock worth $2,271,000 after buying an additional 17,737 shares during the period. Renaissance Technologies LLC acquired a new stake in shares of AcelRx Pharmaceuticals in the second quarter worth $1,676,000. FMR LLC boosted its position in shares of AcelRx Pharmaceuticals by 1,094.6% in the second quarter. FMR LLC now owns 298,644 shares of the specialty pharmaceutical company’s stock worth $1,008,000 after buying an additional 273,644 shares during the period. Northern Trust Corp boosted its position in shares of AcelRx Pharmaceuticals by 60.8% in the first quarter. Northern Trust Corp now owns 91,481 shares of the specialty pharmaceutical company’s stock worth $192,000 after buying an additional 34,584 shares during the period. Finally, Granite Investment Partners LLC acquired a new stake in shares of AcelRx Pharmaceuticals in the second quarter worth $182,000. Institutional investors and hedge funds own 8.59% of the company’s stock.

About AcelRx Pharmaceuticals (NASDAQ:ACRX)

AcelRx Pharmaceuticals, Inc, a specialty pharmaceutical company, focuses on the development and commercialization of therapies for the treatment of acute pain. Its lead product candidate is DSUVIA, a 30 mcg sufentanil sublingual tablet for the treatment of moderate-to-severe acute pain. The company also develops ZALVISO, a pre-programmed and patient-controlled analgesia system that allows hospital patients with moderate-to-severe acute pain to self-dose with sufentanil sublingual tablets to manage their pain.

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