AcelRx Pharmaceuticals Inc (ACRX) was downgraded to ‘Neutral’ from ‘Overweight’ at Piper Jaffray, citing the FDA’s rejection of the company’s pain drug device, Zalviso, late on Friday. Piper lowered its price target for the pharma company shares to $8 from $14. ACRX closed yesterday at $6.39 on volume of 15.7 million shares, nearly 15 million higher from its 3 month average volume of 983,000 shares.
Several analysts have recently commented on the stock. Analysts at Canaccord Genuity downgraded shares of AcelRx Pharmaceuticals Inc from a ‘Buy’ rating to a ‘Hold’ rating in a research note issued to its clients on Monday, July 28. They now have an $8.00 price target on the stock. Separately, analysts at JMP Securities maintained their ‘Market Outperform’ and $12.00 price target for ACRX in a research note issued to clients on Monday, July 28. Finally, analysts at Canaccord Genuity and Roth Capital initiated coverage on AcelRx in a report released on April 17, and April 14, respectively. The firms set a ‘Buy’ rating on the stock with a $16.00 and $22.00 price target, respectively.
Shares of Redwood City, Calif.-based AcelRx Pharmaceuticals nosedived 41% to $6.39 in regular trading Monday, putting them on track to extend their 52-week slump of 47%. The stock has plunged to an 8-month low and is currently printing the tape near its 52-week lows. Ticker is down nearly 44% year-to-date.
ACRX has a 52-week low of $6.04 and a 52-week high of $13.64.
In today’s pre-market session, the equity is 0.47% lower, changing hands at $6.36 a share.
AcelRx Pharmaceuticals, Inc. focuses on the development and commercialization of therapies for the treatment of acute and breakthrough pain (BTP). The company was founded in 2005 and is headquartered in Redwood City, California.