AcelRx Pharmaceuticals (ACRX) Shares Down 6.3% After Earnings Miss

AcelRx Pharmaceuticals Inc (NASDAQ:ACRX)’s share price was down 6.3% during trading on Tuesday following a weaker than expected earnings announcement. The company traded as low as $4.05 and last traded at $4.00. Approximately 2,972,134 shares traded hands during trading, a decline of 57% from the average daily volume of 6,833,616 shares. The stock had previously closed at $4.27.

The specialty pharmaceutical company reported ($0.21) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.20) by ($0.01). The business had revenue of $0.38 million for the quarter, compared to analysts’ expectations of $1.10 million.

Several equities analysts have commented on ACRX shares. Zacks Investment Research raised shares of AcelRx Pharmaceuticals from a “hold” rating to a “buy” rating and set a $4.00 target price on the stock in a research report on Tuesday, July 10th. Cantor Fitzgerald reissued a “buy” rating and set a $6.00 target price on shares of AcelRx Pharmaceuticals in a research report on Thursday, August 2nd. HC Wainwright reissued a “buy” rating on shares of AcelRx Pharmaceuticals in a research report on Tuesday, August 7th. LADENBURG THALM/SH SH started coverage on shares of AcelRx Pharmaceuticals in a research report on Thursday, August 16th. They set a “buy” rating and a $7.00 target price on the stock. Finally, Jefferies Financial Group raised shares of AcelRx Pharmaceuticals from a “hold” rating to a “buy” rating and set a $8.00 target price on the stock in a research report on Monday, October 15th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and seven have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus target price of $7.93.

In related news, insider Lawrence G. Hamel sold 6,953 shares of AcelRx Pharmaceuticals stock in a transaction that occurred on Monday, September 24th. The shares were sold at an average price of $4.50, for a total value of $31,288.50. Following the sale, the insider now owns 24,371 shares of the company’s stock, valued at approximately $109,669.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Badri N. Dasu sold 28,351 shares of AcelRx Pharmaceuticals stock in a transaction that occurred on Monday, October 15th. The stock was sold at an average price of $5.00, for a total transaction of $141,755.00. Following the completion of the sale, the insider now directly owns 54,061 shares in the company, valued at approximately $270,305. The disclosure for this sale can be found here. 25.50% of the stock is owned by company insiders.

Several large investors have recently bought and sold shares of ACRX. Lincoln Capital Corp bought a new stake in shares of AcelRx Pharmaceuticals in the 2nd quarter worth approximately $116,000. Cedar Wealth Management LLC raised its holdings in shares of AcelRx Pharmaceuticals by 182.5% in the 3rd quarter. Cedar Wealth Management LLC now owns 33,895 shares of the specialty pharmaceutical company’s stock worth $130,000 after purchasing an additional 21,895 shares during the period. Creative Planning raised its holdings in shares of AcelRx Pharmaceuticals by 256.1% in the 3rd quarter. Creative Planning now owns 45,222 shares of the specialty pharmaceutical company’s stock worth $174,000 after purchasing an additional 32,522 shares during the period. Granite Investment Partners LLC bought a new stake in shares of AcelRx Pharmaceuticals in the 2nd quarter worth approximately $182,000. Finally, Northern Trust Corp raised its holdings in shares of AcelRx Pharmaceuticals by 60.8% in the 1st quarter. Northern Trust Corp now owns 91,481 shares of the specialty pharmaceutical company’s stock worth $192,000 after purchasing an additional 34,584 shares during the period. 8.58% of the stock is currently owned by institutional investors.

The firm has a market capitalization of $290.88 million, a P/E ratio of -3.55 and a beta of 2.03.

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AcelRx Pharmaceuticals Company Profile (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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