AcelRx Pharmaceuticals (ACRX) Shares Up 10.1%

AcelRx Pharmaceuticals Inc (NASDAQ:ACRX)’s share price shot up 10.1% on Thursday . The company traded as high as $4.11 and last traded at $3.91. 3,600,812 shares were traded during trading, an increase of 169% from the average session volume of 1,336,638 shares. The stock had previously closed at $3.55.

A number of brokerages recently weighed in on ACRX. Zacks Investment Research upgraded shares of AcelRx Pharmaceuticals from a “sell” rating to a “hold” rating in a research report on Thursday. HC Wainwright reaffirmed a “buy” rating and set a $9.00 price target on shares of AcelRx Pharmaceuticals in a research note on Tuesday. Cantor Fitzgerald upped their price target on shares of AcelRx Pharmaceuticals from $8.00 to $9.00 and gave the company an “overweight” rating in a research note on Monday, November 5th. LADENBURG THALM/SH SH set a $10.00 price target on shares of AcelRx Pharmaceuticals and gave the company a “buy” rating in a research note on Friday, November 2nd. Finally, ValuEngine raised shares of AcelRx Pharmaceuticals from a “hold” rating to a “buy” rating in a research note on Friday, November 2nd. Two investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company. The company has an average rating of “Buy” and an average price target of $7.93.

The company has a market cap of $219.77 million, a PE ratio of -2.98 and a beta of 2.03.

AcelRx Pharmaceuticals (NASDAQ:ACRX) last released its quarterly earnings results on Monday, November 5th. The specialty pharmaceutical company reported ($0.21) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.20) by ($0.01). The company had revenue of $0.38 million for the quarter, compared to the consensus estimate of $1.10 million. Equities analysts expect that AcelRx Pharmaceuticals Inc will post -0.86 EPS for the current year.

In other news, insider Lawrence G. Hamel sold 6,953 shares of the stock in a transaction 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 $109,669.50. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Badri N. Dasu sold 28,351 shares of the stock in a transaction on Monday, October 15th. The shares were 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. Corporate insiders own 25.50% of the company’s stock.

Institutional investors and hedge funds have recently made changes to their positions in the company. Cedar Wealth Management LLC raised its stake in shares of AcelRx Pharmaceuticals by 182.5% in the third quarter. Cedar Wealth Management LLC now owns 33,895 shares of the specialty pharmaceutical company’s stock valued at $130,000 after acquiring an additional 21,895 shares during the period. Lincoln Capital Corp purchased a new stake in shares of AcelRx Pharmaceuticals in the second quarter valued at $116,000. Creative Planning raised its stake in shares of AcelRx Pharmaceuticals by 256.1% in the third quarter. Creative Planning now owns 45,222 shares of the specialty pharmaceutical company’s stock valued at $174,000 after acquiring an additional 32,522 shares during the period. Granite Investment Partners LLC purchased a new stake in shares of AcelRx Pharmaceuticals in the second quarter valued at $182,000. Finally, Northern Trust Corp raised its stake 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 valued at $192,000 after acquiring an additional 34,584 shares during the period. 8.58% of the stock is currently owned by institutional investors and hedge funds.

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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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