Wedbush Securities Inc. Invests $94,000 in Acer Therapeutics Inc (NASDAQ:ACER)

Wedbush Securities Inc. bought a new position in shares of Acer Therapeutics Inc (NASDAQ:ACER) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 24,055 shares of the biopharmaceutical company’s stock, valued at approximately $94,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. SG Americas Securities LLC purchased a new position in shares of Acer Therapeutics during the first quarter worth approximately $101,000. Laurion Capital Management LP purchased a new position in shares of Acer Therapeutics during the first quarter worth approximately $253,000. Northern Trust Corp grew its position in shares of Acer Therapeutics by 5.7% during the fourth quarter. Northern Trust Corp now owns 33,572 shares of the biopharmaceutical company’s stock worth $676,000 after acquiring an additional 1,797 shares during the last quarter. Geode Capital Management LLC grew its position in shares of Acer Therapeutics by 13.7% during the fourth quarter. Geode Capital Management LLC now owns 35,736 shares of the biopharmaceutical company’s stock worth $719,000 after acquiring an additional 4,297 shares during the last quarter. Finally, Sphera Funds Management LTD. purchased a new position in shares of Acer Therapeutics during the first quarter worth approximately $1,215,000. Institutional investors and hedge funds own 27.01% of the company’s stock.

Shares of NASDAQ ACER opened at $2.30 on Wednesday. The stock has a fifty day moving average price of $2.88 and a 200 day moving average price of $16.19. Acer Therapeutics Inc has a 1-year low of $1.87 and a 1-year high of $34.10. The company has a market cap of $23.23 million, a PE ratio of -0.92 and a beta of 1.54.

Acer Therapeutics (NASDAQ:ACER) last issued its quarterly earnings results on Tuesday, August 13th. The biopharmaceutical company reported ($1.09) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.78) by ($0.31). On average, research analysts expect that Acer Therapeutics Inc will post -2.83 EPS for the current year.

A number of brokerages have recently issued reports on ACER. HC Wainwright restated a “buy” rating and set a $10.00 target price (down from $55.00) on shares of Acer Therapeutics in a research report on Wednesday, June 26th. William Blair restated a “neutral” rating on shares of Acer Therapeutics in a research report on Friday, August 2nd. Needham & Company LLC lowered shares of Acer Therapeutics from a “buy” rating to a “hold” rating in a research report on Tuesday, June 25th. ValuEngine upgraded shares of Acer Therapeutics from a “hold” rating to a “buy” rating in a research report on Thursday, August 1st. Finally, Zacks Investment Research upgraded shares of Acer Therapeutics from a “sell” rating to a “hold” rating in a research report on Friday, May 17th. Five research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Acer Therapeutics currently has a consensus rating of “Hold” and a consensus price target of $30.33.

About Acer Therapeutics

Acer Therapeutics Inc, a pharmaceutical company, focuses on the acquisition, development, and commercialization of therapies for serious rare and life-threatening diseases. Its pipeline includes three clinical-stage candidates: EDSIVO for the treatment of vascular Ehlers-Danlos Syndrome in patients with a confirmed type III collagen mutation; and ACER-001, a formulation of sodium phenylbutyrate for the treatment of various inborn errors of metabolism, including urea cycle disorders, maple syrup urine disease, and osanetant for the treatment of various neuroendocrine disorders.

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Institutional Ownership by Quarter for Acer Therapeutics (NASDAQ:ACER)

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