AcelRx Pharmaceuticals (NASDAQ:ACRX) Shares Down 8.8%

AcelRx Pharmaceuticals Inc (NASDAQ:ACRX)’s share price traded down 8.8% during mid-day trading on Wednesday . The company traded as low as $1.32 and last traded at $1.35, 1,345,099 shares traded hands during mid-day trading. An increase of 79% from the average session volume of 752,042 shares. The stock had previously closed at $1.48.

A number of equities research analysts recently issued reports on the stock. Zacks Investment Research cut shares of AcelRx Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, January 8th. HC Wainwright reissued a “buy” rating and issued a $9.00 price target on shares of AcelRx Pharmaceuticals in a research note on Friday, November 8th. ValuEngine raised shares of AcelRx Pharmaceuticals from a “hold” rating to a “buy” rating in a research note on Saturday, January 4th. Finally, Credit Suisse Group cut shares of AcelRx Pharmaceuticals from an “outperform” rating to a “neutral” rating and dropped their price target for the company from $7.00 to $2.00 in a research note on Monday, November 11th. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The company has an average rating of “Buy” and a consensus price target of $5.95.

The business’s 50 day moving average is $1.74 and its 200-day moving average is $2.04. The stock has a market cap of $117.76 million, a price-to-earnings ratio of -2.01 and a beta of 2.11.

A number of institutional investors have recently added to or reduced their stakes in ACRX. State Street Corp boosted its stake in AcelRx Pharmaceuticals by 10.4% during the 3rd quarter. State Street Corp now owns 1,403,576 shares of the specialty pharmaceutical company’s stock worth $3,088,000 after purchasing an additional 132,409 shares during the last quarter. Geode Capital Management LLC boosted its stake in AcelRx Pharmaceuticals by 8.6% during the 4th quarter. Geode Capital Management LLC now owns 1,090,684 shares of the specialty pharmaceutical company’s stock worth $2,301,000 after purchasing an additional 86,087 shares during the last quarter. Cornerstone Capital Inc. boosted its stake in AcelRx Pharmaceuticals by 12.8% during the 4th quarter. Cornerstone Capital Inc. now owns 491,560 shares of the specialty pharmaceutical company’s stock worth $1,037,000 after purchasing an additional 55,750 shares during the last quarter. Marshall Wace LLP acquired a new stake in AcelRx Pharmaceuticals during the 4th quarter worth $386,000. Finally, UBS Group AG boosted its stake in AcelRx Pharmaceuticals by 58.8% during the 4th quarter. UBS Group AG now owns 126,760 shares of the specialty pharmaceutical company’s stock worth $267,000 after purchasing an additional 46,950 shares during the last quarter. 23.27% of the stock is currently owned by hedge funds and other institutional investors.

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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