Roth Capital analyst Ed Arce is out with his second note this week on Acelrx Pharmaceuticals (NASDAQ:ACRX) maintaining a Neutral rating with a $6 price target, following the company’s third-quarter results and update on its pipeline.
Arce noted, “ACRX reported 3Q14 adjusted EPS of ($0.13) verses our ($0.24) estimate and consensus of ($0.22). We look forward to the resubmission of the Zalviso NDA, and the initiation of a pivotal trial of ARX-04, both in 1Q15, and remain positive on the strong commercial potential of Zalviso. However, with a CEO search ongoing and the start of FDA’s six-month Zalviso review clock still uncertain, we maintain our Neutral rating on ACRX shares.”
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Ed Arce has a total average return of 21.7% and a 52.5% success rate. Arce has a -39.1% average return when recommending ACRX, and is ranked #216 out of 3369 analysts.