Roth Capital Remains Neutral On Acelrx As CEO Richard King Steps Down
Roth Capital analyst Ed Arce reaffirmed a Neutral rating on Acelrx Pharmaceuticals (NASDAQ:ACRX) with a $6 price target, as the company announced that CEO Richard King will leave the company once the Board finds and establishes his successor.
Arce noted, “We are a bit surprised by the move, but have little doubt that the Zalviso CRL and subsequent delay in NDA resubmission served as the impetus for the Board’s decision. We remain Neutral on ACRX given 1) the uncertain timing of refiling Zalviso and 2) the likely stock overhang during the CEO search.”
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 18.2% and a 50.0% success rate. Arce has a -39.1% average return when recommending ACRX, and is ranked #283 out of 3365 analysts.