In a report released today, Leland Gershell from Oppenheimer maintained a Hold rating on Acelrx (NASDAQ: ACRX). The company’s shares opened today at $2.90.
“We expect briefing documents for Dsuvia to become available by tomorrow. In addition to the particulars discussed below, for which we will be on the lookout, we note that Dsuvia’s first-cycle review did not feature an AdComm prior to the October 2017 CRL. We have no specific concerns in other areas, e.g. efficacy, and while the materials may well set the stage for a positive vote and potential approval on/around Dsuvia’s 11/3/18 PDUFA, we cannot ignore the likelihood that Friday’s discussion will be colored by negative sentiment and dialogue around opioid class-related issues including misuse/abuse liabilities. We expect to provide further commentary pending the briefing docs, to be made available here.”
According to TipRanks.com, Gershell is a 2-star analyst with an average return of 2.1% and a 50.0% success rate. Gershell covers the Healthcare sector, focusing on stocks such as Avenue Therapeutics Inc, Evofem Biosciences Inc, and Urogen Pharma Ltd.
Acelrx has an analyst consensus of Moderate Buy, with a price target consensus of $5.75.
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Based on Acelrx’s latest earnings release for the quarter ending June 30, the company reported a quarterly GAAP net loss of $10.54 million. In comparison, last year the company had a GAAP net loss of $13.01 million.
Based on the recent corporate insider activity of 15 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of ACRX in relation to earlier this year.
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AcelRx Pharmaceuticals, Inc. is a specialty pharmaceutical company, which engages in the development and commercialization of therapies for the treatment of acute pain. Its products include DSUVIA and ZALVISO. The company was founded by Thomas A. Schreck and Pamela Pierce Palmer on July 13, 2005 and is headquartered in Redwood City, CA.