In a report released yesterday, Brandon Folkes from Cantor Fitzgerald reiterated a Buy rating on Acelrx (NASDAQ: ACRX), with a price target of $6. The company’s shares closed yesterday at $2.60.
Folkes noted:
“. Post 2Q18, we are reiterating our Overweight rating and our 12-month price target of $6. AcelRx has been largely overlooked by investors since receiving for both of its products in the past; however, it has the potential for two product approvals in the U.S. over the next 12 months, in our view. ACRX’s Dsuvia offers an advancement in delivery of adequate pain treatment by eliminating the need for an invasive and time-consuming IV set-up in the emergency room as well as an out-patient or short stay in a patient surgery setting.”
According to TipRanks.com, Folkes has 0 stars on 0-5 star ranking scale with an average return of -6.6% and a 32.0% success rate. Folkes covers the Healthcare sector, focusing on stocks such as Biohaven Pharmaceutical Holding Co Ltd, Opiant Pharmaceuticals Inc, and Eagle Pharmaceuticals Inc.
Acelrx has an analyst consensus of Moderate Buy, with a price target consensus of $5.50.
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The company has a one-year high of $5.75 and a one-year low of $1.55. Currently, Acelrx has an average volume of 751.1K.
Based on the recent corporate insider activity of 12 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.
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