Cantor Fitzgerald Remains a Buy on Acelrx (ACRX)


In a report released today, Brandon Folkes from Cantor Fitzgerald reiterated a Buy rating on Acelrx (ACRX), with a price target of $9. The company’s shares opened today at $4.88, close to its 52-week high of $5.05.

Folkes commented:

“. Post approval of Dsuvia and 3Q18 earnings, we are reiterating our Overweight rating and increasing our 12-month price target to $9 from $8. We see no fundamental reason for today’s stock weakness, down ~8% (vs. +0.3% for S&P500). Despite Dsuvia approval on November 2, we believe the approval remained discounted in the current stock price, given the opioid crisis, and now that an overhang has been removed, investor focus can shift to the commercial potential of Dsuvia. Additionally, ACRX’s second product, Zalviso, has the potential to gain approval in the U.S. over the next 12 months, in our view.”

According to TipRanks.com, Folkes is a 4-star analyst with an average return of 6.8% and a 54.9% success rate. Folkes covers the Healthcare sector, focusing on stocks such as Biohaven Pharmaceutical Holding Co Ltd, Opiant Pharmaceuticals Inc, and Eagle Pharmaceuticals Inc.

Currently, the analyst consensus on Acelrx is a Strong Buy with an average price target of $8.50, a 74.2% upside from current levels. In a report issued on October 23, B.Riley FBR also initiated coverage with a Buy rating on the stock with a $9 price target.

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Based on Acelrx’s latest earnings release for the quarter ending September 30, the company reported a quarterly GAAP net loss of $12.46 million. In comparison, last year the company had a GAAP net loss of $13.01 million.

Based on the recent corporate insider activity of 16 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.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

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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