In a research report issued Friday, Roth Capital analyst Michael Higgins reiterated a Buy rating on shares of AcelRx Pharmaceuticals Inc (NASDAQ:ACRX) with a price target of $7.50, following the news that the Committee for Medicinal Products for Human Use in Europe gave a positive opinion related to ACRX’s application for marketing authorization of Zalviso, for the management of acute moderate-to-severe post-operative pain in adult patients.
Higgins wrote, “The CHMP approval should reduce investor uncertainty over the FDAs decision, given that the regulatory packages are based on the same studies and device.” Furthermore, “As noted in our recent initiation report, we believe this is one of three key catalysts for AcelRx to occur in the back-half of 2015. We also look for positive results in a confirmatory Phase 3 on ARX-04, which is also a sufentanil NanoTab, double the dose in Zalviso. Clarity on Zalviso’s U.S. approval to come with 2Q15 results, on Aug 3rd.”
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Michael Higgins has a total average return of 1.2% and a 38.5% success rate. Higgins has a 5.7% average return when recommending ACRX, and is ranked #2326 out of 3714 analysts.
Out of the 8 analysts polled by TipRanks, 4 rate Acelrx Pharmaceuticals stock a Buy, while 4 rate the stock a Hold. With a return potential of 112.1%, the stock’s consensus target price stands at $9.38.