Stock Update (NASDAQ:ACUR): Acura Pharmaceuticals, Inc. Receives $2.5 Million Milestone Payment From Egalet Corporation
Acura Pharmaceuticals, Inc. (NASDAQ:ACUR), announced the receipt of a $2.5 million milestone payment from Egalet Corporation (NASDAQ: EGLT) triggered by the first commercial shipments of OXAYDO (oxycodone HCI) tablets, a product Egaletlicensed from Acura. OXAYDO is an immediate release formulation that incorporates Acura’s AVERSION® (abuse-deterrent) Technology.
Acura’s AVERSION (abuse-deterrent) Technology is a patented mixture of gelling ingredients and nasal irritants designed to address some common forms of opioid abuse.
Acura’s license agreement with Egalet provides for an additional one-time payment of $12.5 million when annual world-wide net sales of OXAYDO first reach $150 million in a calendar year. Acura will also receive a stepped royalty commencing on the first commercial sale at percentage rates from mid-single digits to double digits based on the level of OXAYDO world-wide net sales in a calendar year (including any product line extensions). (Original Source)
Shares of Acura closed last Friday at $2.65. ACUR has a 1-year high of $6.75 and a 1-year low of $2.05. The stock’s 50-day moving average is $2.72 and its 200-day moving average is $3.71.
On the ratings front, FBR analyst Vernon Bernardino reiterated a Buy rating on ACUR, with a price target of $10, in a report issued on July 1. The current price target represents a potential upside of 277.4% from where the stock is currently trading. According to TipRanks.com, Bernardino has a total average return of -19.3%, a 24.4% success rate, and is ranked #3751 out of 3775 analysts.
Acura Pharmaceuticals Inc is a pharmaceutical company. It is engaged in the research, development & manufacture of productto address medication abuse & misuse, utilizing the Company’s proprietary, tamper-resistant AVERSION& IMPEDEtechnology platforms.