ACRX: AcelRx Pharmaceuticals Up Over 6% in Early Trading

The company's earning reports hiked up its stock value


AcelRx Pharmaceuticals (ACRX) saw its shares soar following Monday’s quarterly earnings report released after closing.

The company’s revenue for the quarter was $27.60 million which was significantly higher than the consensus estimate of $4.93 million. Six investment analysts have rated ACRX stock with a buy rating and a consensus target price of $15.21.

The consensus estimate for AcelRx’s 2014 revenue is $3.6 million. However, the company expects to make a $5 million milestone fee in Q3 from Grunenthal GmbH when it submits its marketing application to European regulators for Zalviso by mid-year.

Mutual fund ownership has grown from 25 to 123 over the past four quarters.

ACRX stock is up about 6.6% in early trading Tuesday.

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