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.