Acer Therapeutics Inc (NASDAQ:ACER) was the recipient of a large drop in short interest in the month of October. As of October 31st, there was short interest totalling 607,500 shares, a drop of 8.6% from the September 30th total of 664,400 shares. Based on an average trading volume of 83,600 shares, the short-interest ratio is presently 7.3 days. Approximately 12.5% of the company’s shares are sold short.
Several hedge funds have recently added to or reduced their stakes in ACER. BlackRock Inc. boosted its position in shares of Acer Therapeutics by 1,560.8% during the 2nd quarter. BlackRock Inc. now owns 331,553 shares of the biopharmaceutical company’s stock worth $1,293,000 after purchasing an additional 311,590 shares in the last quarter. Wedbush Securities Inc. bought a new position in shares of Acer Therapeutics during the 2nd quarter worth about $94,000. Citadel Advisors LLC bought a new position in shares of Acer Therapeutics during the 2nd quarter worth about $67,000. Vanguard Group Inc. boosted its position in shares of Acer Therapeutics by 5.4% during the 2nd quarter. Vanguard Group Inc. now owns 277,963 shares of the biopharmaceutical company’s stock worth $1,084,000 after purchasing an additional 14,337 shares in the last quarter. Finally, Jane Street Group LLC bought a new position in shares of Acer Therapeutics during the 2nd quarter worth about $49,000. 24.25% of the stock is currently owned by institutional investors.
ACER stock opened at $3.33 on Monday. The stock has a market capitalization of $31.60 million, a PE ratio of -1.34 and a beta of 1.53. The company’s 50-day moving average is $3.17 and its 200-day moving average is $7.53. Acer Therapeutics has a 1 year low of $1.87 and a 1 year high of $28.25.
A number of brokerages have weighed in on ACER. Zacks Investment Research downgraded Acer Therapeutics from a “buy” rating to a “hold” rating in a report on Wednesday, September 4th. HC Wainwright reiterated a “buy” rating on shares of Acer Therapeutics in a report on Wednesday, October 30th. ValuEngine upgraded Acer Therapeutics from a “hold” rating to a “buy” rating in a report on Thursday, August 1st. Finally, William Blair reiterated a “neutral” rating on shares of Acer Therapeutics in a report on Friday, August 2nd. Five research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The company has a consensus rating of “Hold” and a consensus target price of $26.29.
Acer Therapeutics Company Profile
Acer Therapeutics Inc, a pharmaceutical company, focuses on the acquisition, development, and commercialization of therapies for serious rare and life-threatening diseases. Its pipeline includes three clinical-stage candidates: EDSIVO for the treatment of vascular Ehlers-Danlos Syndrome in patients with a confirmed type III collagen mutation; and ACER-001, a formulation of sodium phenylbutyrate for the treatment of various inborn errors of metabolism, including urea cycle disorders, maple syrup urine disease, and osanetant for the treatment of various neuroendocrine disorders.
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