Insider Buying: Acer Therapeutics Inc (NASDAQ:ACER) CEO Acquires $499,999.50 in Stock

Acer Therapeutics Inc (NASDAQ:ACER) CEO Chris Schelling bought 142,857 shares of Acer Therapeutics stock in a transaction dated Friday, July 24th. The stock was purchased at an average cost of $3.50 per share, for a total transaction of $499,999.50. Following the purchase, the chief executive officer now owns 1,892,857 shares of the company’s stock, valued at approximately $6,624,999.50. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link.

Shares of Acer Therapeutics stock opened at $3.93 on Friday. Acer Therapeutics Inc has a 1 year low of $1.08 and a 1 year high of $7.25. The firm’s 50-day moving average is $3.36 and its two-hundred day moving average is $3.25. The stock has a market cap of $40.54 million, a price-to-earnings ratio of -1.51 and a beta of 1.81.

Acer Therapeutics (NASDAQ:ACER) last issued its earnings results on Thursday, May 14th. The biopharmaceutical company reported ($0.49) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.40) by ($0.09). Research analysts predict that Acer Therapeutics Inc will post -1.38 earnings per share for the current year.

A number of institutional investors have recently modified their holdings of ACER. Federated Hermes Inc. grew its holdings in Acer Therapeutics by 39.0% during the 1st quarter. Federated Hermes Inc. now owns 89,770 shares of the biopharmaceutical company’s stock worth $179,000 after acquiring an additional 25,176 shares in the last quarter. State Street Corp grew its holdings in Acer Therapeutics by 22.5% during the 1st quarter. State Street Corp now owns 136,735 shares of the biopharmaceutical company’s stock worth $272,000 after acquiring an additional 25,156 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in Acer Therapeutics by 99.7% during the 1st quarter. Bank of New York Mellon Corp now owns 21,479 shares of the biopharmaceutical company’s stock worth $43,000 after acquiring an additional 10,721 shares in the last quarter. Finally, UBS Group AG grew its holdings in Acer Therapeutics by 139.7% during the 4th quarter. UBS Group AG now owns 9,180 shares of the biopharmaceutical company’s stock worth $37,000 after acquiring an additional 5,350 shares in the last quarter. Institutional investors own 22.45% of the company’s stock.

Several equities research analysts have recently weighed in on ACER shares. ValuEngine downgraded shares of Acer Therapeutics from a “buy” rating to a “hold” rating in a research note on Tuesday. Roth Capital reaffirmed a “buy” rating on shares of Acer Therapeutics in a research note on Monday, June 29th. Needham & Company LLC reaffirmed a “hold” rating on shares of Acer Therapeutics in a research note on Friday, May 15th. HC Wainwright reaffirmed a “buy” rating and issued a $10.00 price target on shares of Acer Therapeutics in a research note on Tuesday, May 12th. Finally, Zacks Investment Research downgraded shares of Acer Therapeutics from a “hold” rating to a “sell” rating in a research note on Monday, July 20th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and two have given a buy rating to the company. Acer Therapeutics has a consensus rating of “Hold” and an average target price of $6.88.

About Acer Therapeutics

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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