Acer Therapeutics Inc (NASDAQ:ACER) Sees Significant Drop in Short Interest

Acer Therapeutics Inc (NASDAQ:ACER) was the target of a significant drop in short interest in the month of December. As of December 31st, there was short interest totalling 442,900 shares, a drop of 8.8% from the December 15th total of 485,900 shares. Based on an average daily volume of 49,800 shares, the days-to-cover ratio is presently 8.9 days. Currently, 9.1% of the company’s stock are short sold.

Hedge funds have recently made changes to their positions in the stock. State Street Corp increased its position in Acer Therapeutics by 49.4% during the third quarter. State Street Corp now owns 150,466 shares of the biopharmaceutical company’s stock worth $480,000 after acquiring an additional 49,730 shares during the period. Millennium Management LLC bought a new position in Acer Therapeutics during the third quarter worth $48,000. BlackRock Inc. increased its holdings in Acer Therapeutics by 1,560.8% in the 2nd quarter. BlackRock Inc. now owns 331,553 shares of the biopharmaceutical company’s stock valued at $1,293,000 after buying an additional 311,590 shares during the period. Charles Schwab Investment Management Inc. bought a new stake in Acer Therapeutics in the 2nd quarter valued at $47,000. Finally, Bank of New York Mellon Corp bought a new stake in Acer Therapeutics in the 2nd quarter valued at $42,000. 25.92% of the stock is currently owned by institutional investors and hedge funds.

NASDAQ:ACER opened at $4.18 on Thursday. Acer Therapeutics has a 12 month low of $1.87 and a 12 month high of $28.25. The company’s 50 day moving average is $3.79 and its 200-day moving average is $3.23.

Acer Therapeutics (NASDAQ:ACER) last announced its earnings results on Wednesday, November 13th. The biopharmaceutical company reported ($0.52) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.57) by $0.05. Analysts predict that Acer Therapeutics will post -2.87 earnings per share for the current fiscal year.

Several analysts recently commented on the stock. HC Wainwright reiterated a “buy” rating and issued a $10.00 target price on shares of Acer Therapeutics in a research note on Tuesday, December 17th. Zacks Investment Research lowered shares of Acer Therapeutics from a “hold” rating to a “sell” rating in a research report on Tuesday. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and three have given a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $21.95.

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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