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.
Read More: What is a stock buyback?
Receive News & Ratings for Acer Therapeutics Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Acer Therapeutics and related companies with MarketBeat.com's FREE daily email newsletter.