Acer Therapeutics Inc (NASDAQ:ACER) was the recipient of a large decline in short interest in the month of December. As of December 31st, there was short interest totalling 442,900 shares, a decline of 8.8% from the December 15th total of 485,900 shares. Currently, 9.1% of the shares of the company are short sold. Based on an average daily volume of 49,800 shares, the short-interest ratio is presently 8.9 days.
Institutional investors have recently modified their holdings of the company. JPMorgan Chase & Co. increased its position in Acer Therapeutics by 37.3% during the 2nd quarter. JPMorgan Chase & Co. now owns 21,268 shares of the biopharmaceutical company’s stock worth $73,000 after purchasing an additional 5,780 shares in the last quarter. Charles Schwab Investment Management Inc. acquired a new position in Acer Therapeutics during the 2nd quarter worth approximately $47,000. Bank of New York Mellon Corp acquired a new position in Acer Therapeutics during the 2nd quarter worth approximately $42,000. Northern Trust Corp increased its position in Acer Therapeutics by 24.4% during the 2nd quarter. Northern Trust Corp now owns 48,313 shares of the biopharmaceutical company’s stock worth $188,000 after purchasing an additional 9,491 shares in the last quarter. Finally, BlackRock Inc. increased its position in 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. 25.92% of the stock is owned by institutional investors.
ACER has been the subject of a number of recent research reports. Zacks Investment Research downgraded shares of Acer Therapeutics from a “hold” rating to a “sell” rating in a report on Tuesday. HC Wainwright reaffirmed a “buy” rating and set a $10.00 price target on shares of Acer Therapeutics in a report on Tuesday, December 17th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and three have given a buy rating to the company. Acer Therapeutics presently has a consensus rating of “Hold” and an average price target of $21.95.
Shares of Acer Therapeutics stock opened at $4.17 on Wednesday. The company has a 50 day moving average of $3.78 and a 200-day moving average of $3.23. Acer Therapeutics has a 1-year low of $1.87 and a 1-year high of $28.25. The company has a market cap of $40.91 million, a PE ratio of -1.67 and a beta of 1.61.
Acer Therapeutics (NASDAQ:ACER) last issued its quarterly earnings results on Wednesday, November 13th. The biopharmaceutical company reported ($0.52) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.57) by $0.05. As a group, equities analysts predict that Acer Therapeutics will post -2.87 earnings per share for the current year.
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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