Piper Jaffray Overweight On AcelRx Pharmaceuticals (ACRX)
Piper Jaffray has an Overweight rating and a $7 price target on shares of AcelRx Pharmaceuticals (NASDAQ: ACRX).
In a note to clients, Piper Jaffray writes, "We are updating our model to reflect AcelRx's (ACRX) 4Q10 and 2010 actuals. For 2010, ACRX reported a net loss of $14.3M. We continue to believe that ACRX shares have a compelling long-term risk/reward profile, with three Phase III-ready products based on its novel oral formulation of sufentanil, the sufentanil NanoTab. We expect that ARX-01, the NanoTab incorporated in a novel handheld dispenser device for patient-controlled analgesia (PCA) post-surgery, will move into Phase III later this year. Given that sufentanil is a well-established opioid, we see limited clinical risk. We reiterate our Overweight rating and $7 price target."
Shares of ACRX gained 1 cent yesterday to close at $3.43.
