Acer Therapeutics (NASDAQ:ACER) Share Price Passes Above Two Hundred Day Moving Average of $11.15

Shares of Acer Therapeutics Inc (NASDAQ:ACER) passed above its two hundred day moving average during trading on Thursday . The stock has a two hundred day moving average of $11.15 and traded as high as $2.93. Acer Therapeutics shares last traded at $2.93, with a volume of 1,309 shares.

ACER has been the subject of a number of recent analyst reports. Zacks Investment Research lowered Acer Therapeutics from a “buy” rating to a “hold” rating in a report on Wednesday, September 4th. ValuEngine raised Acer Therapeutics from a “hold” rating to a “buy” rating in a report on Thursday, August 1st. HC Wainwright reissued a “buy” rating and issued a $10.00 price objective (down from $55.00) on shares of Acer Therapeutics in a report on Wednesday, June 26th. Needham & Company LLC lowered Acer Therapeutics from a “buy” rating to a “hold” rating in a report on Tuesday, June 25th. Finally, Raymond James lowered Acer Therapeutics from an “outperform” rating to a “market perform” rating in a report on Tuesday, June 25th. Five investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. Acer Therapeutics has an average rating of “Hold” and an average price target of $26.29.

The business has a fifty day moving average of $2.98 and a 200-day moving average of $10.96.

Acer Therapeutics (NASDAQ:ACER) last issued its quarterly earnings results on Tuesday, August 13th. The biopharmaceutical company reported ($1.09) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.78) by ($0.31). Sell-side analysts anticipate that Acer Therapeutics Inc will post -2.7 EPS for the current year.

A number of hedge funds and other institutional investors have recently modified their holdings of ACER. BlackRock Inc. boosted its stake in Acer Therapeutics by 1,560.8% during the 2nd quarter. BlackRock Inc. now owns 331,553 shares of the biopharmaceutical company’s stock valued at $1,293,000 after purchasing an additional 311,590 shares in the last quarter. Sphera Funds Management LTD. bought a new position in Acer Therapeutics during the 1st quarter valued at $1,215,000. Wedbush Securities Inc. bought a new position in Acer Therapeutics during the 2nd quarter valued at $94,000. Citadel Advisors LLC bought a new position in Acer Therapeutics during the 2nd quarter valued at $67,000. Finally, Vanguard Group Inc. boosted its stake in Acer Therapeutics by 5.4% during the 2nd quarter. Vanguard Group Inc. now owns 277,963 shares of the biopharmaceutical company’s stock valued at $1,084,000 after purchasing an additional 14,337 shares in the last quarter. 24.44% of the stock is owned by hedge funds and other institutional investors.

About Acer Therapeutics (NASDAQ:ACER)

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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