RBC Capital Remains Bullish on AcelRx Pharma (ACRX) Following Positive SAP302 Trial
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RBC Capital reiterated an Outperform rating and $6.00 price target on AcelRx Pharmaceuticals (NASDAQ: ACRX) following the company's SAP302 trial. The company reported that the study saw an overall decrease of 2.9 in mean pain intensity from the baseline at 60 minutes, meeting its primary endpoint. Management expects to file an NDA for ARX-04 by year-end, and given a 10-month review, could see approval by 4Q17.
Analyst Randall Stanicky commented, "ACRX reported that its SAP302 trial met its primary endpoint with data from SAP303 currently being analyzed. This is in-line with the expected 3Q read-out and year-end filing timeline for ARX-04. The US pivotal trial for Zalviso will move forward by the end of Sept, with an expected timeline update after enrollment begins. No change to outlook."
Shares of AcelRx Pharmaceuticals closed at $3.67 yesterday.
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