Roth Capital Raised Price Target on AcelRx Pharma (ACRX) Following Announced Monetization Agreement
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Roth Capital reiterated a Buy rating on AcelRx Pharmaceuticals (NASDAQ: ACRX), and raised the price target to $8.50 (from $7.50), following announced monetization agreement. The agreement with PDL BioPharma (NASDAQ: PDLI) will bring in $65 million for 75% of AcelRx's E.U. royalty revenues and 80% of the first four undisclosed sales milestones.
Analyst Michael Higgins commented, "AcelRx announced a monetization agreement with PDL BioPharma (PDLI - NC), bringing in $65 million for 75% of AcelRx's E.U. royalty revenues and 80% of the first four undisclosed sales milestones. AcelRx has a marketing agreement with Grunenthal (private) to receive 15-25% royalties on E.U. sales. We believe this agreement eliminates near-term dilution risk while increasing AcelRx's focus on Zalviso's U.S. opportunity. We're looking forward to a regulatory update next Friday, during the October 2nd Analyst Day."
For an analyst ratings summary and ratings history on AcelRx Pharmaceuticals click here. For more ratings news on AcelRx Pharmaceuticals click here.
Shares of AcelRx Pharmaceuticals closed at $3.89 yesterday.
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