Jefferies Asumes, Upgrades AcelRx Pharmaceuticals (ACRX) to Buy

Jefferies assumes, upgraded AcelRx Pharmaceuticals (NASDAQ: ACRX) from Hold to Buy with a price target of $7.00 (from $3.50).

Analyst Hugo Ong commented, "We are upgrading ACRX to a Buy (v. Hold previously) with a $7 PT (v. $3.50 previously), shifting our focus to ARX-04. While ACRX shares have underperformed over the last 12-18 months due to regulatory issues with Zalviso, we believe there is upside opportunity from ARX-04. ARX-04 is a single-dose of sufentanil for the following 4 areas: the ER, in- and outpatient surgeries, and nonsurgical acute pain. ARX-04 has demonstrated positive data from a PIII trial for pain following ambulatory abdominal surgery."

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 $3.35 yesterday.

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