ValuEngine cut shares of Acer Therapeutics (NASDAQ:ACER) from a strong-buy rating to a buy rating in a research report released on Friday morning, ValuEngine reports.

A number of other brokerages have also commented on ACER. Zacks Investment Research lowered Acer Therapeutics from a buy rating to a hold rating in a research report on Tuesday, January 29th. Needham & Company LLC started coverage on Acer Therapeutics in a research report on Thursday, December 20th. They issued a buy rating and a $48.00 target price for the company. Raymond James started coverage on Acer Therapeutics in a research report on Friday, February 15th. They issued an outperform rating and a $40.00 target price for the company. HC Wainwright set a $55.00 target price on Acer Therapeutics and gave the company a buy rating in a research report on Thursday, December 27th. Finally, BidaskClub raised Acer Therapeutics from a sell rating to a hold rating in a research report on Saturday, April 13th. One analyst has rated the stock with a hold rating and six have given a buy rating to the company. Acer Therapeutics has an average rating of Buy and a consensus price target of $42.50.

Shares of Acer Therapeutics stock opened at $19.78 on Friday. Acer Therapeutics has a one year low of $16.02 and a one year high of $34.10. The stock has a market capitalization of $199.52 million, a P/E ratio of -7.94 and a beta of 2.60.

Acer Therapeutics (NASDAQ:ACER) last issued its earnings results on Thursday, March 7th. The biopharmaceutical company reported ($0.85) EPS for the quarter, missing analysts’ consensus estimates of ($0.46) by ($0.39). On average, equities analysts anticipate that Acer Therapeutics will post -2.85 earnings per share for the current fiscal year.

A number of institutional investors have recently modified their holdings of the stock. Bank of Montreal Can boosted its stake in Acer Therapeutics by 100.0% during the 4th quarter. Bank of Montreal Can now owns 3,210 shares of the biopharmaceutical company’s stock valued at $64,000 after purchasing an additional 1,605 shares during the last quarter. JPMorgan Chase & Co. boosted its stake in Acer Therapeutics by 19,242.2% during the 3rd quarter. JPMorgan Chase & Co. now owns 8,704 shares of the biopharmaceutical company’s stock valued at $268,000 after purchasing an additional 8,659 shares during the last quarter. BlackRock Inc. boosted its stake in Acer Therapeutics by 36.0% during the 3rd quarter. BlackRock Inc. now owns 10,591 shares of the biopharmaceutical company’s stock valued at $327,000 after purchasing an additional 2,805 shares during the last quarter. Renaissance Technologies LLC acquired a new position in Acer Therapeutics during the 3rd quarter valued at about $346,000. Finally, Tibra Equities Europe Ltd acquired a new position in Acer Therapeutics during the 1st quarter valued at about $297,000. 30.16% of the stock is owned by institutional investors and hedge funds.

About Acer Therapeutics

Acer Therapeutics Inc, a pharmaceutical company, develops therapies for the treatment of rare diseases with critical unmet medical needs. Its product candidates include Celiprolol for the treatment of vascular Ehlers-Danlos syndrome; and ACER-001 for the treatment of urea cycle disorders and maple syrup urine disease.

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