Raymond James Upgrades Acer Therapeutics (ACER) to Strong-Buy

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Raymond James upgraded shares of Acer Therapeutics (NASDAQ:ACER) from an outperform rating to a strong-buy rating in a research note published on Friday, Marketbeat Ratings reports. They currently have $46.00 target price on the biopharmaceutical company’s stock, up from their previous target price of $31.00.

ACER has been the topic of several other research reports. Zacks Investment Research downgraded shares of Acer Therapeutics from a buy rating to a hold rating in a report on Friday, May 25th. ValuEngine raised shares of Acer Therapeutics from a sell rating to a hold rating in a report on Wednesday, May 2nd. HC Wainwright set a $55.00 price target on shares of Acer Therapeutics and gave the company a buy rating in a report on Thursday, August 9th. Finally, William Blair reaffirmed an outperform rating on shares of Acer Therapeutics in a report on Tuesday, August 14th. One investment analyst has rated the stock with a hold rating, three have issued a buy rating and two have given a strong buy rating to the company. The stock currently has an average rating of Buy and an average target price of $48.00.

ACER stock opened at $29.90 on Friday. The stock has a market cap of $271.06 million, a P/E ratio of -7.61 and a beta of 2.23. Acer Therapeutics has a 52 week low of $7.66 and a 52 week high of $30.23.

Acer Therapeutics (NASDAQ:ACER) last released its quarterly earnings data on Monday, August 13th. The biopharmaceutical company reported ($0.64) EPS for the quarter, missing analysts’ consensus estimates of ($0.55) by ($0.09). analysts forecast that Acer Therapeutics will post -2.12 EPS for the current year.

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Acuta Capital Partners LLC purchased a new stake in shares of Acer Therapeutics in the second quarter valued at about $2,360,000. BlackRock Inc. lifted its holdings in shares of Acer Therapeutics by 2,015.8% in the second quarter. BlackRock Inc. now owns 7,786 shares of the biopharmaceutical company’s stock valued at $168,000 after purchasing an additional 7,418 shares in the last quarter. Heartland Advisors Inc. lifted its holdings in shares of Acer Therapeutics by 177.0% in the second quarter. Heartland Advisors Inc. now owns 154,000 shares of the biopharmaceutical company’s stock valued at $3,326,000 after purchasing an additional 98,400 shares in the last quarter. Finally, Neuberger Berman Group LLC purchased a new stake in shares of Acer Therapeutics in the first quarter valued at about $385,000. 9.46% of the stock is currently owned by institutional investors.

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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