AcelRX Pharmaceuticals (NASDAQ:ACRX) Stock Soars 24%: What’s The Buzz?
AcelRX Pharmaceuticals (NASDAQ:ACRX) jumped 24% after announcing an alliance with LaboratoireAguettant. The partnership will see AcelRX offer Aguettant a commercialization license for DZUVEO in Europe and also receive two novel pre-filled syringe candidates for the US. In addition, according to DZUVEO agreement terms, AcelRX will receive upfront and milestone payments of around $55 million and a 35% to 45% sharing of potential European DZUVEO revenues.
On the other hand, the second partnership involves AcelRX marketing two Aguettant pre-filled syringe product candidates in the US. The two EU-approved products ready to use phenylephrine and ephedrine are subject to FDA approval and NDAs. As per the agreement terms, Aguettant is likely to receive up to $24 million in sales milestones and net sales split of 40-45% for potential US sales.
Following the deals, Cantor Fitgerald’s Brandon Folkes reiterated a “Buy” rating on ACRX stock with a price target of $9. Folkes believes the agreement could drive up earnings, and he expects more deals soon. So, in the coming days, ACRX is a stock to watch.
Market Reaction:
On Wednesday, ACRX stock soared 23.77% at $1.51 with more than 22.77 million shares, compared to its average volume of 1.86 million shares. The stock had moved within a range of $1.2347 – 1.5500 after opening the trade at $1.285. Over the past 52-week, the stock has been trading within a range of $1.0200 – 2.9400.
