Why Is AcelRx (ACRX) Stock up 26% Today?

Source: Shutterstock

AcelRx Pharmaceuticals (NASDAQ:ACRX) stock is seeing major gains on Thursday after announcing a presentation for the upcoming Plastic Surgery: The Meeting 2022.

That meeting is set to take place from Oct. 27 to Oct. 30 in Boston, Mass. The abstract being presented by AcelRx Pharmaceuticals is titled “Experience in Complex Outpatient Plastic Surgery Procedures Using Sufentanil Sublingual Tablets.”

In addition to this news, ACRX stock is experiencing heavy trading today. That has more than 35 million shares of the stock on the move as of this writing. To put that in perspective, the company’s daily average trading volume is closer to 2.1 million shares.

News of AcelRx Pharmaceuticals presenting at the Plastic Surgery: The Meeting 2022 doesn’t seem likely to be enough to warrant that level of trading. Instead, it’s likely to day traders are giving the stock a boost today.

Considering ACRX’s status as a penny stock, that’s easy enough for them to do. The company’s shares were only trading at 24 cents each prior to today’s rally. Also, it’s market capitalization is sitting at $44.547 million.

What Does That Mean for Investors?

Be careful about making any investments in ACRX stock on today’s news. It’s possible that once the interest from day traders subsides, the share price will come falling back down.

ACRX stock is up 25.7% as of Thursday morning but is down 51.8% since the start of the year.

There’s more recent stock market news traders will want to be aware of below!

InvestorPlace offers up all of the hottest stock news traders need to know about for Thursday! A few examples of that include why shares of Chicken Soup for the Soul Entertainment (NASDAQ:CSSE), Veru (NASDAQ:VERU), and Esports Entertainment Group (NASDAQ:GMBL) stock. You can find out more at the following links!

More Thursday Stock Market News

On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

Leave a Reply

Your email address will not be published. Required fields are marked *