AcelRx price target lowered to $5 from $8 at H.C. Wainwright

H.C. Wainwright lowered the firm’s price target on AcelRx to $5 from $8 and keeps a Buy rating on the shares. AcelRx disclosed Friday night that the FDA notified the company that due to the volume of Emergency Use Authorization requests the agency has received, the FDA has determined that review of the Niyad EUA is not a priority and has therefore declined to issue an EUA for Niyad at this time. The firm is now turning its attention to the upcoming initiation of the single pivotal Phase 3 trial of Niyad and top-line results, which it anticipates in mid-2024, as the next meaningful milestone for Niyad and potential catalyst for AcelRx shares.