Analyst picks & changes

Company

Bank

Analyst

Coverage

Opinion

Wk chg

8/1 cls

AcelRx Pharmaceuticals Inc. (NASDAQ:ACRX)

Piper Jaffray

David Amsellem

Downgrade

Neutral (from overweight)

-36%

$6.89

Amsellem also lowered his target to $8 from $14 after AcelRx received a complete response letter from FDA for an NDA for Zalviso sufentanil sublingual tablet system to treat moderate to severe acute pain. According to the company, the agency requested additional information from AcelRx to "ensure proper use" of Zalviso, a pre-programmed, handheld device that delivers a sublingual formulation of sufentanil, a synthetic opioid analgesic. AcelRx said it plans to resubmit the NDA by year end, a timeline which Amsellem said "may be aggressive given that it is working through device design modifications, and will likely need to perform usability studies as well."