Acurx Pharmaceuticals (NASDAQ:ACXP) Shares Down 12.5% – Here’s What Happened

Acurx Pharmaceuticals, Inc. (NASDAQ:ACXP)’s stock price dropped 12.5% during trading on Wednesday . The stock traded as low as $0.30 and last traded at $0.33. Approximately 3,052,021 shares traded hands during trading, an increase of 328% from the average daily volume of 712,445 shares. The stock had previously closed at $0.38.

Analyst Ratings Changes

Separately, HC Wainwright reiterated a “buy” rating and set a $8.00 target price on shares of Acurx Pharmaceuticals in a research note on Thursday, May 15th.

Acurx Pharmaceuticals Stock Performance

The stock has a market capitalization of $10.07 million, a price-to-earnings ratio of -0.47 and a beta of -1.23. The company’s 50 day moving average is $0.45 and its 200 day moving average is $0.51.

Acurx Pharmaceuticals (NASDAQ:ACXP) last released its earnings results on Monday, May 12th. The company reported ($0.11) EPS for the quarter, beating the consensus estimate of ($0.14) by $0.03. On average, equities research analysts anticipate that Acurx Pharmaceuticals, Inc. will post -0.89 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Acurx Pharmaceuticals

An institutional investor recently bought a new position in Acurx Pharmaceuticals stock. Vanguard Capital Wealth Advisors acquired a new stake in Acurx Pharmaceuticals, Inc. (NASDAQ:ACXP) in the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 67,500 shares of the company’s stock, valued at approximately $26,000. Vanguard Capital Wealth Advisors owned approximately 0.30% of Acurx Pharmaceuticals as of its most recent filing with the SEC. 11.53% of the stock is currently owned by institutional investors.

Acurx Pharmaceuticals Company Profile

Acurx Pharmaceuticals, Inc, a clinical stage biopharmaceutical company, develops antibiotics to treat bacterial infections. The company's lead antibiotic candidate is ibezapolstat, a novel mechanism of action that targets the polymerase IIIC enzyme that is in Phase 2b clinical trial to treat patients with clostridium difficile infections.