Grace Therapeutics (NASDAQ:GRCE) Stock Price Down 0.9% – What’s Next?

Grace Therapeutics, Inc. (NASDAQ:GRCE)’s share price traded down 0.9% on Friday . The stock traded as low as $2.10 and last traded at $2.11. Approximately 83,020 shares changed hands during trading, a decline of 40% from the average daily volume of 138,592 shares. The stock had previously closed at $2.13.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the company. Zacks Research raised Grace Therapeutics to a “hold” rating in a report on Monday, August 3rd. Weiss Ratings reiterated a “sell (d-)” rating on shares of Grace Therapeutics in a research note on Friday, July 17th. Finally, Wall Street Zen cut shares of Grace Therapeutics from a “sell” rating to a “strong sell” rating in a research note on Saturday, August 15th. One research analyst has rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $6.00.

Grace Therapeutics Price Performance

The firm has a 50-day moving average of $2.20 and a 200-day moving average of $2.80. The stock has a market cap of $44.39 million, a PE ratio of -1.79 and a beta of 0.44.

Grace Therapeutics (NASDAQ:GRCE) last posted its quarterly earnings results on Friday, August 14th. The company reported ($0.91) EPS for the quarter, missing analysts’ consensus estimates of ($0.13) by ($0.78). During the same period in the prior year, the firm earned ($0.21) earnings per share. Equities analysts forecast that Grace Therapeutics, Inc. will post -0.8 EPS for the current fiscal year.

Hedge Funds Weigh In On Grace Therapeutics

Several hedge funds have recently modified their holdings of GRCE. Eversept Partners LP purchased a new position in Grace Therapeutics during the first quarter valued at $3,503,000. Bank of America Corp DE bought a new position in shares of Grace Therapeutics during the 2nd quarter valued at about $1,123,000. Stonepine Capital Management LLC bought a new position in shares of Grace Therapeutics during the 2nd quarter valued at about $62,125,000. Renaissance Technologies LLC grew its position in shares of Grace Therapeutics by 87.9% during the first quarter. Renaissance Technologies LLC now owns 243,910 shares of the company’s stock valued at $1,129,000 after purchasing an additional 114,129 shares in the last quarter. Finally, Maven Securities LTD purchased a new position in shares of Grace Therapeutics during the second quarter valued at about $454,000. Hedge funds and other institutional investors own 6.08% of the company’s stock.

About Grace Therapeutics

Grace Therapeutics is a clinical-stage biopharmaceutical company focused on developing treatments for rare and debilitating diseases with significant unmet medical needs. The company uses proprietary drug-delivery technologies to develop alternative formulations intended to improve the administration, tolerability, or effectiveness of existing pharmaceutical compounds.

Its pipeline has included GTX-102, an investigational formulation of betamethasone being developed for ataxia-telangiectasia, a rare inherited disorder, and GTX-104, an investigational intravenous formulation of nimodipine intended for patients at risk of complications following aneurysmal subarachnoid hemorrhage.