H.C. Wainwright analyst Raghuram Selvaraju raised his price target for Acer Therapeutics to $55 saying the company “substantially extended” its cash runway with last week’s follow-on offering. Its current cash resources should be sufficient to fund operations through 2020, Selvaraju tells investors in a research note. The “added firepower” should permit Acer to “significantly accelerate” clinical development of ACER-001, which in recent months had taken a back seat to Edsivo, the analyst adds. He reiterates a Buy rating on the name.
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