Grace Therapeutics (NASDAQ:GRCE) Trading Down 0.6% – Here’s What Happened

Grace Therapeutics, Inc. (NASDAQ:GRCE)’s share price dropped 0.6% during mid-day trading on Wednesday . The company traded as low as $3.17 and last traded at $3.27. Approximately 50,826 shares traded hands during mid-day trading, a decline of 41% from the average daily volume of 85,976 shares. The stock had previously closed at $3.29.

Analyst Upgrades and Downgrades

Separately, TD Cowen initiated coverage on shares of Grace Therapeutics in a report on Friday, May 2nd. They issued a “buy” rating and a $12.00 target price for the company. Two research analysts have rated the stock with a Buy rating, According to MarketBeat.com, Grace Therapeutics currently has a consensus rating of “Buy” and a consensus target price of $12.00.

Grace Therapeutics Stock Down 0.6%

The company has a market capitalization of $45.22 million, a PE ratio of -3.80 and a beta of 0.72. The stock’s fifty day simple moving average is $3.10 and its 200-day simple moving average is $2.83.

Grace Therapeutics (NASDAQ:GRCE) last issued its quarterly earnings data on Tuesday, August 12th. The company reported ($0.21) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.22) by $0.01. Analysts expect that Grace Therapeutics, Inc. will post -1.06 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Millington Financial Advisors LLC purchased a new position in shares of Grace Therapeutics during the 2nd quarter worth approximately $59,000. Palumbo Wealth Management LLC purchased a new position in shares of Grace Therapeutics during the 2nd quarter worth approximately $144,000. ADAR1 Capital Management LLC purchased a new position in shares of Grace Therapeutics during the 1st quarter worth approximately $783,000. Nantahala Capital Management LLC purchased a new position in shares of Grace Therapeutics during the 1st quarter worth approximately $2,686,000. Finally, Stonepine Capital Management LLC purchased a new position in shares of Grace Therapeutics during the 1st quarter worth approximately $666,000. 6.08% of the stock is owned by hedge funds and other institutional investors.

About Grace Therapeutics

Grace Therapeutics Inc is a late-stage biopharma company advancing GTx-104, its novel injectable formulation of nimodipine which addresses high unmet medical needs for a rare disease, aneurysmal subarachnoid hemorrhage. Grace Therapeutics Inc, formerly known as Acasti Pharma Inc, is based in Princeton, New Jersey.