Apricus Biosciences Inc (NASDAQ:APRI)
Apricus Biosciences Inc (NASDAQ:APRI) shares bounced off their 52-week lows and gained 25.5% to end the day at $1.13. Volumes were heavy. APRI has a listed 30-day, daily average volume figure of just over 420,000 shares. However, today over 2.3 million shares traded hands.
Despite the 25.5% gain, APRI shares remain over 80% off their 52-week high of $5.95. Today’s gain accounts for all of the week’s gains and leaves APRI gaining 1.80% for the month. However, for the year APRI shares are down over 72% and down over 13% YTD. Shares remain well below their consensus target price of $3.25.
One possible explanation for the jump in APRI share prices is the release, on June 1, of insider trading information that reveals strong buying. In the past three months, executives of Apricus Biosciences Inc (NASDAQ:APRI) have purchased 250,000 shares of APRI.
Apricus Biosciences Inc (NASDAQ:APRI) is a biopharmaceutical company the seeks to develop and commercialize therapies in the fields of urology and rheumatology. Apricus has two drug product candidates in development – Vitaros and RayVa. Vitaros addresses erectile dysfunction and RayVa is in Phase 2 trial development for the treatment of the circulatory disorder Raynaud’s phenomenon, secondary to scleroderma.
Rodman & Renshaw is the only investment firm that follows Apricus Biosciences Inc (NASDAQ:APRI) and their analyst rates APRI shares as a “Strong Buy”.
I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. All information, or data, is provided with no guarantees of accuracy.
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About the author: Marc has a degree in economics and a MSc. in Finance. Over his 20-year career, Marc has worked for global investment firms in Europe and the United States as an analyst, fund manager, and consultant.