Grace Therapeutics (NASDAQ:GRCE) Trading Down 2.5% – Here’s What Happened

Grace Therapeutics, Inc. (NASDAQ:GRCE)’s share price fell 2.5% on Wednesday . The stock traded as low as $2.36 and last traded at $2.37. 103,999 shares traded hands during mid-day trading, a decline of 53% from the average daily volume of 223,157 shares. The stock had previously closed at $2.43.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the company. Craig Hallum set a $4.00 price objective on Grace Therapeutics in a report on Friday, April 24th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Grace Therapeutics in a research note on Friday, July 17th. Wall Street Zen raised Grace Therapeutics from a “sell” rating to a “hold” rating in a report on Saturday, June 27th. Finally, TD Cowen reduced their price target on Grace Therapeutics from $12.00 to $8.00 and set a “buy” rating for the company in a research note on Friday, April 24th. One analyst has rated the stock with a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Grace Therapeutics presently has an average rating of “Hold” and an average target price of $6.00.

Grace Therapeutics Trading Down 2.5%

The firm has a market cap of $38.56 million, a price-to-earnings ratio of -4.94 and a beta of 0.37. The firm’s 50 day simple moving average is $2.35 and its two-hundred day simple moving average is $3.25.

Grace Therapeutics (NASDAQ:GRCE) last announced its earnings results on Thursday, June 18th. The company reported ($0.07) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.24) by $0.17. As a group, equities research analysts anticipate that Grace Therapeutics, Inc. will post -0.8 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Grace Therapeutics

A number of hedge funds have recently added to or reduced their stakes in GRCE. SeaCrest Wealth Management LLC acquired a new position in Grace Therapeutics in the 3rd quarter valued at $42,000. ADAR1 Capital Management LLC grew its holdings in shares of Grace Therapeutics by 98.4% during the 3rd quarter. ADAR1 Capital Management LLC now owns 350,450 shares of the company’s stock worth $1,043,000 after purchasing an additional 173,823 shares in the last quarter. Stratos Wealth Partners LTD. bought a new position in shares of Grace Therapeutics in the fourth quarter worth $39,000. Cerity Partners LLC bought a new position in shares of Grace Therapeutics in the fourth quarter worth $1,463,000. Finally, Renaissance Technologies LLC raised its stake in Grace Therapeutics by 53.5% in the fourth quarter. Renaissance Technologies LLC now owns 129,781 shares of the company’s stock valued at $449,000 after purchasing an additional 45,220 shares in the last quarter. Institutional investors own 6.08% of the company’s stock.

Grace Therapeutics Company Profile

Grace Therapeutics, Inc (NASDAQ: GRCE) is a clinical-stage biotechnology company dedicated to the discovery and development of novel therapies for rare genetic diseases. By employing a proprietary platform that integrates advanced molecular biology and biologic engineering, the company focuses on identifying and optimizing gene-based and protein-based candidates designed to address well-defined genetic drivers of disease.

The company’s pipeline features multiple preclinical programs targeting lysosomal storage disorders and other inherited metabolic conditions.