Grace Therapeutics (NASDAQ:GRCE) Shares Up 2.8% – Still a Buy?

Shares of Grace Therapeutics, Inc. (NASDAQ:GRCE) shot up 2.8% during mid-day trading on Thursday . The stock traded as high as $2.26 and last traded at $2.24. 189,450 shares traded hands during mid-day trading, a decline of 80% from the average session volume of 950,160 shares. The stock had previously closed at $2.18.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on GRCE. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Grace Therapeutics in a research note on Tuesday, April 21st. TD Cowen reduced their price objective on shares of Grace Therapeutics from $12.00 to $8.00 and set a “buy” rating for the company in a research note on Friday, April 24th. Wall Street Zen downgraded shares of Grace Therapeutics from a “hold” rating to a “sell” rating in a report on Saturday. Finally, Craig Hallum set a $4.00 target price on shares of Grace Therapeutics in a report on Friday, April 24th. One investment analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $6.00.

Grace Therapeutics Trading Down 1.8%

The firm’s fifty day moving average is $3.51 and its 200 day moving average is $3.51. The stock has a market cap of $34.03 million, a P/E ratio of -5.50 and a beta of 0.32.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in GRCE. Eversept Partners LP bought a new position in shares of Grace Therapeutics during the 1st quarter worth about $3,503,000. Cerity Partners LLC bought a new position in shares of Grace Therapeutics during the 4th quarter worth about $1,463,000. ADAR1 Capital Management LLC increased its holdings in shares of Grace Therapeutics by 83.2% during the 4th quarter. ADAR1 Capital Management LLC now owns 641,988 shares of the company’s stock worth $2,221,000 after purchasing an additional 291,538 shares during the period. Renaissance Technologies LLC increased its stake in Grace Therapeutics by 87.9% in the first quarter. Renaissance Technologies LLC now owns 243,910 shares of the company’s stock valued at $1,129,000 after acquiring an additional 114,129 shares during the period. Finally, Pale Fire Capital SE bought a new stake in Grace Therapeutics in the first quarter valued at about $175,000. 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.