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

Grace Therapeutics, Inc. (NASDAQ:GRCE) shares traded down 2.5% during mid-day trading on Wednesday . The company traded as low as $2.36 and last traded at $2.37. Approximately 103,999 shares changed hands during 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

Several research firms recently commented on GRCE. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Grace Therapeutics in a research note on Friday, July 17th. Craig Hallum set a $4.00 price objective on shares of Grace Therapeutics in a research report on Friday, April 24th. Wall Street Zen upgraded shares of Grace Therapeutics from a “sell” rating to a “hold” rating in a research note on Saturday, June 27th. Finally, TD Cowen reduced their target price on shares of Grace Therapeutics from $12.00 to $8.00 and set a “buy” rating on the stock in a research report on Friday, April 24th. One research analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat, Grace Therapeutics currently has an average rating of “Hold” and a consensus price target of $6.00.

Grace Therapeutics Trading Down 0.9%

The firm has a market capitalization of $37.91 million, a P/E ratio of -4.85 and a beta of 0.37. The stock has a 50-day simple moving average of $2.35 and a two-hundred day simple moving average of $3.25.

Grace Therapeutics (NASDAQ:GRCE) last posted its quarterly 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, research analysts expect that Grace Therapeutics, Inc. will post -0.8 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in GRCE. ADAR1 Capital Management LLC lifted its position in shares of Grace Therapeutics by 83.2% in 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. Cerity Partners LLC bought a new position in shares of Grace Therapeutics during the fourth quarter valued at approximately $1,463,000. Renaissance Technologies LLC increased its holdings in Grace Therapeutics by 53.5% during the fourth quarter. Renaissance Technologies LLC now owns 129,781 shares of the company’s stock valued at $449,000 after buying an additional 45,220 shares during the period. XTX Topco Ltd purchased a new position in Grace Therapeutics during the fourth quarter valued at approximately $106,000. Finally, SeaCrest Wealth Management LLC bought a new position in Grace Therapeutics in the third quarter worth approximately $42,000. Hedge funds and other institutional investors own 6.08% of the company’s stock.

About Grace Therapeutics

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.