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

Shares of Grace Therapeutics, Inc. (NASDAQ:GRCE) dropped 2.5% during trading on Wednesday . The stock traded as low as $2.36 and last traded at $2.37. Approximately 103,999 shares changed 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 brokerages have recently weighed in on GRCE. Wall Street Zen raised shares of Grace Therapeutics from a “sell” rating to a “hold” rating in a report on Saturday, June 27th. TD Cowen decreased their price objective on shares of Grace Therapeutics from $12.00 to $8.00 and set a “buy” rating on the stock in a research note on Friday, April 24th. Craig Hallum set a $4.00 price objective on shares of Grace Therapeutics in a research report on Friday, April 24th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Grace Therapeutics in a research report on Friday, July 17th. One investment analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $6.00.

Grace Therapeutics Stock Down 2.5%

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

Grace Therapeutics (NASDAQ:GRCE) last posted its earnings results on Thursday, June 18th. The company reported ($0.07) EPS for the quarter, topping analysts’ consensus estimates of ($0.24) by $0.17. Sell-side analysts forecast that Grace Therapeutics, Inc. will post -0.8 EPS for the current fiscal year.

Hedge Funds Weigh In On Grace Therapeutics

A number of institutional investors have recently added to or reduced their stakes in GRCE. Stratos Wealth Partners LTD. acquired a new stake in Grace Therapeutics in the fourth quarter valued at approximately $39,000. SeaCrest Wealth Management LLC bought a new stake in shares of Grace Therapeutics during the third quarter worth $42,000. Kestra Private Wealth Services LLC acquired a new position in shares of Grace Therapeutics during the first quarter worth $60,000. XTX Topco Ltd acquired a new position in shares of Grace Therapeutics during the fourth quarter worth $106,000. Finally, Pale Fire Capital SE bought a new position in shares of Grace Therapeutics in the 1st quarter valued at $175,000. 6.08% of the stock is currently owned by institutional investors and hedge funds.

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.