Robinhood Penny Stocks #4: AcelRx Pharmaceuticals Inc.
Next, AcelRx Pharmaceuticals Inc. (ACRX Stock Report) has found itself in a similar situation as CFMS. For the better part of the last few months, share prices slid. There was an interim jump in mid-December but that was fleeting. As of this week, ACRX stock reached new 52-week lows of $1.48. However, on the same day this happened, shares of this Robinhood penny stock rebounded to close at $1.61.
So what might have helped with this rebound? Aside from a corporate update in January, there hasn’t been much on the newsfeed. Over 6,300 portfolios hold shares of ACRX on Robinhood right now so there appears to be a bit of interest. Furthermore, looking at the company’s disclosure statements, you’ll notice a bunch of FORM 4’s filed during February. But don’t get too excited yet thinking it’s insider-buying. Pay particular attention to the section stating “Securities Acquired (A) or Disposed Of (D)”. You’ll see a lot of “Ds” on those FORM 4s.
Apparently, at the moment, there doesn’t appear to be a set catalyst for this recent turnaround in price. Even checking on the company’s Twitter account shows zero activity since 2018. So if ACRX is one of the penny stocks on your list, you may want to do a bit more digging to see if this latest jump is due to more than simple market technicals.
