Acacia Higher After MKM Initiates Coverage At Buy

Acacia Communications, Inc. ACIA shares are trading higher by $3.00 (6.6 percent) at $48.83 in Tuesday's session.

Before the open, MKM Partners initiated coverage of the company with a Buy rating and $64.00 price target.

After a nearly $2.00 higher open, Acacia retreated but found support just ahead of Monday's close ($45.83), only reaching $46.07 before continuing it move higher. So far, the ensuing rally took the stock to $50.08 but has pulled back to the $49.00 area. That high coincides with its August 24 high of $50.10.

It has not closed over $50.00 since April 25, when it ended that day $54.13.