Stock market today: S&P 500 rides Apple-led tech rally to close higher
In a challenging year for Acasti Pharma (NASDAQ:GRCE) Inc., the biopharmaceutical company’s stock has tumbled to a 52-week low of $2.02, marking a stark decline from its 52-week high of $4.96. With a current market capitalization of $28.4 million, the company maintains a strong liquidity position with a current ratio of 6.06. This latest dip underscores a period of significant volatility for the company, which has seen its share value erode by 35.29% over the past year. Investors have been closely monitoring Acasti Pharma’s performance, as the stock’s downward trajectory reflects broader market trends and internal challenges. According to InvestingPro analysis, while the company holds more cash than debt, it’s currently burning through cash rapidly. With 11 more exclusive ProTips available and analysts forecasting profitability this year, investors seeking deeper insights can access comprehensive analysis through InvestingPro.
In other recent news, Grace Therapeutics has reported positive results from its Phase 3 STRIVE-ON trial for GTX-104, an intravenous formulation of nimodipine. The trial, which involved 102 patients with aneurysmal subarachnoid hemorrhage (aSAH), demonstrated a 19% reduction in hypotension episodes compared to the oral version of the drug. Additionally, 54% of patients receiving GTX-104 achieved a relative dose intensity of 95% or higher, compared to just 8% in the oral nimodipine group. Grace Therapeutics plans to submit a New Drug Application for GTX-104 in the first half of 2025.
Furthermore, H.C. Wainwright has reiterated its Buy rating and $12 price target for Grace Therapeutics, following the successful trial results. The firm highlighted the potential market advantages of GTX-104 over existing treatments for aSAH. In related developments, Grace Therapeutics has secured up to $30 million in financing, with an initial $15 million already received and the possibility of an additional $15 million through warrants. The funds will support the pre-commercial development of GTX-104 and general corporate purposes. This financing is led by Nantahala Capital and ADAR1 Partners, LP, with participation from other healthcare-focused institutional investors.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.