HomeFinancial MarketsWhy did Acer Therapeutics Inc. (ACER) stock sink on Monday?

Why did Acer Therapeutics Inc. (ACER) stock sink on Monday?

Acer Therapeutics Inc.’s shares declined 3.57% in after-hours on Monday, November 22, 2021, and closed the daily trading at $2.16. Even in the regular trading session, ACER’s stock lost 4.27%. ACER shares have fallen 17.95% over the last 12 months, and they have moved down 6.68% in the past week. Over the past three months, the stock has lost 12.50%, while over the past six months, it has plummeted 17.95%.

Let’s see what’s going on recently with the company?


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ACER latest development

On November 19, 2021, Acer Therapeutics Inc. announced financial results for the third quarter ended September 30, 2021.

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Q3 2021 financial highlights

  • General and administrative expenses were $1.8 million in Q3 2021 compared to $2.7 million for the three months ended September 30, 2020.
  • Research and development expenses were $1.4 million in Q3 2021 compared to $3.2 million in Q3 2020.
  • It suffered a net loss of $3.3 million, or $0.23 net loss per share (basic and diluted) in Q3 2021, compared to a net loss of $5.9 million, or $0.51 net loss per share (basic and diluted), for the three months ended September 30, 2020.
  • As of September 30, 2021, the company had cash and cash equivalents of $14.2 million compared to $5.8 million as of December 31, 2020.

U.S patent for ACER-001 Formulation

On October 26, 2021, Acer Therapeutics Inc and its collaboration partner, RELIEF THERAPEUTICS Holding SA (RLFTF) announced that the U.S. Patent and Trademark Office (USPTO) has issued a new U.S. patent to Acer for certain claims related to ACER-001 (sodium phenylbutyrate). The newly issued patent has an expiration date of 2036.

Update about NDA for Acer-001

On October 06, 2021, the U.S. Food and Drug Administration (FDA) accepted for filing the New Drug Application (NDA) for ACER-001 (sodium phenylbutyrate) for the treatment of patients with Urea Cycle Disorders (UCDs). The FDA has assigned a Prescription Drug User Fee Act (PDUFA) target action date of June 5, 2022.

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Conclusion

Well, there is no such news available which could be linked with its poor performance on Monday. We hope that it will return towards positivity in the coming trading session on Tuesday.

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