Why Acasti Pharma Inc. (ACST) stock rallied in the after-hours on Tuesday?

Acasti Pharma Inc. (ACST) shares rallied 29.73% in after-hours on Tuesday, December 21, 2021, and closed the daily trading at $1.44. However, in the regular trading session, ACST’s stock lost 0.89%. ACST shares have fallen 46.37% over the last 12 months, and they have moved up 2.78% in the past week. Over the past three months, the stock has lost 47.64%, while over the past six months, it has declined 76.74%.

Let’s have a brief look at its recent news and developments.

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ACST Pivotal PK Study for GTX-104

On December 02, 2021, Acasti Pharma Inc. (ACST) reported positive results for GTX-104 based on its interim analysis of the first 20 of 50 normal healthy subjects in its pivotal pharmacokinetic (PK) bridging study. GTX-104 met both primary endpoints for Maximum Concentration (Cmax) on Day 1 and Area Under the Concentration-Time Curve (AUC 0-24 hours) on Day 3, allowing the study to continue under the current infusion protocol to its completion.

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ACST participation in the recent events

Acasti Pharma Inc. recently participated in the Benzinga All Access event which took place on December 2, 2021. The company was presented by the President and CEO of Acasti Pharma, Jan D’Alvise during the event.

ACST also participated in the Q4 Investor Summit which was held on November 16, 2021.

ACST annual stock options

On November 12, 2021, Acasti Pharma Inc. (ACST) announced the annual grant of stock options to its employees, executives, and directors.

The company’s board of directors offered an aggregate of 2,077,900 common shares as part of the annual performance review under the Company’s Long-Term Incentive Program.

ACST latest financial results

On November 10, 2021, Acasti Pharma Inc. (ACST), announced its financial results for the second quarter of fiscal 2022 ended September 30, 2021.

Q2 2022 financial highlights

  • Research and development expenses were $0.55 million in Q2 2022 compared to $0.81 million in Q2 2021.
  • General and administrative expenses were$2.9 million compared to $1.1 million for the three months ended September 30, 2020.
  • The company earned a net income of $1.0 million or $0.03 per share in Q2 2022, compared to a net loss of $6.1 million or $0.52 per share for the three months ended September 30, 2020.
  • As of September 30, 2021, Acasti had cash, cash equivalents, and short-term investments totaling $50.8 million compared to $11.6 million in cash and cash equivalents as of September 30, 2020.

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Well, as of this writing, we have no recent news or development which could be linked with its top-notch performance in the after-hours on Tuesday. Let’s see how it commence Wednesday’s trading?

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