Acer Therapeutics Inc (ACER) stock is Popping high in Premarket: Here’s Why

Shares of the Acer Therapeutics Inc (ACER) stock were popping high in the premarket today on October 6, 2021.ACER stock price saw a push of 26.1% to reach $3.14 a share at the time of this writing. The stock was gloomy in the previous trade and went low by 1.97% at closing. Let’s try to figure out the reason behind this bull.

What’s Happening?

Acer Therapeutics and its partner Relief Therapeutics today announced that filing for New Drug Application for ACER 001 has been accepted by the U.S Food and Drug Administration. ACER 001 is used to treat patients suffering from Urea Cycle Disorders. FDA set the target Prescription Drug User Fee Act (PDUFA) target action date of June 5, 2022.

Acer Therapeutics’ ACER 001 is now one step closer to be used as an alternative treatment for patients with Urea Cycle Disorders. ACER stock is looking forward to working with the FDA during the application review process. The company will continue to work with its partners to ensure the successful commercial launch of its new drug application.

Previous News of ACER stock:

On September 06, 2021, ACER stock announced the proposed class action settlement on behalf of shareholders of ACER’s common stock. The United States District Court for the Southern District of New York approved the settlement that favored the purchasers of ACER’s common stock.

Financial View of ACER stock:

ACER stock on August 11, 2021, did announce second-quarter 2021 financial results according to which

  • Acer Therapeutics suffered a net loss of $3.2 million or $0.23 net loss per share in the three months ended June 30, 2021. The net loss was $5.8 million, or $0.56 net loss per share in the same tenure of the previous year.
  • ACER stock spent $1.5 million in research and development expenses, $0.9 million net of collaboration funding for the reported quarter as compared to  $2.8 million in the same period of the previous year.
  • The company spent $2.3 million for general and administrative expenses, 0.5 million net of collaboration funding in the second quarter of 2021 as compared to $3.0 million in the same tenure of the previous year.
  • By the end of the second quarter, ACER stock had $22.1 million in cash and cash equivalents as compared to $5.8 million by the end of December 2020.

Wrap Up:

Investors are liking the news of Acer Therapeutics related to acceptance of the filing of new drug applications by the FDA. The per-share price performance for the past 12 months is not attractive as it lost almost 15% in this period.