Acer Therapeutics down 33% despite winning FDA approval for urea cycle disorders treatment
Dec. 27, 2022 2:24 PM ETRelief Therapeutics Holding AG (RLFTF), RLFTY, ACERBy: Jonathan Block, SA News Editor
Baris-Ozer
- Despite US FDA approval of Acer Therapeutics' (NASDAQ:ACER) Olpruva (sodium phenylbutyrate) for urea cycle disorders, the company's stock is down 33% in Tuesday afternoon trading.
- The approval triggers the availability of a $42.5M loan term agreement with affiliates of Marathon Asset Management. If Acer takes advantage of it, the company believes it is enough to fund operations through H2 2023.
- Volume in Acer is extremely high. Average daily volume is 373.6K. As of 220p ET, ~2.6M shares have traded hands.
- Relief Therapeutics (OTCQB:RLFTF)(OTCQB:RLFTY), Acer's (ACER) partner on Olpruva, is up slightly in Tuesday trading.
- Seeking Alpha's Quant Rating views Acer (ACER) as a hold with high marks for momentum and revisions.