Acasti Pharma Inc. (NASDAQ:ACST) reached 179.28% versus a 1-year low price of $1.11. The stock was last seen 144.08% higher, reaching at $3.1 on 11/20/2017. At recent session, the prices were hovering between $2.11 and $3.3565. This company shares are 164.84% off its target price of $8.21 and the current market capitalization stands at $0. The recent change has given its price a 136.3% lead over SMA 50 and 26.02% lead over its 52-week high. The stock witnessed 138.46% gains, 140.31% gains and 152.03% gains for the 1-month, 3-month and 6-month period, respectively. To measure price-variation, we found ACST’s volatility during a week at 14.21% and during a month it has been found around 5.83%.
The stock more than doubled after the company said it entered into a non-binding term sheet with a leading China-based pharmaceutical company. Completion of the transaction is subject to further negotiation and execution of a definitive agreement, which once signed would grant an exclusive license to the Chinese pharmaceutical company to commercialize CaPre in certain Asian countries, including China. With the high prevalence of hypertriglyceridemia in Asia, this potential partnership presents a significant opportunity for Acasti and CaPre. If a definitive agreement is reached and signed, the term sheet contemplates that Acasti would receive an upfront payment of US$8 million upon signing, plus potential additional regulatory and commercial milestone payments in excess of US$125 million, and tiered double-digit royalties on net sales. The term sheet is preliminary and non-binding at this stage and the license, upfront payment, possible milestone payments, and royalties contemplated by it will only become operative if definitive documents are executed. It is possible that no definitive agreement will be reached or, if a definitive agreement is reached, that its terms or conditions may differ.
At the end of 09/30/2017 reporting period, 4 institutional holders increased their position in Acasti Pharma Inc. (NASDAQ:ACST) by some 57,823 shares, 2 decreased positions by 5,798 and 4 held positions by 491,068. That puts total institutional holdings at 554,689 shares, according to SEC filings. The stock grabbed 3 new institutional investments totaling 52,216 shares.
Net loss for the quarter ended September 30, 2017 was $4.5 million or $0.31 loss per share, compared to a net loss of $2.3 million or $0.22 loss per share for the quarter ended August 31, 2016. The higher net loss was primarily due to the increase in both research and development expenses (R&D) and general and administrative (G&A) expenses and an increase in net financial expenses driven primarily by interest expense and the transition of a foreign exchange gain in the prior period to a foreign exchange loss in the current period. The net loss for the six months ended September 30, 2017 was $7.3 million or $0.49 loss per share, compared to a net loss of $5.5 million or $0.51 loss per share for the six months ended August 31, 2016, also driven by increased R&D and G&A expenses.