- 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 .
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Acer Therapeutics down 33% despite winning FDA approval for urea cycle disorders treatment