There were many stocks which started this week off with a bang and one of those was Acasti Pharma Inc (NASDAQ:ACST). Despite there being no news about the company yesterday, but the Acasti stock managed to clock gains of 7% amidst considerable interest.
In this situation, the best course of action for investors could be to take a closer look into the financial results for the first fiscal quarter of 2022 that ended on June 30, 2021. In that quarter, Acasti managed to reduce its losses to $3.1 million and that was a considerable reduction from the $4.1 million in the prior year period.
The company’s expenses towards research and development without amortisation, depreciation and stock related compensation came in at $0.42 million. That was a considerable drop from the $1.1 million in research and development expenses in the prior year period. In addition to that, Acasti also provided another important update.
The company noted that back on May 7, 2021 it had signed a definitive agreement with regards to the acquisition of the privately held Grace Therapeutics Inc. It is an upcoming biopharmaceutical company and could eventually prove to be a key acquisition for Acasti Pharma Inc.