NEW YORK, NY / ACCESSWIRE / September 28, 2018 / Shares of biotech stocks Achieve Life Sciences and Acasti Pharma were both seeing big gains in Thursday's session. It was positive study results for Achieve that sent shares flying while Acasti moved on no news.
RDI Initiates Coverage on:
Achieve Life Sciences, Inc.
Acasti Pharma Inc
Achieve Life Sciences, Inc. shares were up nearly 40% yesterday on skyrocket volume. The stock traded nearly 49 million shares compared to an average trading volume of just 1.1 million. The clinical-stage pharmaceutical company saw its shares explode after announcing positive results from a study of its smoking cessation drug. The company's study had evaluated the bioavailability of a new formulation of 3 milligram cytisine under fed and fasted conditions. Achieve Life Sciences said in a statement, "Study results demonstrated bioequivalence when cytisine was administered with or without food. Cytisine was extensively absorbed after oral administration with maximum cytisine concentration levels observed in the blood within less than two hours with or without food." CEO Rick Stewart, stated, "We believe this new cytisine formulation will allow for an extended shelf-life and will be used in the upcoming Phase 2b clinical trial as well as the Phase 3 clinical program. We are pleased with the similar results regarding this new formulation in smokers and that the higher dose of 3 mg cytisine continues to demonstrate a good safety profile with or without food.''
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Acasti Pharma Inc. shares closed up almost 16% on Thursday with about 5.2 million shares traded. Average trading volume for the stock is just around 439,000 shares. There was no significant news yesterday from the company but Acasti announced earlier in the week that it has appointed Jean-François Boily, CPA, as Vice President of Finance. The company also announced that its current CFO Linda O'Keefe is planning to retire later this year. Jan D'Alvise, president and CEO of Acasti Pharma, stated, ''We are very pleased to have Jean-Francois join the Acasti team as our VP of Finance, where he will provide financial leadership to the company, take over the reigns of the back-office team, and provide for an orderly transition with Linda. Jean-Francois is an experienced corporate finance executive with a strong background in accounting and pharma operations in commercial stage companies. He will be a valuable asset to Acasti as we advance our prescription drug candidate, CaPre, towards a planned commercial launch around the world. Acasti is a biopharmaceutical innovator that is focused on the research, development and commercialization of its prescription drug candidate CaPre® (omega-3 phospholipid) for the treatment of severe hypertriglyceridemia.
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