Grace Therapeutics, Inc., a pharmaceutical company formerly known as Acasti Pharma (NASDAQ:GRCE) Inc., announced a corporate rebranding that includes a change of its name and trading ticker. The name change to Grace Therapeutics, Inc. was officially effected on Monday, October 28, 2024, following a filing with the Secretary of State of the State of Delaware on October 24, 2024.
The company's common stock, which previously traded on the NASDAQ under the ticker symbol "ACST," commenced trading under the new ticker symbol "GRCE" on the same day the name change took effect. The rebranding does not alter the rights of the company's security holders, and the CUSIP number for the company's common stock remains unchanged.
In conjunction with the name change, the Board of Directors amended the company's Bylaws to reflect the new corporate identity. This amendment, effective on October 28, 2024, is the sole change to the Bylaws, with no other modifications reported.
Grace Therapeutics, Inc., headquartered in Princeton, New Jersey, operates within the pharmaceutical preparations industry under the SIC code 2834. The company's fiscal year ends on March 31. The Delaware-incorporated company, identified by the Central Index Key (CIK) number 0001444192, has its principal executive offices at 103 Carnegie Center, Suite 300, Princeton, NJ 08540.
This corporate rebranding initiative is part of the company's strategic developments and is based on a press release statement. The announcement is purely informational and does not imply any change in the company's management, operational strategies, or business focus. The decision to rebrand reflects the company's evolving business and its commitment to its stakeholders. The new name and ticker symbol are now in use for all corporate and market-related purposes.
In other recent news, biopharmaceutical company Acasti Pharma has undergone a corporate rebranding and will now operate under the name Grace Therapeutics. This transition follows the company's completion of enrollment for the STRIVE-ON trial of GTx-104, a treatment for a rare and severe medical condition known as aneurysmal subarachnoid hemorrhage (aSAH). The company plans to submit a New Drug Application to the U.S. Food and Drug Administration in the first half of 2025.
In addition to the rebranding, the company has seen significant corporate changes, including the election of its board of directors and the approval of the Acasti Pharma Inc. 2024 Equity Incentive Plan. These changes are part of the company's strategic efforts to align its corporate structure with its operational needs and long-term objectives.
Analysts from Craig-Hallum and H.C. Wainwright have maintained a Buy rating for the company, reflecting the potential of GTx-104. Craig-Hallum has raised its price target from $6.00 to $8.00, while H.C. Wainwright has set a price target of $12.00, projecting peak sales exceeding $130 million.
InvestingPro Insights
As Grace Therapeutics, Inc. (GRCE) embarks on its new corporate identity, InvestingPro data provides additional context to the company's financial position. According to InvestingPro Tips, GRCE holds more cash than debt on its balance sheet, indicating a strong liquidity position. This is further supported by the fact that the company's liquid assets exceed its short-term obligations.
However, investors should note that GRCE is currently not profitable over the last twelve months and is quickly burning through cash. This cash burn rate is particularly relevant given the company's recent rebranding efforts, which may require additional resources.
On a positive note, analysts predict that GRCE will be profitable this year, and net income is expected to grow. This aligns with the company's strategic developments, including the recent rebranding initiative.
For those interested in a deeper analysis, InvestingPro offers 11 additional tips for GRCE, providing a more comprehensive view of the company's financial health and market position.
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