Biotech Stock Ends Week On High Note Following Bullish Coverage Initiation
A New Jersey-based biotech found success to finish out the week after it was announced that TD Cowen initiated coverage on the company with a buy rating and a price target of $12. Seeing that this micro cap closed yesterday at just $2.71, it's now wonder traders rushed in.
So far this session, the buying pressure was enough to get shares of Grace Therapeutics Inc. (Nasdaq:GRCE) up to $2.8604/share (+5.55%) at the early session high. This move is a strong continuation of the success this stock has had so far this month.
Grace Therapeutics, Inc. engages in the development and commercialization of pharmaceutical products for rare and orphan diseases in Canada. The company's lead product candidate is the GTX-104, an intravenous infusion to treat subarachnoid hemorrhage. It also develops GTX-102, an oral mucosal betamethasone spray for the treatment of ataxia-telangiectasia; and GTX-101, a topical bioadhesive film-forming bupivacaine spray for postherpetic neuralgia. The company was formerly known as Acasti Pharma Inc. and changed its name to Grace Therapeutics, Inc. in October 2024. The company was incorporated in 2002 and is headquartered in Princeton, New Jersey.
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