Why Acasti Pharmaceuticals (ACST) Stock Is Up Today

NEW YORK (TheStreet) -- Acasti Pharmaceuticals  (ACST) surged Wednesday after the biopharmaceutical company announced it had completed two trials.

The company, which focuses developing krill oil-based forms of omega-3 phospholipid therapies for treating and preventing cardiometabolic disorders, said it completed the Phase II, double-blind, placebo-controlled TRIFECTA study and the Pharmacokinetic PK trial. These results would be crucial in Acasti's talks with the FDA on approval to conduct a Phase III trial in the U.S.

"The conclusion of the clinical studies is a key milestone in our drug development program and we look forward to obtaining results for the two trials," said Acasti interim president and CEO Andre Godin in a statement.

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The stock was up 10.55% to $1.11 at 11:39 a.m. More than 3.2 million shares had changed hands, compared to the average volume of 414,126.

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