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Tuesday, June 6, 2023

Acurx Pharmaceuticals, Inc. (ACXP) stock price is declining but why this happened?

Acurx Pharmaceuticals, Inc. (ACXP) saw a decline of 5.82% in the aftermarket on Friday. However, the last trading session closed at 4.385 with a decline of 7.68%.

ACXP Joins the Russell Microcap Index

On 2nd September 2021, ACXP announces joining Russell Microcap Index. A one-year membership in the Russell Microcap Index entitles you to automatic participation in the applicable growth and value style indexes. The membership of FTSE Russell’s Russell indexes is determined largely by objective, market-capitalization rankings, and style characteristics.

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Moreover, investment managers and institutional investors utilize Russell indexes for index funds and as benchmarks for active investment strategies. FTSE Russell, a prominent worldwide index provider, produces Russell indexes.

Second Quarter 2021 Financial Results

ACXP reported second-quarter 2021 financial results on 16th August 2021. For the three months ending June 30, 2021, research and development costs were $0.1 million, compared to $0.4 million for the same period in 2020. The reduction is largely due to the Phase 2a trial’s conclusion in 2020. Research and development costs were dropped to $0.2 million for the six months ended June 30, 2021. The drop is due to lower expenditures associated with the Phase 2a study.

For the three months ended June 30, 2021, selling, general, and administrative expenditures were $3.9 million, compared to $0.5 million for the same period in 2020. A rise in stock-based director fees and stock-based remuneration, as well as an increase in professional fees, accounted for the majority of the increase. Stock-based remuneration, professional fees, and stock-based director fees all contributed to the growth in selling, general, and administrative expenditures.

ACXP Joins the Antimicrobials Working Group

On 5th August 2021, Acurx Pharmaceuticals, Inc. joined its alliance of firms working to battle drug-resistant illnesses and inspire life-saving technologies. With this latest acquisition, AWG now has 13 antimicrobial medicine firms as members.

Acurx is a clinical-stage biopharmaceutical firm working on a novel class of antibiotics to treat microbial infections. Lastly, Ibezapolstat is a first-in-class DNA pol IIIC inhibitor that is now in Phase 2 clinical development for the treatment of C. difficile infection (CDI).

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