Acer Therapeutics down after FDA approval as retail traders 'sell the news'

Acer Therapeutics

23/12/2022 21:39

** Shares of drug developer Acer Therapeutics Inc  ACER.O 
close ~10% down at $3.72  
    ** Co receives U.S. FDA approval for its drug to treat the
genetic disorder called urea cycle disorders (UCD)
    ** On retail investor website Stocktwits.com, several
traders share they were "selling the news"
    ** Selling the news refers to a stock going down on positive
news as the news had long been predicted and priced in by the
market 
    ** The same drives investors to buy the stock and wait for
the news to become public
    ** YTD, stock was up ~63%, as of last close 
 (Reporting by Anirban Chakroborti in Bengaluru)
 ((Anirban.Chakroborti@thomsonreuters.com;))