Acasti Pharma (NASDAQ:ACST) Shares Down 6.4%

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Acasti Pharma Inc (NASDAQ:ACST) traded down 6.4% during mid-day trading on Friday . The company traded as low as $1.99 and last traded at $2.04, 1,467,942 shares traded hands during mid-day trading. An increase of 47% from the average session volume of 999,347 shares. The stock had previously closed at $2.18.

A number of analysts have issued reports on the stock. B. Riley initiated coverage on shares of Acasti Pharma in a report on Thursday, August 29th. They issued a “buy” rating and a $7.75 price target on the stock. Aegis initiated coverage on shares of Acasti Pharma in a report on Tuesday, July 9th. They issued a “buy” rating on the stock. Zacks Investment Research upgraded shares of Acasti Pharma from a “hold” rating to a “buy” rating and set a $2.50 target price on the stock in a report on Tuesday, October 15th. CIBC initiated coverage on shares of Acasti Pharma in a report on Thursday, July 18th. They issued an “outperform” rating and a $7.00 target price on the stock. Finally, ValuEngine downgraded shares of Acasti Pharma from a “sell” rating to a “strong sell” rating in a report on Tuesday, October 8th. One equities research analyst has rated the stock with a sell rating and six have issued a buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $6.05.

The business’s fifty day moving average price is $2.03 and its two-hundred day moving average price is $1.48. The stock has a market capitalization of $185.71 million, a P/E ratio of -2.87 and a beta of 1.29.

Acasti Pharma (NASDAQ:ACST) last posted its earnings results on Wednesday, August 14th. The biopharmaceutical company reported ($0.11) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.12) by $0.01. Analysts predict that Acasti Pharma Inc will post -0.28 earnings per share for the current year.

Several institutional investors have recently bought and sold shares of the company. Sterling Investment Advisors Ltd. purchased a new stake in Acasti Pharma in the 3rd quarter valued at about $38,000. Morgan Stanley boosted its position in Acasti Pharma by 20.6% in the 2nd quarter. Morgan Stanley now owns 45,687 shares of the biopharmaceutical company’s stock valued at $52,000 after buying an additional 7,789 shares during the period. Mitchell Mcleod Pugh & Williams Inc. purchased a new stake in Acasti Pharma in the 3rd quarter valued at about $95,000. Finally, Bank of Montreal Can boosted its position in Acasti Pharma by 2.0% in the 2nd quarter. Bank of Montreal Can now owns 253,287 shares of the biopharmaceutical company’s stock valued at $289,000 after buying an additional 5,000 shares during the period. Hedge funds and other institutional investors own 3.02% of the company’s stock.

Acasti Pharma Company Profile (NASDAQ:ACST)

Acasti Pharma Inc, a biopharmaceutical company, focuses on the research, development, and commercialization of prescription drugs for the treatment of cardiovascular diseases. Its lead product candidate is CaPre, an omega-3 phospholipid therapeutic that is in Phase III clinical trial to treat patients with hypertriglyceridemia.

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