Acasti Pharma (NASDAQ:ACST) Stock Price Down 5.3%

Acasti Pharma Inc (NASDAQ:ACST)’s stock price was down 5.3% on Monday . The company traded as low as $1.93 and last traded at $1.98, approximately 43,630 shares changed hands during mid-day trading. A decline of 99% from the average daily volume of 3,828,671 shares. The stock had previously closed at $2.09.

A number of equities analysts recently weighed in on ACST shares. HC Wainwright started coverage on shares of Acasti Pharma in a research report on Wednesday, June 26th. They issued a “buy” rating and a $6.00 price objective on the stock. Zacks Investment Research downgraded Acasti Pharma from a “buy” rating to a “hold” rating in a report on Tuesday, August 6th. ValuEngine downgraded Acasti Pharma from a “buy” rating to a “hold” rating in a report on Thursday, August 1st. Oppenheimer initiated coverage on Acasti Pharma in a report on Thursday, July 18th. They issued an “outperform” rating and a $7.00 target price for the company. Finally, CIBC initiated coverage on Acasti Pharma in a report on Thursday, July 18th. They issued an “outperform” rating and a $7.00 target price for the company. Two analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus price target of $5.25.

The stock’s fifty day simple moving average is $1.77. The firm has a market capitalization of $169.02 million, a P/E ratio of -2.75 and a beta of 1.23.

Acasti Pharma (NASDAQ:ACST) last released its earnings results on Wednesday, June 26th. The biopharmaceutical company reported ($0.17) EPS for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.06). On average, analysts expect that Acasti Pharma Inc will post -0.28 earnings per share for the current fiscal year.

A hedge fund recently bought a new stake in Acasti Pharma stock. Geode Capital Management LLC purchased a new position in shares of Acasti Pharma Inc (NASDAQ:ACST) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 48,665 shares of the biopharmaceutical company’s stock, valued at approximately $40,000. Geode Capital Management LLC owned about 0.06% of Acasti Pharma as of its most recent SEC filing. 3.12% of the stock is owned by institutional investors.

About Acasti Pharma (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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