Acasti Pharma Inc. (NASDAQ:ACST) was the recipient of a significant increase in short interest during the month of December. As of December 31st, there was short interest totalling 2,280,000 shares, an increase of 157.8% from the December 15th total of 884,400 shares. Based on an average daily trading volume, of 1,540,000 shares, the days-to-cover ratio is currently 1.5 days. Approximately 7.2% of the shares of the stock are sold short.
Hedge funds have recently added to or reduced their stakes in the stock. Morgan Stanley lifted its holdings in Acasti Pharma by 885.6% in the first quarter. Morgan Stanley now owns 378,808 shares of the biopharmaceutical company’s stock valued at $227,000 after buying an additional 340,372 shares during the period. Citadel Advisors LLC acquired a new position in Acasti Pharma in the second quarter valued at $62,000. Jane Street Group LLC acquired a new position in Acasti Pharma in the third quarter valued at $38,000. Two Sigma Securities LLC acquired a new position in Acasti Pharma in the third quarter valued at $27,000. Finally, Squarepoint Ops LLC lifted its holdings in Acasti Pharma by 392.4% in the second quarter. Squarepoint Ops LLC now owns 94,500 shares of the biopharmaceutical company’s stock valued at $53,000 after buying an additional 75,309 shares during the period. Institutional investors and hedge funds own 0.75% of the company’s stock.
Shares of Acasti Pharma stock opened at $1.39 on Friday. Acasti Pharma has a twelve month low of $1.04 and a twelve month high of $9.76. The stock has a market cap of $36.21 million, a price-to-earnings ratio of -3.09 and a beta of 1.79. The company’s fifty day moving average is $1.35 and its 200 day moving average is $2.38.
Separately, Oppenheimer began coverage on shares of Acasti Pharma in a research note on Tuesday, December 21st. They issued an “outperform” rating and a $6.00 price objective on the stock.
About Acasti Pharma
Acasti Pharma Inc, a biopharmaceutical company, engages in the development and commercialization of pharmaceutical products for cardiovascular diseases. It is evaluating strategic partnerships for the clinical development of CaPre, an omega-3 phospholipid therapeutic to treat patients with hypertriglyceridemia.
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