Acasti Pharma (NASDAQ:ACST) Shares Gap Down to $2.48

Acasti Pharma Inc (NASDAQ:ACST)’s share price gapped down prior to trading on Friday . The stock had previously closed at $2.53, but opened at $2.48. Acasti Pharma shares last traded at $2.43, with a volume of 2,251,197 shares trading hands.

ACST has been the subject of a number of recent research reports. HC Wainwright initiated coverage on shares of Acasti Pharma in a research report on Wednesday, June 26th. They issued a “buy” rating and a $6.00 target price for the company. Aegis initiated coverage on shares of Acasti Pharma in a research report on Tuesday, July 9th. They issued a “buy” rating for the company. Zacks Investment Research raised shares of Acasti Pharma from a “hold” rating to a “buy” rating and set a $1.00 target price for the company in a research report on Friday, June 7th. ValuEngine cut shares of Acasti Pharma from a “buy” rating to a “hold” rating in a research report on Thursday. Finally, CIBC initiated coverage on shares of Acasti Pharma in a research report on Thursday, July 18th. They set an “outperform” rating and a $7.00 price objective for the company. One equities research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. Acasti Pharma currently has a consensus rating of “Buy” and an average target price of $5.25.

The stock has a 50-day moving average price of $1.52.

Acasti Pharma (NASDAQ:ACST) last posted its quarterly earnings data on Wednesday, June 26th. The biopharmaceutical company reported ($0.17) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.11) by ($0.06). As a group, sell-side analysts anticipate that Acasti Pharma Inc will post -0.28 EPS for the current year.

A hedge fund recently bought a new stake in Acasti Pharma stock. Geode Capital Management LLC acquired 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 (SEC). The institutional investor acquired 48,665 shares of the biopharmaceutical company’s stock, valued at approximately $40,000. Geode Capital Management LLC owned 0.06% of Acasti Pharma as of its most recent SEC filing. 3.12% of the stock is owned by institutional investors and hedge funds.

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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