Acasti Pharma Inc. (NASDAQ:ACST) Sees Significant Decrease in Short Interest

Acasti Pharma Inc. (NASDAQ:ACST) saw a large decline in short interest in the month of September. As of September 15th, there was short interest totalling 3,900 shares, a decline of 22.0% from the August 31st total of 5,000 shares. Currently, 0.1% of the company’s shares are short sold. Based on an average daily volume of 16,000 shares, the days-to-cover ratio is presently 0.2 days.

Analyst Ratings Changes

ACST has been the topic of a number of recent analyst reports. Craig Hallum boosted their price objective on Acasti Pharma from $6.00 to $8.00 and gave the company a “buy” rating in a research note on Thursday. HC Wainwright reissued a “buy” rating and issued a $12.00 price objective on shares of Acasti Pharma in a research note on Thursday.

Hedge Funds Weigh In On Acasti Pharma

An institutional investor recently raised its position in Acasti Pharma stock. AIGH Capital Management LLC raised its position in shares of Acasti Pharma Inc. (NASDAQ:ACST) by 28.9% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 641,083 shares of the biopharmaceutical company’s stock after purchasing an additional 143,724 shares during the period. Acasti Pharma accounts for approximately 0.6% of AIGH Capital Management LLC’s portfolio, making the stock its 26th largest holding. AIGH Capital Management LLC owned 6.82% of Acasti Pharma worth $1,883,000 at the end of the most recent reporting period. Institutional investors and hedge funds own 6.08% of the company’s stock.

Acasti Pharma Stock Performance

ACST stock opened at $3.12 on Friday. The stock’s 50 day simple moving average is $2.58 and its 200 day simple moving average is $2.90. Acasti Pharma has a fifty-two week low of $1.98 and a fifty-two week high of $3.59. The company has a market cap of $29.32 million, a P/E ratio of -2.22 and a beta of 1.51.

Acasti Pharma (NASDAQ:ACST) last released its earnings results on Friday, August 9th. The biopharmaceutical company reported ($0.24) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.28) by $0.04. Equities analysts predict that Acasti Pharma will post -1.14 earnings per share for the current year.

Acasti Pharma Company Profile

Acasti Pharma Inc engages in the development and commercialization of pharmaceutical products for rare and orphan diseases in Canada. The company's lead product candidate is the GTX-104, an intravenous infusion to treat subarachnoid hemorrhage. It also develops GTX-102, an oral mucosal spray for the treatment of ataxia-telangiectasia; and GTX-101, a topical bioadhesive film-forming bupivacaine spray for postherpetic neuralgia.