Short Interest in Acasti Pharma Inc. (NASDAQ:ACST) Rises By 3,205.1%

Acasti Pharma Inc. (NASDAQ:ACST) was the recipient of a significant growth in short interest during the month of September. As of September 30th, there was short interest totalling 128,900 shares, a growth of 3,205.1% from the September 15th total of 3,900 shares. Currently, 2.1% of the company’s shares are sold short. Based on an average daily trading volume, of 20,700 shares, the days-to-cover ratio is presently 6.2 days.

Acasti Pharma Stock Performance

Shares of ACST stock opened at $3.41 on Friday. Acasti Pharma has a fifty-two week low of $1.98 and a fifty-two week high of $3.59. The firm has a market cap of $32.05 million, a P/E ratio of -2.38 and a beta of 1.52. The business’s 50 day moving average price is $2.63 and its 200-day moving average price is $2.88.

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

Institutional Investors Weigh In On Acasti Pharma

An institutional investor recently raised its position in Acasti Pharma stock. AIGH Capital Management LLC increased its position in Acasti Pharma Inc. (NASDAQ:ACST) by 28.9% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & 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 0.6% of AIGH Capital Management LLC’s portfolio, making the stock its 26th biggest position. AIGH Capital Management LLC owned approximately 6.82% of Acasti Pharma worth $1,883,000 at the end of the most recent quarter. 6.08% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the company. HC Wainwright reiterated a “buy” rating and issued a $12.00 price objective on shares of Acasti Pharma in a research report on Thursday, September 26th. Craig Hallum lifted their target price on shares of Acasti Pharma from $6.00 to $8.00 and gave the stock a “buy” rating in a research note on Thursday, September 26th.

About Acasti Pharma

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.