Zacks Investment Research Upgrades Acasti Pharma (NASDAQ:ACST) to Hold

Acasti Pharma (NASDAQ:ACSTGet Rating) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Tuesday, Zacks.com reports.

According to Zacks, “Acasti Pharma Inc. is a biopharmaceutical company. It is focused on research, development and commercialization of krill oil based forms of omega-3 phospholipid therapies. CaPre (R), Acasti’s only prescription drug candidate, is being developed to help prevent and treat hypertriglyceridemia. ONEMIA (R) is a medical food and currently Acasti’s only commercialized product. Acasti Pharma Inc. is headquartered in Laval, Canada. “

A number of other research analysts also recently issued reports on ACST. Oppenheimer assumed coverage on shares of Acasti Pharma in a research report on Tuesday, December 21st. They set an “outperform” rating and a $6.00 target price for the company. StockNews.com raised shares of Acasti Pharma to a “sell” rating in a research note on Monday, March 14th.

NASDAQ:ACST traded up $0.04 during mid-day trading on Tuesday, hitting $1.18. 2,508 shares of the company traded hands, compared to its average volume of 336,665. Acasti Pharma has a one year low of $0.93 and a one year high of $5.44. The firm has a market cap of $52.26 million, a price-to-earnings ratio of -3.11 and a beta of 1.81. The stock’s fifty day moving average price is $1.15 and its 200-day moving average price is $1.33.

Acasti Pharma (NASDAQ:ACSTGet Rating) last announced its earnings results on Monday, February 14th. The biopharmaceutical company reported ($0.09) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.08) by ($0.01). As a group, equities research analysts expect that Acasti Pharma will post -0.14 EPS for the current fiscal year.

Several institutional investors have recently added to or reduced their stakes in the company. Morgan Stanley boosted its holdings in Acasti Pharma by 885.6% in the 1st quarter. Morgan Stanley now owns 378,808 shares of the biopharmaceutical company’s stock valued at $227,000 after purchasing an additional 340,372 shares in the last quarter. Renaissance Technologies LLC boosted its stake in shares of Acasti Pharma by 60.7% during the 4th quarter. Renaissance Technologies LLC now owns 69,777 shares of the biopharmaceutical company’s stock worth $88,000 after acquiring an additional 26,369 shares in the last quarter. Citadel Advisors LLC acquired a new stake in shares of Acasti Pharma in the 2nd quarter worth approximately $62,000. Jane Street Group LLC purchased a new position in Acasti Pharma in the 3rd quarter valued at approximately $38,000. Finally, Bank of America Corp DE raised its holdings in Acasti Pharma by 3,199.4% during the fourth quarter. Bank of America Corp DE now owns 20,621 shares of the biopharmaceutical company’s stock worth $26,000 after purchasing an additional 19,996 shares during the last quarter. Institutional investors and hedge funds own 0.53% of the company’s stock.

Acasti Pharma Company Profile (Get Rating)

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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