Acasti Pharma (NASDAQ:ACST) Cut to “Sell” at Zacks Investment Research

Zacks Investment Research cut shares of Acasti Pharma (NASDAQ:ACST) from a hold rating to a sell rating in a report published on Friday, 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. “

Several other equities analysts have also recently commented on ACST. B. Riley assumed coverage on shares of Acasti Pharma in a research note on Thursday, August 29th. They set a buy rating and a $7.75 target price for the company. HC Wainwright reissued a buy rating on shares of Acasti Pharma in a report on Thursday, August 15th. Oppenheimer assumed coverage on shares of Acasti Pharma in a research note on Thursday, July 18th. They issued an outperform rating and a $7.00 target price on the stock. CIBC assumed coverage on shares of Acasti Pharma in a research report on Thursday, July 18th. They issued an outperform rating and a $7.00 price target on the stock. Finally, ValuEngine downgraded shares of Acasti Pharma from a sell rating to a strong sell rating in a research report on Tuesday, October 8th. Two equities research analysts have rated the stock with a sell rating and five have issued a buy rating to the company’s stock. Acasti Pharma currently has a consensus rating of Hold and an average price target of $6.05.

Shares of ACST stock traded up $0.11 during midday trading on Friday, reaching $2.15. 4,719,800 shares of the company were exchanged, compared to its average volume of 1,053,596. The company’s 50 day moving average price is $1.98 and its two-hundred day moving average price is $1.62. Acasti Pharma has a 12 month low of $0.60 and a 12 month high of $2.95. The company has a market cap of $166.28 million, a P/E ratio of -3.01 and a beta of 1.36.

A number of hedge funds have recently made changes to their positions in ACST. Oppenheimer & Co. Inc. acquired a new stake in Acasti Pharma during the 3rd quarter worth approximately $104,000. Mitchell Mcleod Pugh & Williams Inc. acquired a new stake in Acasti Pharma during the 3rd quarter worth approximately $95,000. Sterling Investment Advisors Ltd. acquired a new stake in Acasti Pharma during the 3rd quarter worth approximately $38,000. Morgan Stanley raised its holdings in shares of Acasti Pharma by 20.6% in the second quarter. Morgan Stanley now owns 45,687 shares of the biopharmaceutical company’s stock valued at $52,000 after purchasing an additional 7,789 shares during the last quarter. Finally, Bank of Montreal Can raised its holdings in shares of Acasti Pharma by 2.0% in the second quarter. Bank of Montreal Can now owns 253,287 shares of the biopharmaceutical company’s stock valued at $289,000 after purchasing an additional 5,000 shares during the last quarter. Hedge funds and other institutional investors own 3.23% of the company’s stock.

Acasti Pharma Company Profile

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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