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

Acasti Pharma Inc. (NASDAQ:ACST) was the target of a significant drop in short interest during the month of September. As of September 15th, there was short interest totalling 3,900 shares, a drop of 22.0% from the August 31st total of 5,000 shares. Approximately 0.1% of the company’s shares are short sold. Based on an average trading volume of 16,000 shares, the short-interest ratio is currently 0.2 days.

Analyst Ratings Changes

ACST has been the subject of a number of recent analyst reports. Craig Hallum lifted their price target on shares of Acasti Pharma from $6.00 to $8.00 and gave the company a “buy” rating in a research report on Thursday. HC Wainwright reiterated a “buy” rating and set a $12.00 price target on shares of Acasti Pharma in a research report on Thursday.

Acasti Pharma Stock Performance

NASDAQ ACST opened at $3.07 on Friday. The firm has a 50 day simple moving average of $2.58 and a 200-day simple moving average of $2.90. Acasti Pharma has a one year low of $1.98 and a one year high of $3.59. The firm has a market cap of $28.85 million, a price-to-earnings ratio of -2.15 and a beta of 1.51.

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

Institutional Inflows and Outflows

A hedge fund recently raised its stake in Acasti Pharma stock. AIGH Capital Management LLC raised its position in Acasti Pharma Inc. (NASDAQ:ACST) by 28.9% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 641,083 shares of the biopharmaceutical company’s stock after acquiring an additional 143,724 shares during the quarter. Acasti Pharma makes up about 0.6% of AIGH Capital Management LLC’s holdings, making the stock its 26th biggest holding. AIGH Capital Management LLC owned about 6.82% of Acasti Pharma worth $1,883,000 at the end of the most recent reporting period. 6.08% of the stock is owned by institutional investors.

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.