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

Acasti Pharma Inc. (NASDAQ:ACST) was the target of a large growth in short interest in the month of October. As of October 15th, there was short interest totalling 154,200 shares, a growth of 19.6% from the September 30th total of 128,900 shares. Based on an average daily volume of 27,200 shares, the days-to-cover ratio is currently 5.7 days. Currently, 2.5% of the company’s shares are sold short.

Analyst Upgrades and Downgrades

ACST has been the topic of several research reports. Craig Hallum raised their price target on shares of Acasti Pharma from $6.00 to $8.00 and gave the company a “buy” rating in a report on Thursday, September 26th. HC Wainwright reissued a “buy” rating and issued a $12.00 target price on shares of Acasti Pharma in a research note on Thursday, September 26th.

Institutional Inflows and Outflows

A hedge fund recently raised its stake in Acasti Pharma stock. AIGH Capital Management LLC boosted its position in shares of Acasti Pharma Inc. (NASDAQ:ACST) by 28.9% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 641,083 shares of the biopharmaceutical company’s stock after purchasing an additional 143,724 shares during the period. Acasti Pharma makes up 0.6% of AIGH Capital Management LLC’s portfolio, making the stock its 26th biggest position. AIGH Capital Management LLC owned 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 hedge funds and other institutional investors.

Acasti Pharma Price Performance

Shares of ACST opened at $3.37 on Monday. Acasti Pharma has a 12 month low of $1.98 and a 12 month high of $3.60. The stock’s 50-day moving average is $2.84 and its two-hundred day moving average is $2.87. The stock has a market cap of $31.67 million, a PE ratio of -2.34 and a beta of 1.52.

Acasti Pharma (NASDAQ:ACST) last announced its earnings results on Friday, August 9th. The biopharmaceutical company reported ($0.24) EPS for the quarter, beating the consensus estimate of ($0.28) by $0.04. On average, research analysts anticipate that Acasti Pharma will post -1.11 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.