Acasti Pharma (NASDAQ:ACST) Stock Passes Above 200-Day Moving Average of $2.73

Acasti Pharma Inc. (NASDAQ:ACST) shares crossed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $2.73 and traded as high as $3.31. Acasti Pharma shares last traded at $3.17, with a volume of 16,794 shares.

Analysts Set New Price Targets

Separately, Craig Hallum began coverage on shares of Acasti Pharma in a report on Wednesday, February 7th. They set a “buy” rating and a $6.00 price objective on the stock.

Acasti Pharma Price Performance

The company’s fifty day moving average price is $3.29 and its 200 day moving average price is $2.73. The company has a market cap of $29.80 million, a PE ratio of -0.62 and a beta of 1.49.

Acasti Pharma (NASDAQ:ACST) last announced its earnings results on Monday, February 12th. The biopharmaceutical company reported ($0.21) EPS for the quarter, beating the consensus estimate of ($0.23) by $0.02. On average, analysts forecast that Acasti Pharma Inc. will post -1.44 EPS for the current year.

Hedge Funds Weigh In On Acasti Pharma

A number of large investors have recently modified their holdings of the company. Royal Bank of Canada grew its holdings in shares of Acasti Pharma by 5,308.2% in the fourth quarter. Royal Bank of Canada now owns 31,584 shares of the biopharmaceutical company’s stock worth $92,000 after purchasing an additional 31,000 shares during the last quarter. ADAR1 Capital Management LLC purchased a new position in shares of Acasti Pharma in the 4th quarter worth about $100,000. Bank of America Corp DE raised its position in shares of Acasti Pharma by 174.4% in the 1st quarter. Bank of America Corp DE now owns 56,583 shares of the biopharmaceutical company’s stock worth $69,000 after purchasing an additional 35,962 shares during the last quarter. Finally, Renaissance Technologies LLC purchased a new position in Acasti Pharma in the 1st quarter worth about $42,000. 6.08% of the stock is currently 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.