Acasti Pharma (NASDAQ:ACST) Downgraded by Zacks Investment Research to “Hold”

Zacks Investment Research cut shares of Acasti Pharma (NASDAQ:ACST) from a buy rating to a hold rating in a research report released 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 equities analysts also recently commented on ACST. Aegis assumed coverage on shares of Acasti Pharma in a report on Tuesday, July 9th. They issued a buy rating for the company. CIBC initiated coverage on shares of Acasti Pharma in a report on Thursday, July 18th. They issued an outperform rating and a $7.00 target price for the company. Oppenheimer initiated coverage on Acasti Pharma in a research note on Thursday, July 18th. They set an outperform rating and a $7.00 price target on the stock. ValuEngine lowered Acasti Pharma from a buy rating to a hold rating in a research note on Thursday, August 1st. Finally, HC Wainwright restated a buy rating on shares of Acasti Pharma in a research note on Thursday, August 15th. Two analysts have rated the stock with a hold rating and five have issued a buy rating to the company. The company currently has a consensus rating of Buy and a consensus price target of $6.00.

ACST stock opened at $1.87 on Tuesday. The business has a 50-day moving average price of $1.98 and a 200 day moving average price of $1.23. The company has a market capitalization of $142.85 million, a P/E ratio of -2.63 and a beta of 1.23. Acasti Pharma has a 1-year low of $0.49 and a 1-year high of $2.95.

Acasti Pharma (NASDAQ:ACST) last announced its earnings results on Wednesday, August 14th. The biopharmaceutical company reported ($0.11) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.12) by $0.01. On average, analysts predict that Acasti Pharma will post -0.28 EPS for the current year.

Several hedge funds have recently modified their holdings of ACST. Geode Capital Management LLC purchased a new stake in shares of Acasti Pharma during the fourth quarter worth about $40,000. Morgan Stanley boosted its position in 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 buying an additional 7,789 shares during the last quarter. Finally, Bank of Montreal Can boosted its position in 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 buying an additional 5,000 shares during the last quarter. Institutional investors and hedge funds own 2.96% 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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