Acasti Pharma (NASDAQ:ACST) Issues Quarterly Earnings Results

Acasti Pharma (NASDAQ:ACST) announced its quarterly earnings data on Wednesday. The biopharmaceutical company reported ($0.11) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.12) by $0.01, Morningstar.com reports.

Shares of ACST stock traded down $0.22 on Thursday, reaching $1.83. The company had a trading volume of 1,364,752 shares, compared to its average volume of 4,016,909. The firm has a market capitalization of $161.23 million, a PE ratio of -2.58 and a beta of 1.23. The stock’s 50-day simple moving average is $1.81. Acasti Pharma has a 12 month low of $0.43 and a 12 month high of $2.95.

Several hedge funds have recently made changes to their positions in ACST. Geode Capital Management LLC acquired a new stake in shares of Acasti Pharma in the fourth quarter valued at approximately $40,000. Bank of Montreal Can increased 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 in the last quarter. Finally, Morgan Stanley increased 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 in the last quarter. 3.06% of the stock is owned by institutional investors.

Several brokerages have weighed in on ACST. HC Wainwright reissued a “buy” rating on shares of Acasti Pharma in a report on Thursday. Zacks Investment Research cut Acasti Pharma from a “buy” rating to a “hold” rating in a report on Tuesday, August 6th. Aegis started coverage on Acasti Pharma in a research note on Tuesday, July 9th. They issued a “buy” rating for the company. ValuEngine cut Acasti Pharma from a “buy” rating to a “hold” rating in a research note on Thursday, August 1st. Finally, Oppenheimer started coverage on Acasti Pharma in a research note on Thursday, July 18th. They issued an “outperform” rating and a $7.00 price target for the company. Two analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Acasti Pharma presently has a consensus rating of “Buy” and an average target price of $5.25.

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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Earnings History for Acasti Pharma (NASDAQ:ACST)

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