Acasti Pharma Inc. (NASDAQ:ACST) Short Interest Down 78.8% in March

Acasti Pharma Inc. (NASDAQ:ACST) was the recipient of a significant drop in short interest in the month of March. As of March 31st, there was short interest totalling 1,400 shares, a drop of 78.8% from the March 15th total of 6,600 shares. Based on an average daily trading volume, of 29,300 shares, the short-interest ratio is currently 0.0 days. Currently, 0.0% of the company’s stock are short sold.

Analyst Upgrades and Downgrades

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

Hedge Funds Weigh In On Acasti Pharma

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Renaissance Technologies LLC purchased a new position in Acasti Pharma in the first quarter valued at about $42,000. Bank of America Corp DE grew its stake in Acasti Pharma by 174.4% in the first quarter. Bank of America Corp DE now owns 56,583 shares of the biopharmaceutical company’s stock valued at $69,000 after purchasing an additional 35,962 shares during the last quarter. ADAR1 Capital Management LLC purchased a new stake in shares of Acasti Pharma during the fourth quarter worth about $100,000. Finally, Royal Bank of Canada grew its stake in shares of Acasti Pharma by 5,308.2% during the fourth quarter. Royal Bank of Canada now owns 31,584 shares of the biopharmaceutical company’s stock worth $92,000 after acquiring an additional 31,000 shares during the last quarter. Hedge funds and other institutional investors own 6.08% of the company’s stock.

Acasti Pharma Price Performance

ACST opened at $3.40 on Thursday. The business’s 50-day moving average is $3.19 and its two-hundred day moving average is $2.70. Acasti Pharma has a 1 year low of $1.72 and a 1 year high of $3.84. The firm has a market capitalization of $31.96 million, a PE ratio of -0.67 and a beta of 1.49.

Acasti Pharma (NASDAQ:ACST) last posted its earnings results on Monday, February 12th. The biopharmaceutical company reported ($0.21) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.23) by $0.02. As a group, sell-side analysts expect that Acasti Pharma will post -1.44 EPS 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.