Acasti Pharma Inc (NASDAQ:ACST)’s stock price dropped 5.5% on Monday . The stock traded as low as $1.86 and last traded at $1.88, approximately 2,820,043 shares traded hands during trading. An increase of 150% from the average daily volume of 1,129,953 shares. The stock had previously closed at $1.99.

ACST has been the subject of several recent research reports. B. Riley initiated coverage on shares of Acasti Pharma in a report on Thursday, August 29th. They set a “buy” rating and a $7.75 target price for the company. HC Wainwright restated a “buy” rating on shares of Acasti Pharma in a report on Thursday, August 15th. Zacks Investment Research downgraded shares of Acasti Pharma from a “hold” rating to a “sell” rating in a report on Friday, November 15th. Finally, ValuEngine cut shares of Acasti Pharma from a “sell” rating to a “strong sell” rating in a research note on Tuesday, October 8th. Two equities research analysts have rated the stock with a sell rating and five have assigned a buy rating to the company. The company currently has an average rating of “Hold” and an average target price of $6.05.

The company has a market capitalization of $160.76 million, a price-to-earnings ratio of -2.65 and a beta of 1.44. The company’s 50 day simple moving average is $2.00 and its 200-day simple moving average is $1.72.

Several institutional investors have recently added to or reduced their stakes in ACST. Sterling Investment Advisors Ltd. acquired a new stake in shares of Acasti Pharma in the third quarter worth approximately $38,000. Morgan Stanley boosted its position 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 worth $52,000 after acquiring an additional 7,789 shares during the last quarter. Mitchell Mcleod Pugh & Williams Inc. acquired a new stake in shares of Acasti Pharma in the third quarter worth approximately $95,000. Oppenheimer & Co. Inc. acquired a new stake in shares of Acasti Pharma in the third quarter worth approximately $104,000. Finally, Bank of Montreal Can boosted its position 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 worth $289,000 after acquiring an additional 5,000 shares during the last quarter. 4.14% of the stock is currently owned by institutional investors.

About Acasti Pharma (NASDAQ:ACST)

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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