Analyst Explains Why They Downgraded Their Rating on Acasti Pharma (ACST)

By Jason Carr

In a report released today, Mayank Mamtani from B.Riley FBR downgraded Acasti Pharma (ACSTResearch Report) to Hold, with a price target of $0.50. The company’s shares closed last Monday at $0.24.

According to TipRanks.com, Mamtani is a 5-star analyst with an average return of 16.5% and a 49.3% success rate. Mamtani covers the Healthcare sector, focusing on stocks such as Arrowhead Pharmaceuticals, Spectrum Pharmaceuticals, and Madrigal Pharmaceuticals.

Acasti Pharma has an analyst consensus of Strong Buy, with a price target consensus of $3.27.

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Based on Acasti Pharma’s latest earnings release for the quarter ending March 31, the company reported a quarterly net profit of $17.22 million. In comparison, last year the company had a GAAP net loss of $16.81 million.

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Acasti Pharma, Inc. engages in the development and commercialization of pharmaceutical applications of its licensed rights for cardiovascular diseases. It focuses on the research of prescription drugs using omega-3, fatty acids derived from krill oil. The company was founded by Henri Harland on February 1, 2002 and is headquartered in Laval, Canada.