The stock of Acasti Pharma Inc. (NASDAQ:ACST) is now priced at $0.24 and the shares are -0.47 points down or -65.49% lower compared to its previous closing price of $0.71. The stock had 56.24 million contracts set over the past session. ACST shares’ daily volume is compared to its average trading volume at 3.315 million shares. However, it has a float of 93.52 million and although its performance was -64.54% over the week, it’s one to watch. It means the stock’s downside potential is -100% with the ACST share price recently placing at $0.2306 to $0.2826. However, some brokerage firms have priced the stock below the average, including one that has called $0.11.
The shorts are climbing into the Acasti Pharma Inc. stock, with the latest data on short interest released on August 14, 2020, showing that short interest numbers in the ACST shares have risen. Short interest in the stock represents just 0.26% of its float, but the volume has raised by 18223. The volume of shorted shares rised to 240451 from 222228 shares over the last two weeks. The average intraday trading volume has been 2.932 million shares, which means that days to cover moved to roughly 1.
In the last trading session, Acasti Pharma Inc. (NASDAQ:ACST) dropped by -$0.4453 over the week and lost -$0.5553 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $3.08. The stock recorded its established 52-week high on 12/23/19.
Since 08/31/20, the stock has traded to a low of $0.2306 at -2.12%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge.
Looking at current readings, Acasti Pharma Inc.’s two-week RSI is 21.24. This suggests that the stock is overbought at the moment and that ACST shares’ price movement remains not stable. The stochastic readings are equally revealing at 25.85% meaning the ACST share price is currently in overbought territory.
The technical chart shows that the ACST stock will likely settle at between $0.2747 and $0.3046 per share. However, if the stock dips below $0.2227, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $0.2006.
Currently, the stock is trading in the red of MACD, with a reading of -0.1217. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.
Analysts at B. Riley FBR raised their recommendation for ACST from Neutral to Buy in July 06 review while maintain their target price of $2. B. Riley FBR analysts downgraded their recommendation of the stock from Buy to Neutral in a flash note released to investors on January 13. B. Riley FBR analysts see the stock as Buy when the analysts initiated the share price coverage on August 29, placing it at $7.75.
The average rating for the ACST equity is 1.8 and is currently gathering a bullish momentum. Of 5 analysts tracking Acasti Pharma Inc. polled by Reuters, 1 rated ACST as a hold. The remaining 4 analysts were split evenly. However, the split wasn’t equal as a majority (3) rated it as a buy or strong buy. 1 analyst advised investors against buying the stock or to sell if they own any of the stock.