Penny Stocks – Acasti Pharma (ACST) has Hit a Bottom, Bounce Back In Sight – Fintech Zoom
Acasti Pharma Inc. (NASDAQ: ACST) has been extremely volatile in recent weeks, powering to record highs of $1.22 a share before plunging to lows of $0.50. Nevertheless, the stock is up 300% from its 52-week low of $0.17. The stock has since bounced back and appears to have found support above the $0.60 level.
The bounce-back does not surprise as the pharmaceutical company has emerged as a perfect play for investors looking to generate profits from short-term trade. Acasti Pharma’s market sentiments are mostly driven by CaPre, its flagship drug for the treatment of hypertriglyceridemia.
The stock took a beating in March after it emerged that the drug did not meet the primary endpoint as part of ongoing clinical trials. The company announcing it would not file a new drug application with the US Drug and Administration for CaPre has also continued to weigh heavily on the drug. However, these disappointments have already been priced in the stock. Likewise, with investors’ sentiments in the stock at the lowest point, now could be the time to snap the stock as it is poised to snap up on positive news.
Biotech, Tech, and Crypto reporter
Anthony Gonzales brings 3 years of experience in helping grassroots, mid-sized organizations and large institutions strengthen their management and resource generating capacities and effectively plan for the future. He is also a mentor and professional advisor to artists working in all disciplines. He is the gold medalist from St. Marco University of Science and Technology in the Bachelors of Financial Management as well.