ACST - Acasti Pharma jumps 21% on new Outperform rating at Oppenheimer with PT of $6

Acasti Pharma (NASDAQ:ACST) soars 20.7% premarket after Oppenheimer launched coverage at Outperform, with price target of $6. Acasti’s merger with Grace Therapeutics gives it “a diversified, late- stage, orphan drug pipeline and bench strength,” writes Oppenheimer. In May, ACST inked deal to acquire Grace, after which Acasti and Grace's securityholders will own about 55% and 45% of the combined, respectively. The PT of $6 implies a premium of ~441% from last close of $1.11. In a research note, analyst Leland Gershell says the company is now focused on the development of medicines for rare conditions and each of its candidates "may offer meaningful advantages over standard-of-care while mitigating development risk and cost." The analyst looks forward to respective entry of GTX-104 and GTX-102 into Phase 3 evaluation for subarachnoid hemorrhage and for ataxia-telangiectasia.  With Acasti Pharma shares trading near cash levels Gershell recommends investors build a position. Earlier this month, Acasti said its

For further details see:

Acasti Pharma jumps 21% on new Outperform rating at Oppenheimer with PT of $6