Oppenheimer initiated coverage of Acasti Pharma Inc (NASDAQ:ACST) with an Outperform rating and $6 price target. The analyst sees over 400% upside for the stock.

• 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," writes analyst Leland Gershell
• The analyst looks forward to the respective entry of GTX-104 and GTX-102 into Phase 3 evaluation for subarachnoid hemorrhage and ataxia-telangiectasia. 
• Earlier this month, the Company posted favorable interim data from a pharmacokinetic (PK) bridging study of GTX-104 for Subarachnoid Hemorrhage (SAH).
• Final results from the PK bridging study are expected in 1H of 2022.
• Assuming the PK study and related FDA review progress as planned, the Company expects to begin the Phase 3 study during 2H of 2022. 
• GTX-104 is a novel IV nimodipine infusion being developed to treat SAH, a central nervous system condition that causes acute bleeding on the brain.
• With Acasti Pharma shares trading near cash levels, Gershell recommends that investors build a position.
• Price Action: ACST shares are up 22.1% at $1.36 during the market session on the last check Wednesday.