To discover the action of a drug "X" in isolated intestinal smooth muscle preparations a study was carried out. It was seen that, drug X binds to cholinergic receptors of intestine and relaxes the preparation. While in the absence of drug X, Acetylcholine acts on same receptors and contracts the preparation. It was also seen that, at a low conc. of drug X, the EC50 of acetylcholine remains unchanged, but the Emax was decreased. At a high conc. of drug X, high conc. of acetylcholine had no effect. Which of the following statement is true about the drug X?