ACADIA Pharmaceuticals (NASDAQ:ACAD) Given New $24.00 Price Target at Morgan Stanley

ACADIA Pharmaceuticals (NASDAQ:ACAD) had its price objective lowered by Morgan Stanley from $28.00 to $24.00 in a report published on Friday,Benzinga reports. Morgan Stanley currently has an equal weight rating on the biopharmaceutical company’s stock.

ACAD has been the subject of a number of other research reports. Wall Street Zen cut shares of ACADIA Pharmaceuticals from a “buy” rating to a “hold” rating in a research report on Wednesday, November 4th. Bank of America reaffirmed a “buy” rating and set a $14.50 price objective on shares of ACADIA Pharmaceuticals in a research note on Wednesday, July 29th. BMO Capital Markets reduced their target price on ACADIA Pharmaceuticals from $36.00 to $34.00 and set an “outperform” rating on the stock in a report on Thursday, September 24th. Citigroup reissued a “buy” rating and issued a $33.00 target price (down from $40.00) on shares of ACADIA Pharmaceuticals in a research note on Friday, September 25th. Finally, Weiss Ratings restated a “hold (c+)” rating on shares of ACADIA Pharmaceuticals in a report on Tuesday. Thirteen analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $31.34.

ACADIA Pharmaceuticals Stock Performance

Shares of NASDAQ ACAD opened at $18.75 on Friday. The stock has a market cap of $3.24 billion, a P/E ratio of 8.89 and a beta of 0.87. The firm has a 50 day moving average price of $21.79 and a 200 day moving average price of $23.37. ACADIA Pharmaceuticals has a 52-week low of $15.85 and a 52-week high of $30.96.

ACADIA Pharmaceuticals (NASDAQ:ACAD) last issued its earnings results on Wednesday, November 4th. The biopharmaceutical company reported $0.31 EPS for the quarter, beating the consensus estimate of $0.20 by $0.11. The firm had revenue of $342.30 million during the quarter, compared to the consensus estimate of $332.58 million. ACADIA Pharmaceuticals had a net margin of 30.13% and a return on equity of 8.90%. The business’s quarterly revenue was up 22.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.42 earnings per share. Analysts predict that ACADIA Pharmaceuticals will post 0.76 earnings per share for the current fiscal year.

Insider Buying and Selling at ACADIA Pharmaceuticals

In other news, EVP Mark Schneyer sold 3,321 shares of the company’s stock in a transaction that occurred on Friday, October 30th. The shares were sold at an average price of $20.88, for a total value of $69,342.48. Following the completion of the transaction, the executive vice president owned 71,322 shares in the company, valued at $1,489,203.36. This represents a 4.45% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 26.20% of the stock is owned by company insiders.

Institutional Investors Weigh In On ACADIA Pharmaceuticals

Several institutional investors have recently added to or reduced their stakes in ACAD. First Trust Advisors LP boosted its stake in ACADIA Pharmaceuticals by 53.5% in the 3rd quarter. First Trust Advisors LP now owns 283,029 shares of the biopharmaceutical company’s stock worth $5,703,000 after purchasing an additional 98,643 shares during the period. Ieq Capital LLC increased its holdings in ACADIA Pharmaceuticals by 46.3% during the 3rd quarter. Ieq Capital LLC now owns 23,991 shares of the biopharmaceutical company’s stock worth $483,000 after purchasing an additional 7,597 shares in the last quarter. Meeder Asset Management Inc. acquired a new stake in shares of ACADIA Pharmaceuticals in the 3rd quarter valued at about $40,000. Voya Investment Management LLC raised its stake in shares of ACADIA Pharmaceuticals by 197.0% in the 3rd quarter. Voya Investment Management LLC now owns 243,262 shares of the biopharmaceutical company’s stock valued at $4,902,000 after purchasing an additional 161,342 shares during the period. Finally, Public Sector Pension Investment Board raised its stake in shares of ACADIA Pharmaceuticals by 25.1% in the 3rd quarter. Public Sector Pension Investment Board now owns 544,617 shares of the biopharmaceutical company’s stock valued at $10,097,000 after purchasing an additional 109,242 shares during the period. 96.71% of the stock is owned by institutional investors.

ACADIA Pharmaceuticals Company Profile

ACADIA Pharmaceuticals is a biopharmaceutical company focused on developing and commercializing medicines for neurological and rare diseases. Founded in 1993 and headquartered in San Diego, California, the company conducts research and development alongside its commercial operations. Its marketed products include NUPLAZID (pimavanserin), approved in the United States to treat hallucinations and delusions associated with Parkinson’s disease psychosis, and DAYBUE (trofinetide), a treatment for Rett syndrome.