ACADIA Pharmaceuticals’ (ACAD) Buy Rating Reiterated at Needham & Company LLC

ACADIA Pharmaceuticals (NASDAQ:ACAD)‘s stock had its “buy” rating reiterated by Needham & Company LLC in a note issued to investors on Thursday,Benzinga reports. They currently have a $30.00 price target on the biopharmaceutical company’s stock. Needham & Company LLC’s price objective would suggest a potential upside of 33.33% from the company’s previous close.

Several other analysts also recently weighed in on ACAD. Mizuho upped their price target on ACADIA Pharmaceuticals from $20.00 to $23.00 and gave the stock a “neutral” rating in a research note on Monday, May 19th. Wall Street Zen raised ACADIA Pharmaceuticals from a “hold” rating to a “buy” rating in a research note on Wednesday, May 21st. Deutsche Bank Aktiengesellschaft upgraded ACADIA Pharmaceuticals from a “hold” rating to a “buy” rating and raised their price target for the company from $20.00 to $35.00 in a report on Wednesday, May 21st. Oppenheimer reiterated a “market perform” rating on shares of ACADIA Pharmaceuticals in a research note on Friday, May 16th. Finally, Cantor Fitzgerald upgraded shares of ACADIA Pharmaceuticals to a “strong-buy” rating in a research note on Thursday, June 5th. Six equities research analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, ACADIA Pharmaceuticals has an average rating of “Moderate Buy” and an average price target of $27.64.

ACADIA Pharmaceuticals Trading Up 0.4%

ACAD opened at $22.50 on Thursday. The company has a market cap of $3.77 billion, a price-to-earnings ratio of 16.42, a price-to-earnings-growth ratio of 4.78 and a beta of 0.65. The stock has a fifty day simple moving average of $19.30 and a two-hundred day simple moving average of $18.17. ACADIA Pharmaceuticals has a 12-month low of $13.40 and a 12-month high of $25.23.

ACADIA Pharmaceuticals (NASDAQ:ACAD) last issued its quarterly earnings results on Wednesday, May 7th. The biopharmaceutical company reported $0.11 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.10 by $0.01. ACADIA Pharmaceuticals had a net margin of 22.97% and a return on equity of 17.46%. The company had revenue of $244.32 million during the quarter, compared to analyst estimates of $239.32 million. During the same period last year, the business earned $0.10 EPS. ACADIA Pharmaceuticals’s quarterly revenue was up 18.7% compared to the same quarter last year. On average, analysts predict that ACADIA Pharmaceuticals will post 0.7 EPS for the current year.

Insider Transactions at ACADIA Pharmaceuticals

In other ACADIA Pharmaceuticals news, EVP Mark C. Schneyer sold 3,498 shares of the company’s stock in a transaction dated Friday, May 2nd. The stock was sold at an average price of $14.60, for a total value of $51,070.80. Following the completion of the sale, the executive vice president now owns 62,773 shares in the company, valued at $916,485.80. This represents a 5.28% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Laura Brege sold 14,446 shares of the firm’s stock in a transaction dated Wednesday, June 4th. The stock was sold at an average price of $21.78, for a total value of $314,633.88. Following the completion of the transaction, the director now directly owns 15,095 shares in the company, valued at $328,769.10. This trade represents a 48.90% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 29,007 shares of company stock worth $580,446 in the last ninety days. Insiders own 26.50% of the company’s stock.

Institutional Investors Weigh In On ACADIA Pharmaceuticals

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Assenagon Asset Management S.A. purchased a new stake in shares of ACADIA Pharmaceuticals in the first quarter worth $60,845,000. Point72 Asset Management L.P. purchased a new position in ACADIA Pharmaceuticals in the 4th quarter worth approximately $40,935,000. American Century Companies Inc. boosted its stake in ACADIA Pharmaceuticals by 1,055.8% in the 1st quarter. American Century Companies Inc. now owns 1,632,749 shares of the biopharmaceutical company’s stock worth $27,120,000 after purchasing an additional 1,491,484 shares during the period. Norges Bank purchased a new stake in ACADIA Pharmaceuticals during the 4th quarter valued at approximately $25,555,000. Finally, Nuveen LLC bought a new stake in shares of ACADIA Pharmaceuticals during the first quarter valued at approximately $21,630,000. Institutional investors own 96.71% of the company’s stock.

ACADIA Pharmaceuticals Company Profile

ACADIA Pharmaceuticals Inc, a biopharmaceutical company, focuses on the development and commercialization innovative medicines that address unmet medical needs in central nervous system (CNS) disorders and rare diseases in the United States. The company offers NUPLAZID (pimavanserin) for the treatment of hallucinations and delusions associated with Parkinson's disease psychosis; and DAYBUE, a novel synthetic analog of the amino-terminal tripeptide of insulin-like growth factor 1 for treatment of Rett Syndrome.