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

ACADIA Pharmaceuticals (NASDAQ:ACAD) had its target price lifted by Morgan Stanley from $20.00 to $24.00 in a report released on Tuesday,Benzinga reports. Morgan Stanley currently has an equal weight rating on the biopharmaceutical company’s stock.

Other analysts also recently issued research reports about the company. UBS Group dropped their price objective on ACADIA Pharmaceuticals from $25.00 to $22.00 and set a “buy” rating on the stock in a research note on Monday, April 28th. Needham & Company LLC boosted their price target on shares of ACADIA Pharmaceuticals from $27.00 to $30.00 and gave the stock a “buy” rating in a research report on Monday. Cantor Fitzgerald restated an “overweight” rating and set a $28.00 price objective on shares of ACADIA Pharmaceuticals in a research report on Thursday, February 27th. Oppenheimer reaffirmed a “market perform” rating on shares of ACADIA Pharmaceuticals in a research note on Friday. Finally, BMO Capital Markets boosted their target price on shares of ACADIA Pharmaceuticals from $24.00 to $28.00 and gave the stock an “outperform” rating in a report on Monday. Seven equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $25.75.

ACADIA Pharmaceuticals Trading Down 1.4%

Shares of NASDAQ ACAD opened at $21.69 on Tuesday. ACADIA Pharmaceuticals has a 12-month low of $13.40 and a 12-month high of $25.23. The company has a market cap of $3.63 billion, a PE ratio of 27.81 and a beta of 0.47. The stock has a 50 day simple moving average of $16.11 and a 200-day simple moving average of $17.19.

ACADIA Pharmaceuticals (NASDAQ:ACAD) last announced its quarterly earnings results on Wednesday, May 7th. The biopharmaceutical company reported $0.11 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.10 by $0.01. ACADIA Pharmaceuticals had a return on equity of 25.83% and a net margin of 13.83%. The company had revenue of $244.32 million during the quarter, compared to analyst estimates of $239.32 million. During the same quarter in the previous year, the firm posted $0.10 EPS. The firm’s quarterly revenue was up 18.7% on a year-over-year basis. Sell-side analysts forecast that ACADIA Pharmaceuticals will post 0.7 earnings per share for the current fiscal year.

Insider Activity at ACADIA Pharmaceuticals

In other news, Director Elizabeth A. Garofalo sold 4,919 shares of the company’s stock in a transaction dated Wednesday, March 5th. The stock was sold at an average price of $18.23, for a total value of $89,673.37. Following the transaction, the director now owns 17,595 shares in the company, valued at $320,756.85. This represents a 21.85% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Mark C. Schneyer sold 3,171 shares of the stock in a transaction that occurred on Wednesday, March 26th. The stock was sold at an average price of $17.05, for a total transaction of $54,065.55. Following the completion of the sale, the executive vice president now directly owns 56,889 shares of the company’s stock, valued at $969,957.45. This trade represents a 5.28% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 24,994 shares of company stock worth $453,131. 26.50% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. grew its stake in shares of ACADIA Pharmaceuticals by 9.0% in the 1st quarter. Vanguard Group Inc. now owns 15,203,234 shares of the biopharmaceutical company’s stock valued at $252,526,000 after buying an additional 1,255,594 shares in the last quarter. Assenagon Asset Management S.A. bought a new position in ACADIA Pharmaceuticals during the first quarter valued at approximately $60,845,000. Fred Alger Management LLC lifted its stake in ACADIA Pharmaceuticals by 2.0% in the first quarter. Fred Alger Management LLC now owns 2,769,828 shares of the biopharmaceutical company’s stock valued at $46,007,000 after acquiring an additional 54,899 shares during the last quarter. First Trust Advisors LP grew its position in ACADIA Pharmaceuticals by 27.0% in the fourth quarter. First Trust Advisors LP now owns 2,700,125 shares of the biopharmaceutical company’s stock worth $49,547,000 after acquiring an additional 574,251 shares in the last quarter. Finally, SG Americas Securities LLC grew its position in ACADIA Pharmaceuticals by 380.3% in the fourth quarter. SG Americas Securities LLC now owns 2,483,731 shares of the biopharmaceutical company’s stock worth $45,576,000 after acquiring an additional 1,966,607 shares in the last quarter. 96.71% of the stock is owned by institutional investors and hedge funds.

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.