ACADIA Pharmaceuticals (NASDAQ:ACAD) Given New $28.00 Price Target at Needham & Company LLC

ACADIA Pharmaceuticals (NASDAQ:ACAD) had its price target reduced by Needham & Company LLC from $30.00 to $28.00 in a research note published on Wednesday,Benzinga reports. They currently have a buy rating on the biopharmaceutical company’s stock.

Several other research analysts have also weighed in on ACAD. JPMorgan Chase & Co. upped their price target on ACADIA Pharmaceuticals from $30.00 to $34.00 and gave the company an “overweight” rating in a research report on Thursday, July 24th. Royal Bank Of Canada upped their price target on ACADIA Pharmaceuticals from $39.00 to $40.00 and gave the stock an “outperform” rating in a research note on Thursday, August 7th. TD Cowen upped their price target on ACADIA Pharmaceuticals from $35.00 to $39.00 and gave the stock a “buy” rating in a research note on Thursday, September 11th. Cowen reiterated a “buy” rating on shares of ACADIA Pharmaceuticals in a research note on Thursday, September 11th. Finally, Oppenheimer reiterated a “market perform” rating and set a $22.00 price target (up previously from $19.00) on shares of ACADIA Pharmaceuticals in a research note on Thursday, June 26th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $29.18.

ACADIA Pharmaceuticals Trading Down 0.8%

Shares of NASDAQ ACAD opened at $21.05 on Wednesday. ACADIA Pharmaceuticals has a twelve month low of $13.40 and a twelve month high of $26.65. The company has a market capitalization of $3.55 billion, a price-to-earnings ratio of 15.83, a price-to-earnings-growth ratio of 5.37 and a beta of 0.75. The business has a 50 day simple moving average of $24.31 and a 200-day simple moving average of $20.68.

ACADIA Pharmaceuticals (NASDAQ:ACAD) last announced its quarterly earnings results on Wednesday, August 6th. The biopharmaceutical company reported $0.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.14 by $0.02. ACADIA Pharmaceuticals had a return on equity of 14.69% and a net margin of 21.80%.The company had revenue of $264.57 million during the quarter, compared to analyst estimates of $263.07 million. During the same quarter in the previous year, the firm posted $0.20 EPS. The firm’s quarterly revenue was up 9.4% on a year-over-year basis. As a group, equities analysts predict that ACADIA Pharmaceuticals will post 0.7 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Elizabeth A. Garofalo sold 1,600 shares of the firm’s stock in a transaction on Tuesday, September 2nd. The stock was sold at an average price of $25.98, for a total value of $41,568.00. Following the transaction, the director directly owned 25,382 shares in the company, valued at $659,424.36. This trade represents a 5.93% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Mark C. Schneyer sold 3,498 shares of ACADIA Pharmaceuticals stock in a transaction dated Monday, September 15th. The stock was sold at an average price of $23.65, for a total value of $82,727.70. Following the transaction, the executive vice president owned 43,447 shares in the company, valued at approximately $1,027,521.55. This represents a 7.45% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 27,098 shares of company stock valued at $678,256 over the last ninety days. Insiders own 26.50% of the company’s stock.

Institutional Trading of ACADIA Pharmaceuticals

Hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. increased its position in shares of ACADIA Pharmaceuticals by 9.0% in the first quarter. Vanguard Group Inc. now owns 15,203,234 shares of the biopharmaceutical company’s stock valued at $252,526,000 after acquiring an additional 1,255,594 shares during the last quarter. Assenagon Asset Management S.A. bought a new stake in shares of ACADIA Pharmaceuticals during the first quarter worth approximately $60,845,000. Geode Capital Management LLC boosted its holdings in shares of ACADIA Pharmaceuticals by 2.4% during the second quarter. Geode Capital Management LLC now owns 3,024,097 shares of the biopharmaceutical company’s stock worth $65,238,000 after acquiring an additional 69,584 shares during the period. Fred Alger Management LLC boosted its holdings in shares of ACADIA Pharmaceuticals by 2.0% during the first quarter. Fred Alger Management LLC now owns 2,769,828 shares of the biopharmaceutical company’s stock worth $46,007,000 after acquiring an additional 54,899 shares during the period. Finally, First Trust Advisors LP boosted its stake in shares of ACADIA Pharmaceuticals by 2.8% in the second quarter. First Trust Advisors LP now owns 2,434,376 shares of the biopharmaceutical company’s stock valued at $52,509,000 after buying an additional 65,914 shares during the period. Institutional investors and hedge funds 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.