ACADIA Pharmaceuticals (NASDAQ:ACAD) Stock Price Expected to Rise, Canaccord Genuity Group Analyst Says

ACADIA Pharmaceuticals (NASDAQ:ACAD) had its price target raised by investment analysts at Canaccord Genuity Group from $32.00 to $36.00 in a research report issued to clients and investors on Monday,Benzinga reports. The brokerage presently has a “buy” rating on the biopharmaceutical company’s stock. Canaccord Genuity Group’s target price suggests a potential upside of 40.97% from the company’s previous close.

Other analysts also recently issued research reports about the stock. Weiss Ratings downgraded shares of ACADIA Pharmaceuticals from a “hold (c+)” rating to a “hold (c)” rating in a research report on Friday, May 1st. JPMorgan Chase & Co. upped their price objective on shares of ACADIA Pharmaceuticals from $31.00 to $34.00 and gave the stock an “overweight” rating in a report on Wednesday, March 4th. Citigroup reaffirmed a “buy” rating on shares of ACADIA Pharmaceuticals in a research note on Monday. Finally, Bank of America upgraded shares of ACADIA Pharmaceuticals from a “neutral” rating to a “buy” rating and set a $29.00 target price on the stock in a report on Wednesday, March 25th. Twelve equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $31.88.

ACADIA Pharmaceuticals Price Performance

ACAD stock opened at $25.54 on Monday. The company’s 50-day moving average is $21.82 and its 200-day moving average is $23.44. The stock has a market capitalization of $4.37 billion, a PE ratio of 11.55, a price-to-earnings-growth ratio of 31.79 and a beta of 0.84. ACADIA Pharmaceuticals has a 1 year low of $19.69 and a 1 year high of $28.35.

ACADIA Pharmaceuticals (NASDAQ:ACAD) last announced its quarterly earnings results on Wednesday, May 6th. The biopharmaceutical company reported $0.02 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.04 by ($0.02). ACADIA Pharmaceuticals had a return on equity of 9.61% and a net margin of 34.30%.The firm had revenue of $268.10 million during the quarter, compared to the consensus estimate of $280.25 million. During the same quarter in the previous year, the company posted $0.11 EPS. The firm’s revenue was up 9.7% on a year-over-year basis. On average, analysts anticipate that ACADIA Pharmaceuticals will post 0.37 earnings per share for the current fiscal year.

Insider Transactions at ACADIA Pharmaceuticals

In other ACADIA Pharmaceuticals news, insider James Kihara sold 5,401 shares of the stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $21.18, for a total value of $114,393.18. Following the completion of the sale, the insider owned 24,509 shares in the company, valued at approximately $519,100.62. This trade represents a 18.06% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Mark C. Schneyer sold 3,506 shares of ACADIA Pharmaceuticals stock in a transaction that occurred on Monday, May 4th. The stock was sold at an average price of $21.79, for a total transaction of $76,395.74. Following the transaction, the executive vice president directly owned 66,145 shares in the company, valued at approximately $1,441,299.55. This represents a 5.03% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 13,978 shares of company stock valued at $302,819 over the last ninety days. 26.20% of the stock is currently owned by insiders.

Institutional Trading of ACADIA Pharmaceuticals

A number of institutional investors and hedge funds have recently modified their holdings of ACAD. Farther Finance Advisors LLC lifted its holdings in ACADIA Pharmaceuticals by 67.5% during the fourth quarter. Farther Finance Advisors LLC now owns 958 shares of the biopharmaceutical company’s stock worth $26,000 after acquiring an additional 386 shares during the period. Meeder Asset Management Inc. purchased a new stake in shares of ACADIA Pharmaceuticals during the 4th quarter valued at $26,000. Transamerica Financial Advisors LLC raised its stake in shares of ACADIA Pharmaceuticals by 304.5% during the 4th quarter. Transamerica Financial Advisors LLC now owns 1,335 shares of the biopharmaceutical company’s stock worth $36,000 after purchasing an additional 1,005 shares during the period. Federated Hermes Inc. raised its stake in shares of ACADIA Pharmaceuticals by 277.5% during the 4th quarter. Federated Hermes Inc. now owns 1,612 shares of the biopharmaceutical company’s stock worth $43,000 after purchasing an additional 1,185 shares during the period. Finally, Leonteq Securities AG purchased a new position in shares of ACADIA Pharmaceuticals in the 4th quarter worth about $52,000. 96.71% of the stock is owned by hedge funds and other institutional investors.

ACADIA Pharmaceuticals Company Profile

ACADIA Pharmaceuticals Inc is a biopharmaceutical company focused on the development and commercialization of innovative therapies for central nervous system (CNS) disorders. Established in 1993 and headquartered in San Diego, California, ACADIA’s research centers concentrate on conditions with significant unmet medical needs, including Parkinson’s disease psychosis, Alzheimer’s disease psychosis, and schizophrenia. The company utilizes a range of scientific platforms, including selective receptor modulation and precision-targeted compounds, to advance its portfolio of small-molecule therapeutics.

The company’s flagship product, NUPLAZID® (pimavanserin), received U.S.