Zacks Investment Research upgraded shares of ACADIA Pharmaceuticals (NASDAQ:ACAD) from a hold rating to a buy rating in a report released on Wednesday morning, Zacks.com reports. Zacks Investment Research currently has $47.00 price objective on the biopharmaceutical company’s stock.
According to Zacks, “Acadia Pharmaceuticals is a biopharmaceutical company focused on the discovery, development and commercialization of small molecule drugs for the treatment of central nervous system disorders. Their three clinical programs are ACP-103 for treatment-induced dysfunction in Parkinson’s disease, and ACP-104 and ACP-103, both for the treatment of schizophrenia. “
Several other equities research analysts also recently commented on the company. Oppenheimer started coverage on ACADIA Pharmaceuticals in a report on Thursday, October 24th. They set a market perform rating and a $44.00 target price on the stock. Stifel Nicolaus set a $39.00 target price on ACADIA Pharmaceuticals and gave the company a hold rating in a report on Monday, September 9th. ValuEngine downgraded ACADIA Pharmaceuticals from a buy rating to a hold rating in a report on Wednesday, October 2nd. HC Wainwright reiterated a buy rating and set a $60.00 target price on shares of ACADIA Pharmaceuticals in a report on Friday, November 1st. Finally, Royal Bank of Canada started coverage on ACADIA Pharmaceuticals in a report on Tuesday, October 1st. They set an outperform rating and a $60.00 target price on the stock. One analyst has rated the stock with a sell rating, five have given a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the stock. The company has an average rating of Buy and a consensus target price of $49.13.
Shares of ACAD traded up $1.41 during trading hours on Wednesday, reaching $42.61. 1,014,100 shares of the company traded hands, compared to its average volume of 1,574,526. The stock has a market capitalization of $6.41 billion, a PE ratio of -21.96 and a beta of 2.82. The company has a quick ratio of 10.89, a current ratio of 10.96 and a debt-to-equity ratio of 0.01. ACADIA Pharmaceuticals has a fifty-two week low of $14.01 and a fifty-two week high of $44.85. The stock has a fifty day simple moving average of $40.28 and a 200 day simple moving average of $30.49.
ACADIA Pharmaceuticals (NASDAQ:ACAD) last announced its earnings results on Wednesday, October 30th. The biopharmaceutical company reported ($0.29) EPS for the quarter, beating the consensus estimate of ($0.40) by $0.11. The business had revenue of $94.59 million for the quarter, compared to the consensus estimate of $88.49 million. ACADIA Pharmaceuticals had a negative return on equity of 50.15% and a negative net margin of 82.48%. The company’s revenue was up 62.2% on a year-over-year basis. During the same period last year, the business posted ($0.50) EPS. Research analysts predict that ACADIA Pharmaceuticals will post -1.62 EPS for the current fiscal year.
In other ACADIA Pharmaceuticals news, Director Bros. Advisors Lp Baker acquired 1,562,500 shares of the company’s stock in a transaction on Friday, September 20th. The shares were bought at an average cost of $40.00 per share, for a total transaction of $62,500,000.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Eric Alejandro Miller sold 28,467 shares of ACADIA Pharmaceuticals stock in a transaction that occurred on Monday, September 9th. The stock was sold at an average price of $39.49, for a total value of $1,124,161.83. The disclosure for this sale can be found here. Insiders have sold a total of 97,942 shares of company stock worth $3,840,880 over the last 90 days. 29.40% of the stock is owned by company insiders.
Several institutional investors and hedge funds have recently modified their holdings of the company. AdvisorNet Financial Inc acquired a new position in shares of ACADIA Pharmaceuticals in the 3rd quarter worth approximately $27,000. North Star Investment Management Corp. acquired a new position in shares of ACADIA Pharmaceuticals in the 3rd quarter worth approximately $32,000. Coastal Investment Advisors Inc. acquired a new position in shares of ACADIA Pharmaceuticals in the 3rd quarter worth approximately $36,000. Whittier Trust Co. acquired a new position in shares of ACADIA Pharmaceuticals in the 3rd quarter worth approximately $39,000. Finally, Oppenheimer Asset Management Inc. grew its position in shares of ACADIA Pharmaceuticals by 28.0% in the 3rd quarter. Oppenheimer Asset Management Inc. now owns 5,273 shares of the biopharmaceutical company’s stock worth $190,000 after acquiring an additional 1,155 shares in the last quarter. Institutional investors own 94.90% of the company’s stock.
About ACADIA Pharmaceuticals
ACADIA Pharmaceuticals Inc, a biopharmaceutical company, focuses on the development and commercialization of small molecule drugs that address unmet medical needs in central nervous system disorders. The company offers NUPLAZID (pimavanserin) for the treatment of hallucinations and delusions associated with Parkinson's disease psychosis.
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