Cantor Fitzgerald Reaffirms Overweight Rating for ACADIA Pharmaceuticals (NASDAQ:ACAD)

ACADIA Pharmaceuticals (NASDAQ:ACAD)‘s stock had its “overweight” rating reiterated by research analysts at Cantor Fitzgerald in a report released on Thursday,Benzinga reports. They presently have a $28.00 price objective on the biopharmaceutical company’s stock. Cantor Fitzgerald’s price target suggests a potential upside of 37.84% from the stock’s current price.

ACAD has been the subject of a number of other reports. StockNews.com downgraded ACADIA Pharmaceuticals from a “strong-buy” rating to a “buy” rating in a research note on Thursday, November 14th. Deutsche Bank Aktiengesellschaft began coverage on shares of ACADIA Pharmaceuticals in a research note on Tuesday, February 11th. They issued a “hold” rating and a $22.00 price objective for the company. HC Wainwright reiterated a “buy” rating and issued a $27.00 price target on shares of ACADIA Pharmaceuticals in a research note on Thursday. Needham & Company LLC reissued a “buy” rating and set a $28.00 price target on shares of ACADIA Pharmaceuticals in a report on Thursday. Finally, Guggenheim downgraded shares of ACADIA Pharmaceuticals from a “buy” rating to a “neutral” rating and reduced their price target for the company from $23.00 to $20.00 in a report on Friday, January 3rd. Eight research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to data from MarketBeat.com, ACADIA Pharmaceuticals currently has an average rating of “Moderate Buy” and an average target price of $24.00.

ACADIA Pharmaceuticals Price Performance

Shares of ACAD traded up $1.31 on Thursday, reaching $20.31. The company’s stock had a trading volume of 907,304 shares, compared to its average volume of 2,751,107. The stock’s 50 day simple moving average is $18.32 and its two-hundred day simple moving average is $16.79. The stock has a market capitalization of $3.38 billion, a P/E ratio of 25.94 and a beta of 0.37. ACADIA Pharmaceuticals has a 12-month low of $14.15 and a 12-month high of $25.20.

Institutional Investors Weigh In On ACADIA Pharmaceuticals

A number of institutional investors have recently modified their holdings of ACAD. Vanguard Group Inc. increased its position in shares of ACADIA Pharmaceuticals by 0.8% in the fourth quarter. Vanguard Group Inc. now owns 13,947,640 shares of the biopharmaceutical company’s stock valued at $255,939,000 after buying an additional 104,444 shares in the last quarter. State Street Corp increased its holdings in ACADIA Pharmaceuticals by 3.0% in the 3rd quarter. State Street Corp now owns 5,973,874 shares of the biopharmaceutical company’s stock worth $91,878,000 after acquiring an additional 173,084 shares in the last quarter. Fred Alger Management LLC raised its position in ACADIA Pharmaceuticals by 17.8% during the third quarter. Fred Alger Management LLC now owns 3,186,389 shares of the biopharmaceutical company’s stock worth $49,007,000 after acquiring an additional 481,950 shares during the period. Geode Capital Management LLC lifted its holdings in ACADIA Pharmaceuticals by 1.1% during the third quarter. Geode Capital Management LLC now owns 2,875,540 shares of the biopharmaceutical company’s stock valued at $44,234,000 after purchasing an additional 30,826 shares in the last quarter. Finally, First Trust Advisors LP grew its position in shares of 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 valued at $49,547,000 after purchasing an additional 574,251 shares during the period. 96.71% of the stock is currently owned by institutional investors and hedge funds.

About ACADIA Pharmaceuticals

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.