Svb Leerink Upgrades ACADIA Pharmaceuticals (NASDAQ:ACAD) to “Outperform”

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Svb Leerink upgraded shares of ACADIA Pharmaceuticals (NASDAQ:ACAD) from a market perform rating to an outperform rating in a research report sent to investors on Friday, BenzingaRatingsTable reports. The brokerage currently has $50.00 target price on the biopharmaceutical company’s stock, up from their previous target price of $21.00.

Several other equities analysts have also issued reports on ACAD. Canaccord Genuity raised ACADIA Pharmaceuticals from a hold rating to a buy rating and raised their price objective for the stock from $29.00 to $50.00 in a report on Tuesday, September 10th. ValuEngine raised ACADIA Pharmaceuticals from a hold rating to a buy rating in a report on Tuesday, September 10th. Zacks Investment Research lowered ACADIA Pharmaceuticals from a buy rating to a hold rating in a report on Wednesday, September 11th. Stifel Nicolaus set a $39.00 price objective on ACADIA Pharmaceuticals and gave the stock a hold rating in a report on Monday, September 9th. Finally, Cantor Fitzgerald reaffirmed an overweight rating and set a $40.00 price objective (up previously from $30.00) on shares of ACADIA Pharmaceuticals in a report on Tuesday, August 27th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock has an average rating of Buy and an average price target of $45.86.

NASDAQ:ACAD opened at $44.01 on Friday. The firm has a market capitalization of $6.36 billion, a PE ratio of -22.69 and a beta of 2.75. The business’s fifty day moving average price is $29.56 and its 200 day moving average price is $26.76. The company has a debt-to-equity ratio of 0.02, a current ratio of 6.85 and a quick ratio of 6.79. ACADIA Pharmaceuticals has a 12 month low of $13.87 and a 12 month high of $44.85.

ACADIA Pharmaceuticals (NASDAQ:ACAD) last issued its quarterly earnings data on Wednesday, July 31st. The biopharmaceutical company reported ($0.38) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.46) by $0.08. The company had revenue of $83.21 million for the quarter, compared to analyst estimates of $72.50 million. ACADIA Pharmaceuticals had a negative return on equity of 70.97% and a negative net margin of 101.45%. The business’s quarterly revenue was up 45.8% compared to the same quarter last year. During the same quarter last year, the company posted ($0.51) earnings per share. As a group, equities analysts anticipate that ACADIA Pharmaceuticals will post -1.87 EPS for the current year.

In related news, insider Eric Alejandro Miller sold 4,645 shares of the firm’s stock in a transaction dated Wednesday, September 11th. The stock was sold at an average price of $41.18, for a total transaction of $191,281.10. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director James M. Daly sold 30,000 shares of the firm’s stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $37.80, for a total value of $1,134,000.00. Following the transaction, the director now directly owns 30,000 shares in the company, valued at approximately $1,134,000. The disclosure for this sale can be found here. In the last three months, insiders have sold 63,112 shares of company stock worth $2,449,443. Corporate insiders own 29.40% of the company’s stock.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Invesco Ltd. lifted its position in ACADIA Pharmaceuticals by 950.3% in the second quarter. Invesco Ltd. now owns 4,015,482 shares of the biopharmaceutical company’s stock valued at $107,334,000 after purchasing an additional 3,633,171 shares during the period. Nuveen Asset Management LLC acquired a new stake in ACADIA Pharmaceuticals in the second quarter valued at about $42,444,000. Eagle Asset Management Inc. acquired a new stake in ACADIA Pharmaceuticals in the second quarter valued at about $26,733,000. Artisan Partners Limited Partnership lifted its position in ACADIA Pharmaceuticals by 348.2% in the first quarter. Artisan Partners Limited Partnership now owns 1,131,829 shares of the biopharmaceutical company’s stock valued at $30,390,000 after purchasing an additional 879,311 shares during the period. Finally, Carillon Tower Advisers Inc. acquired a new stake in ACADIA Pharmaceuticals in the second quarter valued at about $19,122,000. 94.85% of the stock is currently owned by hedge funds and other institutional investors.

ACADIA Pharmaceuticals Company Profile

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.

See Also: Price-Sales Ratio

Analyst Recommendations for ACADIA Pharmaceuticals (NASDAQ:ACAD)

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