ACADIA Pharmaceuticals (NASDAQ:ACAD) PT Raised to $31.00

ACADIA Pharmaceuticals (NASDAQ:ACAD) had its price target increased by equities researchers at Morgan Stanley from $30.00 to $31.00 in a research report issued to clients and investors on Friday, Benzinga reports. The brokerage currently has an “equal weight” rating on the biopharmaceutical company’s stock. Morgan Stanley’s price target would suggest a potential upside of 28.79% from the stock’s previous close.

ACAD has been the topic of several other research reports. JMP Securities boosted their target price on ACADIA Pharmaceuticals from $31.00 to $39.00 and gave the company a “market outperform” rating in a research report on Friday, July 14th. Canaccord Genuity Group cut their target price on ACADIA Pharmaceuticals from $39.00 to $38.00 and set a “buy” rating on the stock in a research report on Thursday, August 3rd. StockNews.com raised ACADIA Pharmaceuticals from a “hold” rating to a “buy” rating in a research report on Monday, October 30th. HC Wainwright reaffirmed a “buy” rating and issued a $33.00 price objective on shares of ACADIA Pharmaceuticals in a research report on Thursday, August 3rd. Finally, Oppenheimer reaffirmed a “market perform” rating and issued a $25.00 price objective on shares of ACADIA Pharmaceuticals in a research report on Thursday, August 3rd. Four investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $34.67.

ACADIA Pharmaceuticals Price Performance

Shares of ACAD opened at $24.07 on Friday. The stock has a market capitalization of $3.94 billion, a price-to-earnings ratio of -34.88 and a beta of 0.62. The business’s 50 day simple moving average is $24.01 and its 200-day simple moving average is $24.83. ACADIA Pharmaceuticals has a 1 year low of $13.73 and a 1 year high of $33.99.

ACADIA Pharmaceuticals (NASDAQ:ACAD) last released its earnings results on Wednesday, August 2nd. The biopharmaceutical company reported $0.01 earnings per share for the quarter, beating the consensus estimate of ($0.12) by $0.13. The firm had revenue of $165.20 million for the quarter, compared to the consensus estimate of $163.86 million. ACADIA Pharmaceuticals had a negative return on equity of 27.77% and a negative net margin of 20.11%. The company’s revenue for the quarter was up 22.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.21) EPS. On average, sell-side analysts expect that ACADIA Pharmaceuticals will post -0.37 earnings per share for the current year.

Insiders Place Their Bets

In other ACADIA Pharmaceuticals news, CFO Mark C. Schneyer sold 10,000 shares of the company’s stock in a transaction on Monday, August 21st. The stock was sold at an average price of $29.00, for a total value of $290,000.00. Following the completion of the sale, the chief financial officer now directly owns 15,682 shares in the company, valued at approximately $454,778. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, insider James Kihara sold 2,000 shares of the company’s stock in a transaction on Friday, September 15th. The stock was sold at an average price of $25.88, for a total transaction of $51,760.00. Following the completion of the sale, the insider now directly owns 10,778 shares in the company, valued at approximately $278,934.64. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Mark C. Schneyer sold 10,000 shares of the company’s stock in a transaction on Monday, August 21st. The stock was sold at an average price of $29.00, for a total value of $290,000.00. Following the sale, the chief financial officer now owns 15,682 shares of the company’s stock, valued at $454,778. The disclosure for this sale can be found here. In the last ninety days, insiders sold 79,932 shares of company stock worth $1,833,547. 27.50% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On ACADIA Pharmaceuticals

Hedge funds have recently made changes to their positions in the stock. EFG Asset Management North America Corp. acquired a new stake in ACADIA Pharmaceuticals in the third quarter worth about $830,000. Principal Financial Group Inc. boosted its holdings in ACADIA Pharmaceuticals by 23.7% in the third quarter. Principal Financial Group Inc. now owns 78,140 shares of the biopharmaceutical company’s stock worth $1,628,000 after acquiring an additional 14,958 shares in the last quarter. China Universal Asset Management Co. Ltd. boosted its holdings in ACADIA Pharmaceuticals by 97.1% in the third quarter. China Universal Asset Management Co. Ltd. now owns 4,202 shares of the biopharmaceutical company’s stock worth $88,000 after acquiring an additional 2,070 shares in the last quarter. Arete Wealth Advisors LLC boosted its holdings in ACADIA Pharmaceuticals by 31.2% in the third quarter. Arete Wealth Advisors LLC now owns 16,600 shares of the biopharmaceutical company’s stock worth $346,000 after acquiring an additional 3,950 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC boosted its holdings in ACADIA Pharmaceuticals by 229.4% in the third quarter. Allspring Global Investments Holdings LLC now owns 125,091 shares of the biopharmaceutical company’s stock worth $2,607,000 after acquiring an additional 87,111 shares in the last quarter. 96.29% of the stock is currently owned by hedge funds and other institutional investors.

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. It offers NUPLAZID (pimavanserin) for the treatment of hallucinations and delusions associated with Parkinson's disease psychosis.