ACADIA Pharmaceuticals’ (ACAD) Market Perform Rating Reaffirmed at Oppenheimer

ACADIA Pharmaceuticals (NASDAQ:ACAD)‘s stock had its “market perform” rating reaffirmed by stock analysts at Oppenheimer in a research report issued to clients and investors on Monday, Benzinga reports. They presently have a $19.00 price objective on the biopharmaceutical company’s stock. Oppenheimer’s price objective suggests a potential upside of 10.14% from the company’s current price.

Several other brokerages have also weighed in on ACAD. StockNews.com raised ACADIA Pharmaceuticals from a “hold” rating to a “buy” rating in a research report on Tuesday, January 30th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $37.00 price objective on shares of ACADIA Pharmaceuticals in a research report on Tuesday, April 30th. Mizuho downgraded shares of ACADIA Pharmaceuticals from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $39.00 to $25.00 in a research report on Tuesday, March 12th. Needham & Company LLC restated a “buy” rating and set a $32.00 price target on shares of ACADIA Pharmaceuticals in a report on Tuesday, April 9th. Finally, JPMorgan Chase & Co. reduced their target price on ACADIA Pharmaceuticals from $29.00 to $25.00 and set an “overweight” rating for the company in a report on Monday, March 25th. Three investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $31.75.

ACADIA Pharmaceuticals Price Performance

NASDAQ ACAD opened at $17.25 on Monday. The firm has a market capitalization of $2.85 billion, a price-to-earnings ratio of -45.39 and a beta of 0.42. The company has a 50 day simple moving average of $18.79 and a 200-day simple moving average of $23.26. ACADIA Pharmaceuticals has a 52-week low of $16.16 and a 52-week high of $33.99.

ACADIA Pharmaceuticals (NASDAQ:ACAD) last released its earnings results on Tuesday, February 27th. The biopharmaceutical company reported $0.28 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.32 by ($0.04). ACADIA Pharmaceuticals had a negative return on equity of 15.67% and a negative net margin of 8.44%. The company had revenue of $231.04 million during the quarter, compared to analysts’ expectations of $223.79 million. During the same quarter in the previous year, the company earned ($0.26) EPS. The firm’s quarterly revenue was up 69.3% compared to the same quarter last year. On average, analysts predict that ACADIA Pharmaceuticals will post 0.62 EPS for the current year.

Insider Buying and Selling at ACADIA Pharmaceuticals

In other news, CFO Mark C. Schneyer sold 3,503 shares of the business’s stock in a transaction that occurred on Thursday, May 2nd. The stock was sold at an average price of $16.94, for a total transaction of $59,340.82. Following the sale, the chief financial officer now directly owns 32,053 shares in the company, valued at $542,977.82. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, COO Brendan Teehan sold 3,477 shares of the firm’s stock in a transaction that occurred on Thursday, May 2nd. The stock was sold at an average price of $16.94, for a total transaction of $58,900.38. Following the completion of the transaction, the chief operating officer now owns 42,133 shares in the company, valued at approximately $713,733.02. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Mark C. Schneyer sold 3,503 shares of the stock in a transaction on Thursday, May 2nd. The stock was sold at an average price of $16.94, for a total value of $59,340.82. Following the transaction, the chief financial officer now owns 32,053 shares of the company’s stock, valued at $542,977.82. The disclosure for this sale can be found here. Insiders sold a total of 89,116 shares of company stock valued at $1,625,639 in the last quarter. Corporate insiders own 27.50% of the company’s stock.

Institutional Investors Weigh In On ACADIA Pharmaceuticals

Hedge funds have recently made changes to their positions in the company. RTW Investments LP increased its holdings in shares of ACADIA Pharmaceuticals by 18.3% during the third quarter. RTW Investments LP now owns 11,576,537 shares of the biopharmaceutical company’s stock worth $241,255,000 after buying an additional 1,793,288 shares in the last quarter. Norges Bank bought a new position in ACADIA Pharmaceuticals in the 4th quarter valued at $45,187,000. Fred Alger Management LLC boosted its stake in ACADIA Pharmaceuticals by 38.7% in the third quarter. Fred Alger Management LLC now owns 3,108,883 shares of the biopharmaceutical company’s stock worth $64,789,000 after purchasing an additional 867,818 shares in the last quarter. Eventide Asset Management LLC bought a new stake in shares of ACADIA Pharmaceuticals during the fourth quarter worth $25,342,000. Finally, M&G Investment Management Ltd. acquired a new stake in shares of ACADIA Pharmaceuticals in the fourth quarter valued at $10,349,000. Institutional investors and hedge funds own 96.71% of the company’s stock.

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.