Needham & Company LLC Reiterates “Buy” Rating for ACADIA Pharmaceuticals (NASDAQ:ACAD)

ACADIA Pharmaceuticals (NASDAQ:ACAD)‘s stock had its “buy” rating reiterated by stock analysts at Needham & Company LLC in a report issued on Thursday,Benzinga reports. They presently have a $28.00 price objective on the biopharmaceutical company’s stock. Needham & Company LLC’s target price would suggest a potential upside of 58.55% from the stock’s previous close.

Other equities analysts have also recently issued reports about the company. Cantor Fitzgerald cut their target price on ACADIA Pharmaceuticals from $37.00 to $28.00 and set an “overweight” rating on the stock in a report on Wednesday, August 7th. Morgan Stanley lowered ACADIA Pharmaceuticals from an “overweight” rating to an “equal weight” rating and dropped their price target for the stock from $28.00 to $20.00 in a report on Wednesday, August 7th. Raymond James reaffirmed a “market perform” rating on shares of ACADIA Pharmaceuticals in a research report on Thursday, October 10th. Royal Bank of Canada cut their price target on ACADIA Pharmaceuticals from $29.00 to $26.00 and set an “outperform” rating for the company in a research note on Wednesday, August 7th. Finally, UBS Group lowered their price target on shares of ACADIA Pharmaceuticals from $25.00 to $23.00 and set a “buy” rating on the stock in a research report on Thursday, August 8th. Six research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $25.56.

ACADIA Pharmaceuticals Price Performance

ACADIA Pharmaceuticals stock opened at $17.66 on Thursday. The business has a 50 day moving average of $15.45 and a 200-day moving average of $15.98. The company has a market capitalization of $2.93 billion, a P/E ratio of 98.11 and a beta of 0.38. ACADIA Pharmaceuticals has a 1 year low of $14.15 and a 1 year high of $32.59.

ACADIA Pharmaceuticals (NASDAQ:ACAD) last announced its earnings results on Wednesday, November 6th. The biopharmaceutical company reported $0.20 EPS for the quarter, topping the consensus estimate of $0.14 by $0.06. ACADIA Pharmaceuticals had a return on equity of 6.89% and a net margin of 3.43%. The firm had revenue of $250.40 million for the quarter, compared to the consensus estimate of $248.83 million. During the same period in the previous year, the business earned ($0.40) EPS. The business’s quarterly revenue was up 18.3% compared to the same quarter last year. Equities analysts anticipate that ACADIA Pharmaceuticals will post 0.51 EPS for the current year.

Insider Activity at ACADIA Pharmaceuticals

In other news, CFO Mark C. Schneyer sold 9,733 shares of the firm’s stock in a transaction that occurred on Monday, August 19th. The shares were sold at an average price of $15.28, for a total value of $148,720.24. Following the transaction, the chief financial officer now owns 43,735 shares in the company, valued at approximately $668,270.80. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, CEO Stephen Davis sold 31,747 shares of ACADIA Pharmaceuticals stock in a transaction that occurred on Monday, August 19th. The stock was sold at an average price of $15.28, for a total value of $485,094.16. Following the sale, the chief executive officer now directly owns 186,555 shares in the company, valued at approximately $2,850,560.40. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Mark C. Schneyer sold 9,733 shares of the business’s stock in a transaction that occurred on Monday, August 19th. The shares were sold at an average price of $15.28, for a total value of $148,720.24. Following the transaction, the chief financial officer now directly owns 43,735 shares in the company, valued at $668,270.80. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 51,014 shares of company stock worth $779,494 in the last ninety days. 28.30% of the stock is owned by company insiders.

Institutional Trading of ACADIA Pharmaceuticals

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Marshall Wace LLP raised its position in shares of ACADIA Pharmaceuticals by 431.1% in the 2nd quarter. Marshall Wace LLP now owns 2,774,353 shares of the biopharmaceutical company’s stock worth $45,083,000 after acquiring an additional 2,251,940 shares in the last quarter. Millennium Management LLC boosted its holdings in shares of ACADIA Pharmaceuticals by 36.2% during the 2nd quarter. Millennium Management LLC now owns 2,937,714 shares of the biopharmaceutical company’s stock valued at $47,738,000 after buying an additional 781,070 shares in the last quarter. Dimensional Fund Advisors LP bought a new stake in shares of ACADIA Pharmaceuticals during the 2nd quarter valued at $10,550,000. Fred Alger Management LLC grew its holdings in ACADIA Pharmaceuticals by 19.8% in the second quarter. Fred Alger Management LLC now owns 2,704,439 shares of the biopharmaceutical company’s stock worth $43,947,000 after purchasing an additional 446,875 shares during the period. Finally, SG Americas Securities LLC increased its stake in shares of ACADIA Pharmaceuticals by 419.8% during the third quarter. SG Americas Securities LLC now owns 517,124 shares of the biopharmaceutical company’s stock valued at $7,953,000 after purchasing an additional 417,648 shares in the last quarter. 96.71% 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 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.