ACADIA Pharmaceuticals (NASDAQ:ACAD) Given Outperform Rating at Royal Bank of Canada

Royal Bank of Canada reaffirmed their outperform rating on shares of ACADIA Pharmaceuticals (NASDAQ:ACAD) in a research note released on Monday,Benzinga reports. They currently have a $26.00 price target on the biopharmaceutical company’s stock.

Other research analysts have also recently issued reports about the company. Oppenheimer restated a “market perform” rating on shares of ACADIA Pharmaceuticals in a research note on Friday. StockNews.com cut ACADIA Pharmaceuticals from a “buy” rating to a “hold” rating in a research note on Monday, May 12th. BMO Capital Markets raised their price target on ACADIA Pharmaceuticals from $24.00 to $28.00 and gave the company an “outperform” rating in a research note on Monday. Deutsche Bank Aktiengesellschaft began coverage on ACADIA Pharmaceuticals in a report on Tuesday, February 11th. They set a “hold” rating and a $22.00 price target for the company. Finally, HC Wainwright increased their price objective on ACADIA Pharmaceuticals from $27.00 to $32.00 and gave the company a “buy” rating in a report on Monday. Seven research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $25.42.

ACADIA Pharmaceuticals Stock Down 1.2%

Shares of ACAD stock opened at $21.99 on Monday. The stock has a market cap of $3.68 billion, a PE ratio of 28.19 and a beta of 0.47. The business has a 50-day simple moving average of $16.01 and a 200-day simple moving average of $17.16. ACADIA Pharmaceuticals has a 52-week low of $13.40 and a 52-week high of $25.23.

ACADIA Pharmaceuticals (NASDAQ:ACAD) last posted its quarterly earnings results on Wednesday, May 7th. The biopharmaceutical company reported $0.11 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.10 by $0.01. The business had revenue of $244.32 million during the quarter, compared to analyst estimates of $239.32 million. ACADIA Pharmaceuticals had a return on equity of 25.83% and a net margin of 13.83%. The business’s revenue was up 18.7% compared to the same quarter last year. During the same period in the prior year, the business earned $0.10 earnings per share. Sell-side analysts anticipate that ACADIA Pharmaceuticals will post 0.7 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, insider James Kihara sold 4,000 shares of the firm’s stock in a transaction that occurred on Friday, May 16th. The stock was sold at an average price of $22.50, for a total value of $90,000.00. Following the completion of the sale, the insider now directly owns 20,395 shares of the company’s stock, valued at $458,887.50. This trade represents a 16.40% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Elizabeth A. Garofalo sold 4,919 shares of the firm’s stock in a transaction that occurred on Wednesday, March 5th. The shares were sold at an average price of $18.23, for a total value of $89,673.37. Following the completion of the sale, the director now directly owns 17,595 shares of the company’s stock, valued at $320,756.85. This represents a 21.85% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 24,994 shares of company stock valued at $453,131. 26.50% of the stock is owned by company insiders.

Institutional Trading of ACADIA Pharmaceuticals

Hedge funds have recently modified their holdings of the business. SG Americas Securities LLC lifted its holdings in shares of ACADIA Pharmaceuticals by 380.3% in the 4th quarter. SG Americas Securities LLC now owns 2,483,731 shares of the biopharmaceutical company’s stock valued at $45,576,000 after buying an additional 1,966,607 shares during the period. Barclays PLC lifted its holdings in shares of ACADIA Pharmaceuticals by 126.2% in the 3rd quarter. Barclays PLC now owns 277,565 shares of the biopharmaceutical company’s stock valued at $4,269,000 after buying an additional 154,854 shares during the period. Proficio Capital Partners LLC acquired a new position in ACADIA Pharmaceuticals during the fourth quarter worth $272,000. Vanguard Group Inc. raised its holdings in ACADIA Pharmaceuticals by 0.8% during the fourth quarter. Vanguard Group Inc. now owns 13,947,640 shares of the biopharmaceutical company’s stock worth $255,939,000 after purchasing an additional 104,444 shares during the last quarter. Finally, Victory Capital Management Inc. raised its holdings in ACADIA Pharmaceuticals by 66.9% during the fourth quarter. Victory Capital Management Inc. now owns 162,125 shares of the biopharmaceutical company’s stock worth $2,975,000 after purchasing an additional 64,995 shares during the last quarter. 96.71% of the stock is 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.