ACADIA Pharmaceuticals (NASDAQ:ACAD) Price Target Raised to $24.00

ACADIA Pharmaceuticals (NASDAQ:ACAD) had its target price upped by Mizuho from $23.00 to $24.00 in a research report sent to investors on Thursday morning,Benzinga reports. The firm currently has a neutral rating on the biopharmaceutical company’s stock.

A number of other research firms have also recently issued reports on ACAD. BMO Capital Markets upped their price objective on shares of ACADIA Pharmaceuticals from $24.00 to $28.00 and gave the stock an “outperform” rating in a research report on Monday, May 19th. Oppenheimer reiterated a “market perform” rating and set a $22.00 price target (up from $19.00) on shares of ACADIA Pharmaceuticals in a report on Thursday, June 26th. Wall Street Zen upgraded ACADIA Pharmaceuticals from a “hold” rating to a “buy” rating in a research note on Wednesday, May 21st. Morgan Stanley set a $24.00 price objective on ACADIA Pharmaceuticals and gave the stock an “equal weight” rating in a research report on Tuesday, May 20th. Finally, UBS Group dropped their price objective on shares of ACADIA Pharmaceuticals from $25.00 to $22.00 and set a “buy” rating for the company in a report on Monday, April 28th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, ACADIA Pharmaceuticals has a consensus rating of “Moderate Buy” and an average target price of $28.88.

ACADIA Pharmaceuticals Stock Performance

ACADIA Pharmaceuticals stock opened at $24.60 on Thursday. ACADIA Pharmaceuticals has a 52 week low of $13.40 and a 52 week high of $25.23. The stock has a market capitalization of $4.12 billion, a P/E ratio of 18.50, a price-to-earnings-growth ratio of 7.00 and a beta of 0.70. The stock has a fifty day moving average of $22.38 and a 200-day moving average of $19.27.

ACADIA Pharmaceuticals (NASDAQ:ACAD) last released its earnings results on Wednesday, August 6th. The biopharmaceutical company reported $0.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.14 by $0.02. The firm had revenue of $264.57 million for the quarter, compared to analysts’ expectations of $263.07 million. ACADIA Pharmaceuticals had a return on equity of 14.69% and a net margin of 21.80%. The business’s revenue for the quarter was up 9.4% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.20 earnings per share. On average, research analysts forecast that ACADIA Pharmaceuticals will post 0.7 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Laura Brege sold 14,446 shares of the business’s stock in a transaction on Wednesday, June 4th. The shares were sold at an average price of $21.78, for a total value of $314,633.88. Following the transaction, the director owned 15,095 shares in the company, valued at $328,769.10. The trade was a 48.90% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Mark C. Schneyer sold 2,000 shares of the company’s stock in a transaction dated Friday, May 16th. The shares were sold at an average price of $25.00, for a total value of $50,000.00. Following the sale, the executive vice president owned 62,130 shares in the company, valued at approximately $1,553,250. The trade was a 3.12% decrease in their position. The disclosure for this sale can be found here. Insiders sold 20,446 shares of company stock valued at $454,634 over the last quarter. Insiders own 26.50% of the company’s stock.

Institutional Trading of ACADIA Pharmaceuticals

A number of hedge funds have recently bought and sold shares of the business. Allspring Global Investments Holdings LLC boosted its holdings in shares of ACADIA Pharmaceuticals by 645.7% in the first quarter. Allspring Global Investments Holdings LLC now owns 310,332 shares of the biopharmaceutical company’s stock worth $5,065,000 after acquiring an additional 268,714 shares during the period. GAMMA Investing LLC grew its stake in shares of ACADIA Pharmaceuticals by 627.3% during the first quarter. GAMMA Investing LLC now owns 3,513 shares of the biopharmaceutical company’s stock valued at $58,000 after buying an additional 3,030 shares during the last quarter. Concurrent Investment Advisors LLC bought a new stake in shares of ACADIA Pharmaceuticals in the 1st quarter valued at about $247,000. Amalgamated Bank boosted its holdings in ACADIA Pharmaceuticals by 757.7% during the 1st quarter. Amalgamated Bank now owns 35,002 shares of the biopharmaceutical company’s stock valued at $581,000 after acquiring an additional 30,921 shares during the period. Finally, Dimensional Fund Advisors LP grew its position in ACADIA Pharmaceuticals by 28.8% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,086,840 shares of the biopharmaceutical company’s stock worth $19,932,000 after acquiring an additional 243,082 shares during the last quarter. 96.71% of the stock is currently owned by 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.