ACADIA Pharmaceuticals (NASDAQ:ACAD) Given New $28.00 Price Target at Needham & Company LLC

ACADIA Pharmaceuticals (NASDAQ:ACAD) had its target price decreased by Needham & Company LLC from $30.00 to $28.00 in a report published on Wednesday morning,Benzinga reports. Needham & Company LLC currently has a buy rating on the biopharmaceutical company’s stock.

ACAD has been the subject of several other reports. Cowen restated a “buy” rating on shares of ACADIA Pharmaceuticals in a report on Thursday, September 11th. HC Wainwright reiterated a “buy” rating and issued a $32.00 price objective on shares of ACADIA Pharmaceuticals in a report on Thursday, June 26th. The Goldman Sachs Group lifted their price objective on ACADIA Pharmaceuticals from $15.00 to $17.00 and gave the stock a “sell” rating in a report on Thursday, August 7th. Bank of America lifted their price objective on ACADIA Pharmaceuticals from $18.00 to $23.00 and gave the stock a “hold” rating in a report on Thursday, June 5th. Finally, JPMorgan Chase & Co. lifted their price objective on ACADIA Pharmaceuticals from $30.00 to $34.00 and gave the stock an “overweight” rating in a report on Thursday, July 24th. One investment analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $29.53.

ACADIA Pharmaceuticals Price Performance

Shares of NASDAQ:ACAD opened at $21.26 on Wednesday. ACADIA Pharmaceuticals has a 1-year low of $13.40 and a 1-year high of $26.65. The business has a fifty day moving average price of $24.36 and a 200-day moving average price of $20.62. The company has a market capitalization of $3.59 billion, a PE ratio of 15.98, a PEG ratio of 5.98 and a beta of 0.75.

ACADIA Pharmaceuticals (NASDAQ:ACAD) last issued its quarterly earnings results on Wednesday, August 6th. The biopharmaceutical company reported $0.16 earnings per share for the quarter, beating the consensus estimate of $0.14 by $0.02. ACADIA Pharmaceuticals had a return on equity of 14.69% and a net margin of 21.80%.The firm had revenue of $264.57 million during the quarter, compared to the consensus estimate of $263.07 million. During the same period last year, the company earned $0.20 earnings per share. The company’s revenue was up 9.4% on a year-over-year basis. On average, sell-side analysts anticipate that ACADIA Pharmaceuticals will post 0.7 earnings per share for the current fiscal year.

Insider Transactions at ACADIA Pharmaceuticals

In other news, Director Elizabeth A. Garofalo sold 1,600 shares of ACADIA Pharmaceuticals stock in a transaction dated Tuesday, September 2nd. The stock was sold at an average price of $25.98, for a total transaction of $41,568.00. Following the transaction, the director directly owned 25,382 shares of the company’s stock, valued at $659,424.36. The trade was a 5.93% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Mark C. Schneyer sold 3,498 shares of ACADIA Pharmaceuticals stock in a transaction dated Monday, September 15th. The shares were sold at an average price of $23.65, for a total value of $82,727.70. Following the transaction, the executive vice president directly owned 43,447 shares in the company, valued at approximately $1,027,521.55. The trade was a 7.45% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 27,098 shares of company stock valued at $678,256. Corporate insiders own 26.50% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Exchange Traded Concepts LLC purchased a new position in shares of ACADIA Pharmaceuticals during the 1st quarter valued at about $29,000. Banque Transatlantique SA purchased a new position in shares of ACADIA Pharmaceuticals during the 1st quarter valued at about $31,000. Picton Mahoney Asset Management purchased a new position in shares of ACADIA Pharmaceuticals during the 1st quarter valued at about $32,000. Federated Hermes Inc. lifted its position in shares of ACADIA Pharmaceuticals by 231.5% during the 1st quarter. Federated Hermes Inc. now owns 2,317 shares of the biopharmaceutical company’s stock valued at $38,000 after buying an additional 1,618 shares in the last quarter. Finally, Quantbot Technologies LP purchased a new position in shares of ACADIA Pharmaceuticals during the 1st quarter valued at about $52,000. 96.71% of the stock is 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.