Citigroup Initiates Coverage on ACADIA Pharmaceuticals (NASDAQ:ACAD)

Research analysts at Citigroup started coverage on shares of ACADIA Pharmaceuticals (NASDAQ:ACAD) in a report issued on Tuesday, MarketBeat reports. The brokerage set a “buy” rating and a $33.00 price target on the biopharmaceutical company’s stock. Citigroup’s price objective would suggest a potential upside of 54.28% from the company’s current price.

Other equities research analysts also recently issued research reports about the company. Oppenheimer restated a “market perform” rating and set a $22.00 target price (up previously from $19.00) on shares of ACADIA Pharmaceuticals in a research report on Thursday, June 26th. Royal Bank Of Canada boosted their target price on ACADIA Pharmaceuticals from $39.00 to $40.00 and gave the stock an “outperform” rating in a research report on Thursday, August 7th. TD Cowen boosted their target price on ACADIA Pharmaceuticals from $35.00 to $39.00 and gave the stock a “buy” rating in a research report on Thursday, September 11th. Weiss Ratings restated a “hold (c)” rating on shares of ACADIA Pharmaceuticals in a research report on Tuesday, October 14th. Finally, JMP Securities boosted their target price on ACADIA Pharmaceuticals from $37.00 to $38.00 and gave the stock a “market outperform” rating in a research report on Thursday, August 7th. One investment analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $29.33.

ACADIA Pharmaceuticals Stock Performance

ACADIA Pharmaceuticals stock opened at $21.39 on Tuesday. The firm has a market cap of $3.61 billion, a P/E ratio of 16.08, a P/E/G ratio of 7.48 and a beta of 0.75. The business’s fifty day moving average is $23.37 and its two-hundred day moving average is $21.20. ACADIA Pharmaceuticals has a 52 week low of $13.40 and a 52 week high of $26.65.

ACADIA Pharmaceuticals (NASDAQ:ACAD) last posted its quarterly earnings data on Wednesday, August 6th. The biopharmaceutical company reported $0.16 EPS for the quarter, topping analysts’ consensus estimates of $0.14 by $0.02. The company had revenue of $264.57 million for the quarter, compared to analyst estimates 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 was up 9.4% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.20 earnings per share. On average, equities research analysts predict that ACADIA Pharmaceuticals will post 0.7 earnings per share for the current year.

Insider Transactions at ACADIA Pharmaceuticals

In other ACADIA Pharmaceuticals news, EVP Mark C. Schneyer sold 22,000 shares of the business’s stock in a transaction dated Monday, August 18th. The stock was sold at an average price of $25.18, for a total value of $553,960.00. Following the completion of the transaction, the executive vice president directly owned 40,130 shares of the company’s stock, valued at approximately $1,010,473.40. The trade was a 35.41% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Elizabeth A. Garofalo sold 1,600 shares of the business’s stock in a transaction dated Tuesday, September 2nd. The shares were sold at an average price of $25.98, for a total value of $41,568.00. Following the completion of the transaction, the director directly owned 25,382 shares of the company’s stock, valued at approximately $659,424.36. The trade was a 5.93% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 27,098 shares of company stock valued at $678,256. Insiders own 26.50% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the stock. Maryland State Retirement & Pension System boosted its position in ACADIA Pharmaceuticals by 1.3% during the second quarter. Maryland State Retirement & Pension System now owns 36,397 shares of the biopharmaceutical company’s stock valued at $785,000 after purchasing an additional 476 shares during the last quarter. Thrivent Financial for Lutherans boosted its position in ACADIA Pharmaceuticals by 0.7% during the second quarter. Thrivent Financial for Lutherans now owns 91,067 shares of the biopharmaceutical company’s stock valued at $1,964,000 after purchasing an additional 626 shares during the last quarter. GAMMA Investing LLC boosted its position in ACADIA Pharmaceuticals by 25.8% during the third quarter. GAMMA Investing LLC now owns 3,361 shares of the biopharmaceutical company’s stock valued at $72,000 after purchasing an additional 690 shares during the last quarter. Geneos Wealth Management Inc. boosted its position in ACADIA Pharmaceuticals by 113.0% during the third quarter. Geneos Wealth Management Inc. now owns 1,425 shares of the biopharmaceutical company’s stock valued at $30,000 after purchasing an additional 756 shares during the last quarter. Finally, GF Fund Management CO. LTD. boosted its position in ACADIA Pharmaceuticals by 21.9% during the first quarter. GF Fund Management CO. LTD. now owns 4,260 shares of the biopharmaceutical company’s stock valued at $71,000 after purchasing an additional 766 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.