Wall Street Zen Upgrades ACADIA Pharmaceuticals (NASDAQ:ACAD) to “Buy”

ACADIA Pharmaceuticals (NASDAQ:ACAD) was upgraded by Wall Street Zen from a “hold” rating to a “buy” rating in a research note issued on Sunday.

Several other analysts also recently issued reports on the stock. HC Wainwright raised their price target on shares of ACADIA Pharmaceuticals from $32.00 to $37.00 and gave the company a “buy” rating in a research report on Monday, December 15th. UBS Group increased their price objective on ACADIA Pharmaceuticals from $35.00 to $40.00 and gave the stock a “buy” rating in a research note on Tuesday. Piper Sandler set a $37.00 target price on ACADIA Pharmaceuticals in a research report on Tuesday, December 16th. Mizuho increased their price target on ACADIA Pharmaceuticals from $24.00 to $29.00 and gave the company a “neutral” rating in a research report on Tuesday, December 2nd. Finally, Citigroup raised their price objective on ACADIA Pharmaceuticals from $33.00 to $36.00 and gave the company a “buy” rating in a research note on Tuesday. One equities research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $31.16.

ACADIA Pharmaceuticals Stock Performance

ACADIA Pharmaceuticals stock opened at $26.78 on Friday. The stock has a fifty day moving average of $25.50 and a 200-day moving average of $23.90. The stock has a market capitalization of $4.53 billion, a P/E ratio of 17.28, a price-to-earnings-growth ratio of 7.12 and a beta of 0.68. ACADIA Pharmaceuticals has a 52 week low of $13.40 and a 52 week high of $28.35.

ACADIA Pharmaceuticals (NASDAQ:ACAD) last announced its quarterly earnings results on Wednesday, November 5th. The biopharmaceutical company reported $0.42 EPS for the quarter, beating analysts’ consensus estimates of $0.14 by $0.28. ACADIA Pharmaceuticals had a return on equity of 14.61% and a net margin of 24.94%.The firm had revenue of $278.63 million for the quarter, compared to analyst estimates of $276.52 million. During the same period last year, the firm posted $0.20 earnings per share. The business’s revenue for the quarter was up 11.3% on a year-over-year basis. 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, EVP Mark C. Schneyer sold 10,262 shares of the stock in a transaction on Tuesday, November 18th. The stock was sold at an average price of $23.69, for a total value of $243,106.78. Following the transaction, the executive vice president owned 53,338 shares of the company’s stock, valued at $1,263,577.22. This represents a 16.14% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider James Kihara sold 4,084 shares of the stock in a transaction dated Tuesday, November 18th. The shares were sold at an average price of $23.69, for a total value of $96,749.96. Following the transaction, the insider owned 25,058 shares in the company, valued at $593,624.02. This trade represents a 14.01% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 44,346 shares of company stock worth $1,010,957. Insiders own 26.50% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of ACAD. Geode Capital Management LLC raised its position in ACADIA Pharmaceuticals by 2.4% in the 2nd quarter. Geode Capital Management LLC now owns 3,024,097 shares of the biopharmaceutical company’s stock worth $65,238,000 after buying an additional 69,584 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in ACADIA Pharmaceuticals by 16.8% during the third quarter. Dimensional Fund Advisors LP now owns 2,798,134 shares of the biopharmaceutical company’s stock valued at $59,712,000 after purchasing an additional 402,534 shares during the period. First Trust Advisors LP boosted its holdings in ACADIA Pharmaceuticals by 2.8% in the second quarter. First Trust Advisors LP now owns 2,434,376 shares of the biopharmaceutical company’s stock worth $52,509,000 after purchasing an additional 65,914 shares during the last quarter. Braidwell LP bought a new stake in ACADIA Pharmaceuticals in the 3rd quarter worth approximately $50,760,000. Finally, Marshall Wace LLP grew its position in ACADIA Pharmaceuticals by 19.8% in the 3rd quarter. Marshall Wace LLP now owns 2,358,881 shares of the biopharmaceutical company’s stock worth $50,339,000 after purchasing an additional 389,170 shares during the period. Institutional investors own 96.71% of the company’s stock.

About ACADIA Pharmaceuticals

ACADIA Pharmaceuticals Inc is a biopharmaceutical company focused on the development and commercialization of innovative therapies for central nervous system (CNS) disorders. Established in 1993 and headquartered in San Diego, California, ACADIA’s research centers concentrate on conditions with significant unmet medical needs, including Parkinson’s disease psychosis, Alzheimer’s disease psychosis, and schizophrenia. The company utilizes a range of scientific platforms, including selective receptor modulation and precision-targeted compounds, to advance its portfolio of small-molecule therapeutics.

The company’s flagship product, NUPLAZID® (pimavanserin), received U.S.