Oppenheimer Boosts ACADIA Pharmaceuticals (NASDAQ:ACAD) Price Target to $23.00

ACADIA Pharmaceuticals (NASDAQ:ACAD) had its price objective upped by research analysts at Oppenheimer from $21.00 to $23.00 in a research note issued to investors on Friday,Benzinga reports. The firm currently has a “market perform” rating on the biopharmaceutical company’s stock. Oppenheimer’s price target suggests a potential downside of 2.38% from the company’s current price.

ACAD has been the subject of a number of other research reports. JPMorgan Chase & Co. decreased their price objective on shares of ACADIA Pharmaceuticals from $33.00 to $31.00 and set an “overweight” rating for the company in a research note on Monday, November 17th. HC Wainwright reaffirmed a “buy” rating and issued a $37.00 target price on shares of ACADIA Pharmaceuticals in a research report on Tuesday, February 3rd. UBS Group upped their price target on ACADIA Pharmaceuticals from $35.00 to $40.00 and gave the company a “buy” rating in a research report on Tuesday, January 6th. Wall Street Zen downgraded ACADIA Pharmaceuticals from a “buy” rating to a “hold” rating in a research note on Saturday, January 31st. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $34.00 target price on shares of ACADIA Pharmaceuticals in a research note on Monday, January 5th. One equities research 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 issued a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $31.30.

ACADIA Pharmaceuticals Price Performance

Shares of ACADIA Pharmaceuticals stock opened at $23.56 on Friday. The stock has a market capitalization of $3.99 billion, a price-to-earnings ratio of 15.20, a PEG ratio of 8.28 and a beta of 0.66. ACADIA Pharmaceuticals has a 12 month low of $13.40 and a 12 month high of $28.35. The firm’s fifty day simple moving average is $26.47 and its 200-day simple moving average is $24.47.

ACADIA Pharmaceuticals (NASDAQ:ACAD) last posted its quarterly earnings results on Wednesday, November 5th. The biopharmaceutical company reported $0.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.14 by $0.28. The company had revenue of $278.63 million for the quarter, compared to analysts’ expectations of $276.52 million. ACADIA Pharmaceuticals had a return on equity of 14.61% and a net margin of 24.94%.The firm’s revenue was up 11.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.20 earnings per share. Analysts anticipate that ACADIA Pharmaceuticals will post 0.7 earnings per share for the current year.

Insider Activity

In related news, EVP Mark C. Schneyer sold 10,262 shares of the business’s stock in a transaction that occurred 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 completion of the sale, the executive vice president owned 53,338 shares of the company’s stock, valued at approximately $1,263,577.22. The trade was a 16.14% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider James Kihara sold 4,084 shares of the stock in a transaction that occurred on Tuesday, November 18th. The stock was sold at an average price of $23.69, for a total value of $96,749.96. Following the completion of the transaction, the insider owned 25,058 shares in the company, valued at $593,624.02. This represents a 14.01% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 44,346 shares of company stock worth $1,010,957 in the last three months. 26.50% of the stock is owned by insiders.

Institutional Investors Weigh In On ACADIA Pharmaceuticals

Several institutional investors and hedge funds have recently modified their holdings of ACAD. Farther Finance Advisors LLC raised its stake in shares of ACADIA Pharmaceuticals by 67.5% during the fourth quarter. Farther Finance Advisors LLC now owns 958 shares of the biopharmaceutical company’s stock worth $26,000 after buying an additional 386 shares during the last quarter. Maryland State Retirement & Pension System grew its holdings in ACADIA Pharmaceuticals by 1.3% during the 2nd quarter. Maryland State Retirement & Pension System now owns 36,397 shares of the biopharmaceutical company’s stock worth $785,000 after acquiring an additional 476 shares during the period. Pallas Capital Advisors LLC grew its holdings in ACADIA Pharmaceuticals by 4.0% during the 4th quarter. Pallas Capital Advisors LLC now owns 13,192 shares of the biopharmaceutical company’s stock worth $352,000 after acquiring an additional 512 shares during the period. PNC Financial Services Group Inc. raised its position in shares of ACADIA Pharmaceuticals by 11.2% during the 3rd quarter. PNC Financial Services Group Inc. now owns 5,323 shares of the biopharmaceutical company’s stock valued at $114,000 after acquiring an additional 534 shares during the last quarter. Finally, Oregon Public Employees Retirement Fund lifted its stake in shares of ACADIA Pharmaceuticals by 2.0% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 28,666 shares of the biopharmaceutical company’s stock valued at $766,000 after purchasing an additional 566 shares during the period. Institutional investors and hedge funds own 96.71% of the company’s stock.

ACADIA Pharmaceuticals Company Profile

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.