ACADIA Pharmaceuticals (NASDAQ:ACAD) Upgraded to Buy at Bank of America

Bank of America upgraded shares of ACADIA Pharmaceuticals (NASDAQ:ACAD) from a neutral rating to a buy rating in a report published on Wednesday morning, MarketBeat.com reports. They currently have $29.00 price objective on the biopharmaceutical company’s stock.

ACAD has been the subject of a number of other reports. Piper Sandler set a $37.00 price objective on ACADIA Pharmaceuticals in a research note on Tuesday, December 16th. Needham & Company LLC restated a “buy” rating and set a $34.00 target price on shares of ACADIA Pharmaceuticals in a report on Monday, January 5th. 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. Wolfe Research assumed coverage on shares of ACADIA Pharmaceuticals in a research note on Monday, February 23rd. They set an “outperform” rating and a $33.00 price target on the stock. Finally, Citigroup increased their price target on shares of ACADIA Pharmaceuticals from $33.00 to $36.00 and gave the stock a “buy” rating in a research report on Tuesday, January 6th. One analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $31.21.

ACADIA Pharmaceuticals Stock Performance

NASDAQ:ACAD opened at $22.01 on Wednesday. ACADIA Pharmaceuticals has a fifty-two week low of $13.40 and a fifty-two week high of $28.35. The company has a 50 day moving average price of $23.60 and a 200 day moving average price of $23.96. The stock has a market capitalization of $3.75 billion, a P/E ratio of 9.61, a PEG ratio of 20.84 and a beta of 0.66.

ACADIA Pharmaceuticals (NASDAQ:ACAD) last announced its earnings results on Thursday, February 26th. The biopharmaceutical company reported $1.60 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.12 by $1.48. ACADIA Pharmaceuticals had a return on equity of 12.49% and a net margin of 36.49%.The company had revenue of $298.00 million for the quarter, compared to analyst estimates of $292.54 million. During the same quarter in the previous year, the company earned $0.86 earnings per share. The firm’s quarterly revenue was up 9.4% compared to the same quarter last year. Research analysts forecast that ACADIA Pharmaceuticals will post 0.7 earnings per share for the current fiscal year.

Insider Activity

In related news, EVP Jennifer J. Rhodes sold 6,950 shares of ACADIA Pharmaceuticals stock in a transaction on Monday, February 9th. The stock was sold at an average price of $23.38, for a total value of $162,491.00. Following the completion of the transaction, the executive vice president directly owned 7,609 shares in the company, valued at approximately $177,898.42. This trade represents a 47.74% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 26.50% of the company’s stock.

Institutional Investors Weigh In On ACADIA Pharmaceuticals

Several large investors have recently bought and sold shares of the stock. Farther Finance Advisors LLC boosted its stake in shares of ACADIA Pharmaceuticals by 67.5% in the 4th quarter. Farther Finance Advisors LLC now owns 958 shares of the biopharmaceutical company’s stock valued at $26,000 after buying an additional 386 shares during the period. Meeder Asset Management Inc. purchased a new stake in shares of ACADIA Pharmaceuticals during the fourth quarter worth approximately $26,000. Geneos Wealth Management Inc. raised its holdings in ACADIA Pharmaceuticals by 113.0% in the third quarter. Geneos Wealth Management Inc. now owns 1,425 shares of the biopharmaceutical company’s stock valued at $30,000 after acquiring an additional 756 shares in the last quarter. Smartleaf Asset Management LLC raised its holdings in ACADIA Pharmaceuticals by 107.0% in the third quarter. Smartleaf Asset Management LLC now owns 1,712 shares of the biopharmaceutical company’s stock valued at $36,000 after acquiring an additional 885 shares in the last quarter. Finally, Transamerica Financial Advisors LLC lifted its stake in ACADIA Pharmaceuticals by 304.5% in the fourth quarter. Transamerica Financial Advisors LLC now owns 1,335 shares of the biopharmaceutical company’s stock worth $36,000 after acquiring an additional 1,005 shares during the last quarter. Hedge funds and other 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.