ACADIA Pharmaceuticals (NASDAQ:ACAD) Given Buy Rating at Needham & Company LLC

ACADIA Pharmaceuticals (NASDAQ:ACAD)‘s stock had its “buy” rating reiterated by investment analysts at Needham & Company LLC in a research note issued to investors on Thursday, Benzinga reports. They presently have a $28.00 target price on the biopharmaceutical company’s stock. Needham & Company LLC’s price objective would indicate a potential upside of 77.33% from the stock’s current price.

Several other analysts have also issued reports on ACAD. UBS Group reduced their target price on ACADIA Pharmaceuticals from $25.00 to $23.00 and set a “buy” rating on the stock in a report on Thursday, August 8th. HC Wainwright reaffirmed a “buy” rating and set a $27.00 price target on shares of ACADIA Pharmaceuticals in a report on Thursday, August 8th. Morgan Stanley lowered shares of ACADIA Pharmaceuticals from an “overweight” rating to an “equal weight” rating and reduced their price target for the stock from $28.00 to $20.00 in a research report on Wednesday, August 7th. Citigroup cut their target price on ACADIA Pharmaceuticals from $30.00 to $23.00 and set a “buy” rating for the company in a research note on Thursday, August 8th. Finally, Raymond James reiterated a “market perform” rating on shares of ACADIA Pharmaceuticals in a research note on Thursday, October 10th. Six research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $25.56.

ACADIA Pharmaceuticals Price Performance

ACAD stock opened at $15.79 on Thursday. ACADIA Pharmaceuticals has a fifty-two week low of $14.15 and a fifty-two week high of $32.59. The stock has a market capitalization of $2.62 billion, a price-to-earnings ratio of 87.72 and a beta of 0.38. The business’s fifty day moving average price is $15.41 and its two-hundred day moving average price is $15.96.

ACADIA Pharmaceuticals (NASDAQ:ACAD) last issued its quarterly earnings results on Tuesday, August 6th. The biopharmaceutical company reported $0.20 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.18 by $0.02. ACADIA Pharmaceuticals had a return on equity of 6.89% and a net margin of 3.43%. The business had revenue of $241.96 million during the quarter, compared to analysts’ expectations of $235.95 million. During the same period in the previous year, the company posted $0.01 earnings per share. The firm’s revenue for the quarter was up 46.4% compared to the same quarter last year. Research analysts expect that ACADIA Pharmaceuticals will post 0.49 EPS for the current year.

Insider Buying and Selling

In other ACADIA Pharmaceuticals news, COO Brendan Teehan sold 9,534 shares of the company’s stock in a transaction dated Monday, August 19th. The stock was sold at an average price of $15.28, for a total value of $145,679.52. Following the sale, the chief operating officer now owns 52,177 shares in the company, valued at approximately $797,264.56. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other ACADIA Pharmaceuticals news, CEO Stephen Davis sold 31,747 shares of the stock in a transaction that occurred on Monday, August 19th. The shares were sold at an average price of $15.28, for a total transaction of $485,094.16. Following the completion of the sale, the chief executive officer now owns 186,555 shares of the company’s stock, valued at approximately $2,850,560.40. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, COO Brendan Teehan sold 9,534 shares of the business’s stock in a transaction that occurred on Monday, August 19th. The stock was sold at an average price of $15.28, for a total transaction of $145,679.52. Following the completion of the transaction, the chief operating officer now owns 52,177 shares in the company, valued at $797,264.56. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 51,014 shares of company stock valued at $779,494 in the last three months. Insiders own 28.30% of the company’s stock.

Hedge Funds Weigh In On ACADIA Pharmaceuticals

A number of hedge funds have recently bought and sold shares of the company. Park Place Capital Corp acquired a new stake in ACADIA Pharmaceuticals during the 3rd quarter worth about $25,000. Values First Advisors Inc. bought a new stake in shares of ACADIA Pharmaceuticals during the 3rd quarter valued at about $27,000. Covestor Ltd grew its stake in ACADIA Pharmaceuticals by 70.5% during the first quarter. Covestor Ltd now owns 2,032 shares of the biopharmaceutical company’s stock worth $38,000 after purchasing an additional 840 shares during the period. Headlands Technologies LLC acquired a new position in ACADIA Pharmaceuticals in the first quarter valued at approximately $48,000. Finally, Stonepine Capital Management LLC bought a new position in shares of ACADIA Pharmaceuticals during the 2nd quarter worth approximately $81,000. Institutional investors own 96.71% of the company’s stock.

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.