ACADIA Pharmaceuticals (NASDAQ:ACAD) Upgraded by StockNews.com to “Buy” Rating

StockNews.com upgraded shares of ACADIA Pharmaceuticals (NASDAQ:ACAD) from a hold rating to a buy rating in a report issued on Saturday.

A number of other brokerages have also recently issued reports on ACAD. HC Wainwright reissued a “buy” rating and issued a $27.00 target price on shares of ACADIA Pharmaceuticals in a research report on Thursday, February 27th. Needham & Company LLC reaffirmed a “buy” rating and issued a $28.00 price objective on shares of ACADIA Pharmaceuticals in a research note on Thursday, February 27th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $28.00 target price on shares of ACADIA Pharmaceuticals in a research note on Thursday, February 27th. Morgan Stanley reaffirmed an “equal weight” rating and issued a $20.00 price objective on shares of ACADIA Pharmaceuticals in a research note on Friday. Finally, Guggenheim lowered ACADIA Pharmaceuticals from a “buy” rating to a “neutral” rating and reduced their price target for the company from $23.00 to $20.00 in a research report on Friday, January 3rd. Eight research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to MarketBeat, ACADIA Pharmaceuticals currently has a consensus rating of “Moderate Buy” and an average price target of $24.00.

ACADIA Pharmaceuticals Price Performance

Shares of ACAD opened at $17.19 on Friday. The firm has a market capitalization of $2.87 billion, a PE ratio of 22.04 and a beta of 0.43. ACADIA Pharmaceuticals has a fifty-two week low of $14.15 and a fifty-two week high of $24.27. The company’s 50-day moving average is $18.50 and its 200-day moving average is $16.94.

Insider Activity

In other ACADIA Pharmaceuticals news, Director Elizabeth A. Garofalo sold 4,919 shares of the firm’s stock in a transaction on Wednesday, March 5th. The shares were sold at an average price of $18.23, for a total value of $89,673.37. Following the transaction, the director now directly owns 17,595 shares of the company’s stock, valued at approximately $320,756.85. This trade represents a 21.85 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders sold a total of 6,167 shares of company stock worth $114,583 in the last three months. Company insiders own 28.30% of the company’s stock.

Hedge Funds Weigh In On ACADIA Pharmaceuticals

A number of hedge funds have recently added to or reduced their stakes in the stock. US Bancorp DE lifted its position in shares of ACADIA Pharmaceuticals by 2,084.0% during the third quarter. US Bancorp DE now owns 32,934 shares of the biopharmaceutical company’s stock valued at $507,000 after purchasing an additional 31,426 shares in the last quarter. Principal Financial Group Inc. grew its stake in ACADIA Pharmaceuticals by 67.8% during the third quarter. Principal Financial Group Inc. now owns 129,551 shares of the biopharmaceutical company’s stock valued at $1,992,000 after acquiring an additional 52,340 shares in the last quarter. Atria Investments Inc grew its position in ACADIA Pharmaceuticals by 10.8% during the third quarter. Atria Investments Inc now owns 24,437 shares of the biopharmaceutical company’s stock worth $376,000 after buying an additional 2,384 shares in the last quarter. Victory Capital Management Inc. grew its holdings in shares of ACADIA Pharmaceuticals by 2.9% during the third quarter. Victory Capital Management Inc. now owns 97,130 shares of the biopharmaceutical company’s stock worth $1,494,000 after purchasing an additional 2,708 shares in the last quarter. Finally, Oppenheimer Asset Management Inc. lifted its holdings in shares of ACADIA Pharmaceuticals by 26.6% during the 3rd quarter. Oppenheimer Asset Management Inc. now owns 37,429 shares of the biopharmaceutical company’s stock worth $576,000 after acquiring an additional 7,872 shares during the last quarter. Institutional investors and hedge funds 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.