Needham & Company LLC Reaffirms Buy Rating for ACADIA Pharmaceuticals (NASDAQ:ACAD)

ACADIA Pharmaceuticals (NASDAQ:ACAD)‘s stock had its “buy” rating reaffirmed by stock analysts at Needham & Company LLC in a report released on Thursday,Benzinga reports. They currently have a $28.00 price objective on the biopharmaceutical company’s stock. Needham & Company LLC’s target price suggests a potential upside of 42.86% from the company’s previous close.

Other analysts also recently issued reports about the company. Guggenheim downgraded ACADIA Pharmaceuticals from a “buy” rating to a “neutral” rating and dropped their price objective for the stock from $23.00 to $20.00 in a research report on Friday, January 3rd. HC Wainwright reissued a “buy” rating and issued a $27.00 target price on shares of ACADIA Pharmaceuticals in a report on Thursday, November 7th. StockNews.com lowered shares of ACADIA Pharmaceuticals from a “strong-buy” rating to a “buy” rating in a report on Thursday, November 14th. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on shares of ACADIA Pharmaceuticals in a research note on Tuesday, February 11th. They issued a “hold” rating and a $22.00 price objective for the company. Nine research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $24.00.

ACADIA Pharmaceuticals Price Performance

Shares of ACAD opened at $19.60 on Thursday. The firm has a 50 day simple moving average of $18.37 and a two-hundred day simple moving average of $16.81. ACADIA Pharmaceuticals has a one year low of $14.15 and a one year high of $24.53. The company has a market cap of $3.26 billion, a P/E ratio of 25.13 and a beta of 0.37.

Institutional Investors Weigh In On ACADIA Pharmaceuticals

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Virtus Fund Advisers LLC acquired a new position in shares of ACADIA Pharmaceuticals in the fourth quarter worth approximately $39,000. R Squared Ltd bought a new position in ACADIA Pharmaceuticals during the 4th quarter worth approximately $47,000. Quest Partners LLC lifted its position in shares of ACADIA Pharmaceuticals by 42.3% in the 3rd quarter. Quest Partners LLC now owns 3,520 shares of the biopharmaceutical company’s stock worth $54,000 after purchasing an additional 1,047 shares during the period. GF Fund Management CO. LTD. bought a new stake in shares of ACADIA Pharmaceuticals in the 4th quarter valued at $64,000. Finally, KBC Group NV increased its position in shares of ACADIA Pharmaceuticals by 67.0% during the fourth quarter. KBC Group NV now owns 5,093 shares of the biopharmaceutical company’s stock worth $93,000 after buying an additional 2,044 shares during the period. Institutional investors and hedge funds own 96.71% of the company’s stock.

ACADIA Pharmaceuticals Company Profile

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.