ACADIA Pharmaceuticals (NASDAQ:ACAD) Upgraded to Strong-Buy by StockNews.com

StockNews.com upgraded shares of ACADIA Pharmaceuticals (NASDAQ:ACAD) from a buy rating to a strong-buy rating in a report released on Thursday.

Several other equities research analysts have also recently issued reports on the stock. Royal Bank of Canada restated an outperform rating and issued a $29.00 target price on shares of ACADIA Pharmaceuticals in a report on Tuesday, June 25th. Citigroup reduced their price objective on ACADIA Pharmaceuticals from $30.19 to $30.00 and set a buy rating for the company in a research report on Thursday, May 9th. Cantor Fitzgerald restated an overweight rating and set a $37.00 price target on shares of ACADIA Pharmaceuticals in a research note on Thursday, May 9th. Mizuho lowered their price objective on shares of ACADIA Pharmaceuticals from $25.00 to $21.00 and set a neutral rating on the stock in a research note on Thursday, May 9th. Finally, Stifel Nicolaus cut their target price on shares of ACADIA Pharmaceuticals from $26.00 to $21.00 and set a hold rating for the company in a research report on Thursday, May 9th. Four analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of Moderate Buy and a consensus price target of $28.59.

ACADIA Pharmaceuticals Price Performance

ACAD stock opened at $17.77 on Thursday. The stock has a market capitalization of $2.94 billion, a P/E ratio of -1,777.00 and a beta of 0.38. ACADIA Pharmaceuticals has a 1-year low of $14.55 and a 1-year high of $33.99. The business has a fifty day moving average price of $15.59 and a 200-day moving average price of $20.35.

ACADIA Pharmaceuticals (NASDAQ:ACAD) last issued its earnings results on Wednesday, May 8th. The biopharmaceutical company reported $0.10 earnings per share for the quarter, topping analysts’ consensus estimates of $0.04 by $0.06. The business had revenue of $205.83 million during the quarter, compared to analyst estimates of $208.31 million. ACADIA Pharmaceuticals had a negative return on equity of 0.41% and a negative net margin of 0.21%. ACADIA Pharmaceuticals’s revenue was up 73.8% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($0.27) EPS. As a group, analysts anticipate that ACADIA Pharmaceuticals will post 0.58 earnings per share for the current year.

Insider Activity

In related news, CEO Stephen Davis sold 11,427 shares of the stock in a transaction dated Thursday, May 2nd. The stock was sold at an average price of $16.94, for a total transaction of $193,573.38. Following the completion of the sale, the chief executive officer now owns 155,231 shares in the company, valued at $2,629,613.14. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CFO Mark C. Schneyer sold 3,503 shares of the business’s stock in a transaction dated Thursday, May 2nd. The stock was sold at an average price of $16.94, for a total value of $59,340.82. Following the sale, the chief financial officer now directly owns 32,053 shares in the company, valued at $542,977.82. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Stephen Davis sold 11,427 shares of the stock in a transaction that occurred on Thursday, May 2nd. The shares were sold at an average price of $16.94, for a total value of $193,573.38. Following the transaction, the chief executive officer now directly owns 155,231 shares of the company’s stock, valued at $2,629,613.14. The disclosure for this sale can be found here. Insiders have sold 20,708 shares of company stock worth $348,697 over the last ninety days. Corporate insiders own 28.30% of the company’s stock.

Institutional Investors Weigh In On ACADIA Pharmaceuticals

Hedge funds have recently bought and sold shares of the business. Norges Bank bought a new stake in shares of ACADIA Pharmaceuticals in the 4th quarter worth about $45,187,000. Eventide Asset Management LLC purchased a new stake in ACADIA Pharmaceuticals during the fourth quarter valued at approximately $25,342,000. M&G Investment Management Ltd. bought a new stake in shares of ACADIA Pharmaceuticals in the 4th quarter valued at approximately $10,349,000. M&G Plc purchased a new position in shares of ACADIA Pharmaceuticals in the 1st quarter worth approximately $5,622,000. Finally, WCM Investment Management LLC bought a new position in shares of ACADIA Pharmaceuticals during the 1st quarter valued at approximately $5,215,000. Hedge funds and other 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.