ACADIA Pharmaceuticals (NASDAQ:ACAD) Receives Buy Rating from HC Wainwright

HC Wainwright reiterated their buy rating on shares of ACADIA Pharmaceuticals (NASDAQ:ACAD) in a report released on Thursday, Benzinga reports. The brokerage currently has a $27.00 price objective on the biopharmaceutical company’s stock. HC Wainwright also issued estimates for ACADIA Pharmaceuticals’ Q3 2024 earnings at $0.22 EPS, FY2024 earnings at $0.75 EPS, FY2025 earnings at $1.21 EPS, FY2026 earnings at $2.22 EPS, FY2027 earnings at $2.38 EPS and FY2028 earnings at $2.50 EPS.

Other equities research analysts have also issued reports about the stock. Oppenheimer reissued a market perform rating and issued a $19.00 target price on shares of ACADIA Pharmaceuticals in a report on Monday, May 6th. Morgan Stanley downgraded ACADIA Pharmaceuticals from an overweight rating to an equal weight rating and decreased their target price for the stock from $28.00 to $20.00 in a research report on Wednesday, August 7th. Stifel Nicolaus decreased their price target on shares of ACADIA Pharmaceuticals from $26.00 to $21.00 and set a hold rating on the stock in a research note on Thursday, May 9th. Royal Bank of Canada decreased their price objective on ACADIA Pharmaceuticals from $29.00 to $26.00 and set an outperform rating on the stock in a research report on Wednesday, August 7th. Finally, Mizuho lowered their target price on shares of ACADIA Pharmaceuticals from $25.00 to $21.00 and set a neutral rating for the company in a report on Thursday, May 9th. Five research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of Moderate Buy and an average price target of $25.56.

ACADIA Pharmaceuticals Price Performance

ACADIA Pharmaceuticals stock opened at $15.63 on Thursday. The business’s fifty day moving average is $16.64 and its 200 day moving average is $18.77. The stock has a market capitalization of $2.58 billion, a PE ratio of -1,563.00 and a beta of 0.38. ACADIA Pharmaceuticals has a one year low of $14.55 and a one year high of $32.59.

ACADIA Pharmaceuticals (NASDAQ:ACAD) last issued its quarterly earnings data on Tuesday, August 6th. The biopharmaceutical company reported $0.20 EPS for the quarter, topping the consensus estimate of $0.18 by $0.02. ACADIA Pharmaceuticals had a negative return on equity of 0.41% and a negative net margin of 0.21%. The company had revenue of $241.96 million during the quarter, compared to analyst estimates of $235.95 million. During the same quarter in the previous year, the company posted $0.01 earnings per share. ACADIA Pharmaceuticals’s revenue was up 46.4% compared to the same quarter last year. As a group, sell-side analysts expect that ACADIA Pharmaceuticals will post 0.58 EPS for the current fiscal year.

Hedge Funds Weigh In On ACADIA Pharmaceuticals

Hedge funds and other institutional investors have recently modified their holdings of the business. Covestor Ltd lifted its stake in shares of ACADIA Pharmaceuticals by 70.5% during the 1st 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 last quarter. Quest Partners LLC purchased a new stake in shares of ACADIA Pharmaceuticals during the fourth quarter valued at about $39,000. Headlands Technologies LLC bought a new stake in shares of ACADIA Pharmaceuticals in the 1st quarter valued at about $48,000. BI Asset Management Fondsmaeglerselskab A S purchased a new position in shares of ACADIA Pharmaceuticals in the 4th quarter worth approximately $100,000. Finally, Acadian Asset Management LLC bought a new position in shares of ACADIA Pharmaceuticals during the 2nd quarter worth approximately $111,000. 96.71% of the stock is currently owned by institutional investors.

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.