ACADIA Pharmaceuticals (NASDAQ:ACAD) Given New $28.00 Price Target at Needham & Company LLC

ACADIA Pharmaceuticals (NASDAQ:ACAD) had its price objective decreased by investment analysts at Needham & Company LLC from $30.00 to $28.00 in a research report issued on Wednesday, Benzinga reports. The firm presently has a “buy” rating on the biopharmaceutical company’s stock. Needham & Company LLC’s price target would indicate a potential upside of 84.57% from the stock’s current price.

A number of other research firms have also recently weighed in on ACAD. Bank of America cut their price objective on shares of ACADIA Pharmaceuticals from $26.00 to $22.00 and set a “neutral” rating on the stock in a research report on Friday, May 10th. Morgan Stanley downgraded shares of ACADIA Pharmaceuticals from an “overweight” rating to an “equal weight” rating and cut their price target for the company from $28.00 to $20.00 in a report on Wednesday. Mizuho decreased their price objective on shares of ACADIA Pharmaceuticals from $25.00 to $21.00 and set a “neutral” rating for the company in a research note on Thursday, May 9th. Robert W. Baird lowered their price objective on shares of ACADIA Pharmaceuticals from $31.00 to $28.00 and set an “outperform” rating for the company in a research report on Thursday, May 9th. Finally, Royal Bank of Canada lowered their price target on ACADIA Pharmaceuticals from $29.00 to $26.00 and set an “outperform” rating for the company in a report on Wednesday. Five investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, ACADIA Pharmaceuticals has a consensus rating of “Moderate Buy” and an average target price of $26.63.

ACADIA Pharmaceuticals Trading Down 19.5 %

Shares of NASDAQ:ACAD traded down $3.68 during mid-day trading on Wednesday, reaching $15.17. The stock had a trading volume of 7,108,283 shares, compared to its average volume of 1,808,785. The business’s 50 day moving average price is $16.61 and its 200 day moving average price is $19.02. ACADIA Pharmaceuticals has a 1 year low of $14.55 and a 1 year high of $32.59. The company has a market cap of $2.51 billion, a P/E ratio of -1,517.00 and a beta of 0.38.

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 analysts’ consensus estimates of $0.18 by $0.02. The business had revenue of $241.96 million during the quarter, compared to analysts’ expectations of $235.95 million. ACADIA Pharmaceuticals had a negative net margin of 0.21% and a negative return on equity of 0.41%. The business’s revenue was up 46.4% on a year-over-year basis. During the same period last year, the company posted $0.01 EPS. Analysts predict that ACADIA Pharmaceuticals will post 0.58 earnings per share for the current fiscal year.

Institutional Investors Weigh In On ACADIA Pharmaceuticals

Several institutional investors and hedge funds have recently made changes to their positions in the stock. DekaBank Deutsche Girozentrale grew its stake in ACADIA Pharmaceuticals by 2.4% during the 4th quarter. DekaBank Deutsche Girozentrale now owns 94,553 shares of the biopharmaceutical company’s stock valued at $2,925,000 after purchasing an additional 2,184 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. raised its position in ACADIA Pharmaceuticals by 5.5% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 85,780 shares of the biopharmaceutical company’s stock valued at $2,686,000 after acquiring an additional 4,442 shares in the last quarter. Allspring Global Investments Holdings LLC boosted its position in ACADIA Pharmaceuticals by 17.6% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 147,099 shares of the biopharmaceutical company’s stock worth $4,606,000 after purchasing an additional 22,008 shares in the last quarter. Mutual of America Capital Management LLC purchased a new position in shares of ACADIA Pharmaceuticals during the 4th quarter valued at approximately $2,206,000. Finally, Phocas Financial Corp. boosted its holdings in ACADIA Pharmaceuticals by 1.9% during the fourth quarter. Phocas Financial Corp. now owns 66,957 shares of the biopharmaceutical company’s stock worth $2,096,000 after buying an additional 1,266 shares in the last quarter. 96.71% of the stock is currently owned by institutional investors and hedge funds.

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.