ACADIA Pharmaceuticals (NASDAQ:ACAD) Earns Buy Rating from Needham & Company LLC

Needham & Company LLC reaffirmed their buy rating on shares of ACADIA Pharmaceuticals (NASDAQ:ACAD) in a research report report published on Thursday morning,Benzinga reports. Needham & Company LLC currently has a $28.00 price target on the biopharmaceutical company’s stock.

Several other research firms have also recently weighed in on ACAD. Cantor Fitzgerald lowered their target price on ACADIA Pharmaceuticals from $37.00 to $28.00 and set an “overweight” rating on the stock in a research note on Wednesday, August 7th. UBS Group cut their target price on shares of ACADIA Pharmaceuticals from $25.00 to $23.00 and set a “buy” rating for the company in a research report on Thursday, August 8th. Citigroup lowered their price target on shares of ACADIA Pharmaceuticals from $30.00 to $23.00 and set a “buy” rating on the stock in a report on Thursday, August 8th. HC Wainwright reiterated a “buy” rating and set a $27.00 price objective on shares of ACADIA Pharmaceuticals in a report on Thursday, August 8th. Finally, Royal Bank of Canada lowered their target price on ACADIA Pharmaceuticals from $29.00 to $26.00 and set an “outperform” rating on the stock in a research note on Wednesday, August 7th. Six investment analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $25.56.

ACADIA Pharmaceuticals Stock Up 2.4 %

Shares of ACAD stock traded up $0.41 during trading hours on Thursday, reaching $17.61. 888,829 shares of the stock traded hands, compared to its average volume of 1,687,000. The firm has a market capitalization of $2.92 billion, a PE ratio of 95.56 and a beta of 0.38. ACADIA Pharmaceuticals has a 1-year low of $14.15 and a 1-year high of $32.59. The business has a fifty day moving average price of $15.43 and a 200 day moving average price of $15.97.

ACADIA Pharmaceuticals (NASDAQ:ACAD) last released its earnings results on Wednesday, November 6th. The biopharmaceutical company reported $0.20 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.14 by $0.06. ACADIA Pharmaceuticals had a return on equity of 6.89% and a net margin of 3.43%. The company had revenue of $250.40 million during the quarter, compared to analyst estimates of $248.83 million. During the same quarter in the prior year, the company earned ($0.40) earnings per share. The company’s revenue for the quarter was up 18.3% on a year-over-year basis. Research analysts expect that ACADIA Pharmaceuticals will post 0.51 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, COO Brendan Teehan sold 9,534 shares of the stock in a transaction that occurred on Monday, August 19th. The stock was sold at an average price of $15.28, for a total value of $145,679.52. Following the completion of the sale, the chief operating officer now directly owns 52,177 shares of the company’s stock, valued at approximately $797,264.56. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, COO Brendan Teehan sold 9,534 shares of ACADIA Pharmaceuticals stock in a transaction dated Monday, August 19th. The stock was sold at an average price of $15.28, for a total transaction of $145,679.52. Following the sale, the chief operating officer now directly owns 52,177 shares of the company’s stock, valued at $797,264.56. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Mark C. Schneyer sold 9,733 shares of the company’s stock in a transaction that occurred on Monday, August 19th. The shares were sold at an average price of $15.28, for a total value of $148,720.24. Following the completion of the transaction, the chief financial officer now directly owns 43,735 shares of the company’s stock, valued at approximately $668,270.80. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 51,014 shares of company stock valued at $779,494. Insiders own 28.30% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Arizona State Retirement System grew its position in ACADIA Pharmaceuticals by 2.2% in the second quarter. Arizona State Retirement System now owns 29,983 shares of the biopharmaceutical company’s stock valued at $487,000 after acquiring an additional 655 shares during the period. Commonwealth Equity Services LLC grew its holdings in shares of ACADIA Pharmaceuticals by 5.6% in the 2nd quarter. Commonwealth Equity Services LLC now owns 14,770 shares of the biopharmaceutical company’s stock worth $240,000 after purchasing an additional 778 shares during the last quarter. Swiss National Bank increased its position in shares of ACADIA Pharmaceuticals by 0.4% during the 1st quarter. Swiss National Bank now owns 210,604 shares of the biopharmaceutical company’s stock worth $3,894,000 after purchasing an additional 800 shares in the last quarter. Covestor Ltd boosted its position in ACADIA Pharmaceuticals by 70.5% in the first quarter. Covestor Ltd now owns 2,032 shares of the biopharmaceutical company’s stock valued at $38,000 after buying an additional 840 shares in the last quarter. Finally, Quest Partners LLC grew its stake in ACADIA Pharmaceuticals by 42.3% during the third quarter. Quest Partners LLC now owns 3,520 shares of the biopharmaceutical company’s stock worth $54,000 after buying an additional 1,047 shares during the last quarter. 96.71% of the stock is owned by institutional investors.

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.