ACADIA Pharmaceuticals (NASDAQ:ACAD) Shares Up 6.4% – Time to Buy?

ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD) shares shot up 6.4% during trading on Thursday . The stock traded as high as $20.60 and last traded at $20.23. 514,057 shares were traded during trading, a decline of 81% from the average session volume of 2,736,613 shares. The stock had previously closed at $19.00.

Analysts Set New Price Targets

Several research analysts have recently issued reports on ACAD shares. Deutsche Bank Aktiengesellschaft started coverage on shares of ACADIA Pharmaceuticals in a report on Tuesday, February 11th. They set a “hold” rating and a $22.00 price target for the company. Needham & Company LLC restated a “buy” rating and issued a $28.00 price objective on shares of ACADIA Pharmaceuticals in a report on Thursday. HC Wainwright reaffirmed a “buy” rating and set a $27.00 price target on shares of ACADIA Pharmaceuticals in a research report on Thursday. Guggenheim cut shares of ACADIA Pharmaceuticals from a “buy” rating to a “neutral” rating and cut their price target for the company from $23.00 to $20.00 in a research report on Friday, January 3rd. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $28.00 price target on shares of ACADIA Pharmaceuticals in a research report on Thursday. Nine investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $24.00.

ACADIA Pharmaceuticals Trading Up 1.3 %

The company has a market cap of $3.26 billion, a P/E ratio of 25.13 and a beta of 0.37. The stock’s 50-day moving average price is $18.37 and its 200-day moving average price is $16.81.

Hedge Funds Weigh In On ACADIA Pharmaceuticals

Large investors have recently added to or reduced their stakes in the business. Virtus Fund Advisers LLC bought a new position in ACADIA Pharmaceuticals in the 4th quarter valued at about $39,000. R Squared Ltd bought a new position in ACADIA Pharmaceuticals in the 4th quarter valued at about $47,000. GF Fund Management CO. LTD. bought a new position in ACADIA Pharmaceuticals in the 4th quarter valued at about $64,000. Quest Partners LLC lifted its position in ACADIA Pharmaceuticals by 42.3% in the 3rd quarter. Quest Partners LLC now owns 3,520 shares of the biopharmaceutical company’s stock valued at $54,000 after acquiring an additional 1,047 shares in the last quarter. Finally, KBC Group NV lifted its position in ACADIA Pharmaceuticals by 67.0% in the 4th quarter. KBC Group NV now owns 5,093 shares of the biopharmaceutical company’s stock valued at $93,000 after acquiring an additional 2,044 shares in the last quarter. 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.