ACADIA Pharmaceuticals (NASDAQ:ACAD) Shares Gap Up – Still a Buy?

Shares of ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD) gapped up before the market opened on Monday . The stock had previously closed at $23.99, but opened at $24.78. ACADIA Pharmaceuticals shares last traded at $24.4290, with a volume of 156,423 shares.

Analyst Ratings Changes

ACAD has been the topic of several research reports. Weiss Ratings restated a “hold (c+)” rating on shares of ACADIA Pharmaceuticals in a research note on Monday, December 29th. Citigroup increased their price objective on ACADIA Pharmaceuticals from $33.00 to $36.00 and gave the company a “buy” rating in a report on Tuesday, January 6th. JPMorgan Chase & Co. lowered their price objective on ACADIA Pharmaceuticals from $33.00 to $31.00 and set an “overweight” rating for the company in a research report on Monday, November 17th. HC Wainwright reissued a “buy” rating and set a $37.00 target price on shares of ACADIA Pharmaceuticals in a research report on Tuesday, February 3rd. Finally, Mizuho raised shares of ACADIA Pharmaceuticals from a “neutral” rating to an “outperform” rating and upped their price objective for the company from $29.00 to $35.00 in a research note on Monday. One investment analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $31.26.

ACADIA Pharmaceuticals Stock Performance

The company’s 50 day moving average price is $25.75 and its 200-day moving average price is $24.44. The stock has a market cap of $4.11 billion, a P/E ratio of 15.67, a price-to-earnings-growth ratio of 8.42 and a beta of 0.66.

Insider Transactions at ACADIA Pharmaceuticals

In other news, EVP Jennifer J. Rhodes sold 6,950 shares of the firm’s stock in a transaction on Monday, February 9th. The stock was sold at an average price of $23.38, for a total transaction of $162,491.00. Following the completion of the sale, the executive vice president directly owned 7,609 shares of the company’s stock, valued at $177,898.42. This trade represents a 47.74% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 28.30% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Farther Finance Advisors LLC boosted its position in ACADIA Pharmaceuticals by 67.5% during the fourth quarter. Farther Finance Advisors LLC now owns 958 shares of the biopharmaceutical company’s stock worth $26,000 after purchasing an additional 386 shares during the period. Cetera Investment Advisers increased its holdings in shares of ACADIA Pharmaceuticals by 2.7% in the fourth quarter. Cetera Investment Advisers now owns 16,355 shares of the biopharmaceutical company’s stock worth $437,000 after purchasing an additional 436 shares during the period. J.W. Cole Advisors Inc. raised its holdings in shares of ACADIA Pharmaceuticals by 2.5% in the 4th quarter. J.W. Cole Advisors Inc. now owns 20,632 shares of the biopharmaceutical company’s stock valued at $551,000 after acquiring an additional 501 shares in the last quarter. Pallas Capital Advisors LLC lifted its stake in ACADIA Pharmaceuticals by 4.0% during the fourth quarter. Pallas Capital Advisors LLC now owns 13,192 shares of the biopharmaceutical company’s stock worth $352,000 after purchasing an additional 512 shares during the last quarter. Finally, PNC Financial Services Group Inc. increased its position in shares of ACADIA Pharmaceuticals by 11.2% during the 3rd quarter. PNC Financial Services Group Inc. now owns 5,323 shares of the biopharmaceutical company’s stock valued at $114,000 after purchasing an additional 534 shares during the last quarter. Hedge funds and other institutional investors own 96.71% of the company’s stock.

About ACADIA Pharmaceuticals

ACADIA Pharmaceuticals Inc is a biopharmaceutical company focused on the development and commercialization of innovative therapies for central nervous system (CNS) disorders. Established in 1993 and headquartered in San Diego, California, ACADIA’s research centers concentrate on conditions with significant unmet medical needs, including Parkinson’s disease psychosis, Alzheimer’s disease psychosis, and schizophrenia. The company utilizes a range of scientific platforms, including selective receptor modulation and precision-targeted compounds, to advance its portfolio of small-molecule therapeutics.

The company’s flagship product, NUPLAZID® (pimavanserin), received U.S.