ACADIA Pharmaceuticals (NASDAQ:ACAD) Price Target Raised to $34.00 at JPMorgan Chase & Co.

ACADIA Pharmaceuticals (NASDAQ:ACAD) had its price target lifted by investment analysts at JPMorgan Chase & Co. from $31.00 to $34.00 in a research note issued on Wednesday,Benzinga reports. The brokerage presently has an “overweight” rating on the biopharmaceutical company’s stock. JPMorgan Chase & Co.‘s target price points to a potential upside of 45.49% from the stock’s previous close.

A number of other equities research analysts have also recently weighed in on the company. Bank of America reiterated a “neutral” rating and issued a $29.00 price objective on shares of ACADIA Pharmaceuticals in a research note on Monday. Weiss Ratings reissued a “hold (c+)” rating on shares of ACADIA Pharmaceuticals in a research report on Monday, December 29th. Stifel Nicolaus decreased their target price on shares of ACADIA Pharmaceuticals from $25.00 to $24.00 and set a “hold” rating for the company in a research note on Thursday, February 26th. Wolfe Research assumed coverage on ACADIA Pharmaceuticals in a research report on Monday, February 23rd. They set an “outperform” rating and a $33.00 price objective for the company. Finally, Wall Street Zen lowered ACADIA Pharmaceuticals from a “buy” rating to a “hold” rating in a report on Saturday, January 31st. One research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $31.21.

ACADIA Pharmaceuticals Stock Performance

Shares of NASDAQ ACAD traded up $0.87 during mid-day trading on Wednesday, reaching $23.37. 980,645 shares of the company’s stock were exchanged, compared to its average volume of 1,534,323. The company’s 50-day moving average is $25.32 and its 200-day moving average is $24.40. The firm has a market capitalization of $3.98 billion, a price-to-earnings ratio of 10.21, a PEG ratio of 18.95 and a beta of 0.66. ACADIA Pharmaceuticals has a 52-week low of $13.40 and a 52-week high of $28.35.

ACADIA Pharmaceuticals (NASDAQ:ACAD) last posted its quarterly earnings data on Wednesday, February 25th. The biopharmaceutical company reported $1.60 EPS for the quarter, beating the consensus estimate of $0.12 by $1.48. ACADIA Pharmaceuticals had a net margin of 36.49% and a return on equity of 12.49%. The business had revenue of $298.00 million during the quarter, compared to analyst estimates of $292.54 million. During the same quarter last year, the firm posted $0.86 earnings per share. The business’s revenue for the quarter was up 9.4% compared to the same quarter last year. As a group, equities analysts predict that ACADIA Pharmaceuticals will post 0.7 earnings per share for the current fiscal year.

Insider Activity

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 sale, the executive vice president owned 7,609 shares in the company, valued at $177,898.42. This trade represents a 47.74% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 28.30% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On ACADIA Pharmaceuticals

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Invesco Ltd. increased its holdings in ACADIA Pharmaceuticals by 14.5% during the 4th quarter. Invesco Ltd. now owns 847,961 shares of the biopharmaceutical company’s stock worth $22,649,000 after purchasing an additional 107,386 shares during the last quarter. Mercer Global Advisors Inc. ADV acquired a new stake in shares of ACADIA Pharmaceuticals in the 4th quarter valued at about $257,000. Mackenzie Financial Corp lifted its position in shares of ACADIA Pharmaceuticals by 7.3% during the fourth quarter. Mackenzie Financial Corp now owns 57,274 shares of the biopharmaceutical company’s stock worth $1,526,000 after purchasing an additional 3,917 shares during the last quarter. Virtus Investment Advisers LLC increased its holdings in ACADIA Pharmaceuticals by 23.1% in the fourth quarter. Virtus Investment Advisers LLC now owns 25,170 shares of the biopharmaceutical company’s stock valued at $672,000 after buying an additional 4,729 shares during the last quarter. Finally, Sphera Funds Management LTD. increased its holdings in ACADIA Pharmaceuticals by 42.5% in the fourth quarter. Sphera Funds Management LTD. now owns 212,202 shares of the biopharmaceutical company’s stock valued at $5,668,000 after buying an additional 63,302 shares during the last quarter. Institutional investors and hedge funds own 96.71% of the company’s stock.

ACADIA Pharmaceuticals Company Profile

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.