ACADIA Pharmaceuticals (NASDAQ:ACAD) Upgraded at Bank of America

Bank of America upgraded shares of ACADIA Pharmaceuticals (NASDAQ:ACAD) from a neutral rating to a buy rating in a research note published on Wednesday morning, Marketbeat Ratings reports. Bank of America currently has $29.00 price objective on the biopharmaceutical company’s stock.

Several other research firms have also recently issued reports on ACAD. Wall Street Zen cut shares of ACADIA Pharmaceuticals from a “buy” rating to a “hold” rating in a research report on Saturday, January 31st. UBS Group lifted their price target on ACADIA Pharmaceuticals from $35.00 to $40.00 and gave the stock a “buy” rating in a report on Tuesday, January 6th. TD Cowen upped their price objective on ACADIA Pharmaceuticals from $35.00 to $37.00 and gave the stock a “buy” rating in a research report on Thursday, February 26th. Needham & Company LLC reiterated a “buy” rating and issued a $34.00 price objective on shares of ACADIA Pharmaceuticals in a report on Monday, January 5th. Finally, Weiss Ratings reissued a “hold (c+)” rating on shares of ACADIA Pharmaceuticals in a research report on Monday, December 29th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, four have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, ACADIA Pharmaceuticals currently has an average rating of “Moderate Buy” and an average price target of $31.21.

ACADIA Pharmaceuticals Stock Performance

ACAD stock opened at $20.75 on Wednesday. The company’s 50 day moving average price is $23.39 and its 200 day moving average price is $23.91. The firm has a market capitalization of $3.54 billion, a price-to-earnings ratio of 9.06, a PEG ratio of 21.35 and a beta of 0.66. ACADIA Pharmaceuticals has a fifty-two week low of $13.40 and a fifty-two week high of $28.35.

ACADIA Pharmaceuticals (NASDAQ:ACAD) last issued its quarterly earnings results on Thursday, February 26th. The biopharmaceutical company reported $1.60 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.12 by $1.48. ACADIA Pharmaceuticals had a net margin of 36.49% and a return on equity of 12.49%. The company had revenue of $298.00 million during the quarter, compared to the consensus estimate of $292.54 million. During the same quarter in the previous year, the firm earned $0.86 earnings per share. The firm’s quarterly revenue was up 9.4% on a year-over-year basis. Equities analysts forecast that ACADIA Pharmaceuticals will post 0.7 EPS for the current fiscal year.

Insider Activity

In other news, EVP Jennifer J. Rhodes sold 6,950 shares of ACADIA Pharmaceuticals stock in a transaction on Monday, February 9th. The shares were sold at an average price of $23.38, for a total value of $162,491.00. Following the transaction, the executive vice president directly owned 7,609 shares of the company’s stock, valued at $177,898.42. The trade was a 47.74% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 26.50% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of ACAD. Rockefeller Capital Management L.P. increased its stake in ACADIA Pharmaceuticals by 7.4% in the fourth quarter. Rockefeller Capital Management L.P. now owns 1,113,040 shares of the biopharmaceutical company’s stock valued at $29,729,000 after purchasing an additional 76,727 shares during the period. Invesco Ltd. boosted its stake in shares of ACADIA Pharmaceuticals by 14.5% during the fourth quarter. Invesco Ltd. now owns 847,961 shares of the biopharmaceutical company’s stock worth $22,649,000 after buying an additional 107,386 shares during the period. Mercer Global Advisors Inc. ADV purchased a new position in shares of ACADIA Pharmaceuticals during the fourth quarter worth about $257,000. Mackenzie Financial Corp grew its holdings 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 buying an additional 3,917 shares during the last quarter. Finally, Virtus Investment Advisers LLC increased its position in ACADIA Pharmaceuticals by 23.1% in the 4th quarter. Virtus Investment Advisers LLC now owns 25,170 shares of the biopharmaceutical company’s stock valued at $672,000 after acquiring an additional 4,729 shares during the period. 96.71% of the stock is owned by hedge funds and other institutional investors.

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.