ACADIA Pharmaceuticals (NASDAQ:ACAD) Given New $33.00 Price Target at Citizens Jmp

ACADIA Pharmaceuticals (NASDAQ:ACAD) had its target price dropped by stock analysts at Citizens Jmp from $36.00 to $33.00 in a research note issued to investors on Friday, Benzinga reports. The firm currently has a “market outperform” rating on the biopharmaceutical company’s stock. Citizens Jmp’s price objective would indicate a potential upside of 48.78% from the company’s current price.

ACAD has been the subject of several other research reports. Bank of America restated a “buy” rating and set a $14.50 target price on shares of ACADIA Pharmaceuticals in a research report on Wednesday, July 29th. Oppenheimer reissued a “market perform” rating on shares of ACADIA Pharmaceuticals in a research note on Wednesday. TD Cowen reaffirmed a “buy” rating on shares of ACADIA Pharmaceuticals in a report on Thursday. Morgan Stanley lifted their price objective on ACADIA Pharmaceuticals from $27.00 to $28.00 and gave the stock an “equal weight” rating in a research note on Tuesday, August 25th. Finally, Citigroup restated a “buy” rating and set a $33.00 target price (down from $40.00) on shares of ACADIA Pharmaceuticals in a report on Friday. Fourteen equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $33.69.

ACADIA Pharmaceuticals Stock Performance

NASDAQ:ACAD opened at $22.18 on Friday. The company has a market capitalization of $3.82 billion, a P/E ratio of 9.99 and a beta of 0.86. The stock’s 50 day moving average price is $27.60 and its 200 day moving average price is $24.21. ACADIA Pharmaceuticals has a 52 week low of $19.69 and a 52 week high of $30.96.

ACADIA Pharmaceuticals (NASDAQ:ACAD) last posted its quarterly earnings data on Tuesday, August 4th. The biopharmaceutical company reported $0.18 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.07 by $0.11. ACADIA Pharmaceuticals had a net margin of 33.42% and a return on equity of 9.03%. The business had revenue of $308.00 million during the quarter, compared to the consensus estimate of $296.55 million. During the same period in the prior year, the firm earned $0.16 EPS. ACADIA Pharmaceuticals’s quarterly revenue was up 16.4% compared to the same quarter last year. As a group, sell-side analysts forecast that ACADIA Pharmaceuticals will post 0.64 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, EVP Mark Schneyer sold 14,292 shares of the business’s stock in a transaction dated Thursday, August 6th. The stock was sold at an average price of $29.22, for a total value of $417,612.24. Following the sale, the executive vice president directly owned 67,828 shares in the company, valued at $1,981,934.16. The trade was a 17.40% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Elizabeth Thompson sold 16,558 shares of the business’s stock in a transaction dated Thursday, July 30th. The stock was sold at an average price of $26.13, for a total transaction of $432,660.54. Following the sale, the executive vice president directly owned 18,994 shares in the company, valued at $496,313.22. This trade represents a 46.57% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 36,699 shares of company stock valued at $1,019,894. Company insiders own 26.20% of the company’s stock.

Institutional Trading of ACADIA Pharmaceuticals

Hedge funds have recently modified their holdings of the stock. BlackRock Inc. acquired a new position in ACADIA Pharmaceuticals during the 2nd quarter worth about $569,634,000. Palo Alto Investors LP bought a new position in shares of ACADIA Pharmaceuticals during the second quarter worth about $72,461,629. Norges Bank acquired a new position in shares of ACADIA Pharmaceuticals in the fourth quarter worth approximately $40,266,000. Bank of America Corp DE acquired a new position in shares of ACADIA Pharmaceuticals in the second quarter worth approximately $32,900,000. Finally, First Trust Advisors LP boosted its holdings in ACADIA Pharmaceuticals by 47.3% in the first quarter. First Trust Advisors LP now owns 3,343,868 shares of the biopharmaceutical company’s stock valued at $74,435,000 after acquiring an additional 1,073,834 shares during the last quarter. Institutional investors and hedge funds own 96.71% of the company’s stock.

Key Headlines Impacting ACADIA Pharmaceuticals

Here are the key news stories impacting ACADIA Pharmaceuticals this week:

• Positive Sentiment: ACADIA said the Phase 2 RADIANT study produced efficacy trends for the 60-mg dose, including reductions in hallucinations and delusions, and characterized the results as sufficient to support a Phase 3 program. The drug’s safety profile was reportedly clean. ACADIA Announces RADIANT Results
• Positive Sentiment: Needham reaffirmed its Buy rating and maintained a $41 price target, while Citigroup retained a Buy rating even after reducing its target from $40 to $33. These targets imply substantial potential upside if remlifanserin succeeds in Phase 3.
• Neutral Sentiment: BMO lowered its price target to $34 amid heavy selling, reflecting a more cautious valuation but still indicating potential upside relative to the stock’s recent level. BMO Lowers ACAD Price Target
• Neutral Sentiment: A report showed zero shares sold short as of September 24, producing a zero-day days-to-cover ratio. This may limit the relevance of short-covering or short-squeeze explanations for the stock’s movement, although the figure may reflect a reporting anomaly.
• Negative Sentiment: Remlifanserin missed the RADIANT study’s primary endpoint: the high-dose treatment improved symptoms versus placebo, but the result fell short of statistical significance at six weeks. The weak effect size also raised concerns about clinical utility and the likelihood of reproducing the results in Phase 3. Reuters Report on RADIANT Trial
• Negative Sentiment: Citigroup reportedly cut its estimated probability of remlifanserin success to 20%, while other analysis placed the probability near 25%. The setback threatens the value investors had assigned to ACADIA’s Alzheimer’s pipeline and prompted the stock’s steepest decline in roughly two years.

About ACADIA Pharmaceuticals

ACADIA Pharmaceuticals Inc is a biopharmaceutical company focused on developing and commercializing medicines for neurological and psychiatric disorders. The company is headquartered in San Diego, California, and conducts research and commercial activities primarily in the United States.

ACADIA’s marketed products include NUPLAZID (pimavanserin), an atypical antipsychotic approved for the treatment of hallucinations and delusions associated with Parkinson’s disease psychosis. The company also markets DAYBUE (trofinetide), a therapy for Rett syndrome, a rare neurodevelopmental disorder.

Founded in 1993, ACADIA continues to advance a pipeline of therapies for central nervous system conditions, including additional neurological and psychiatric disorders.