ACADIA Pharmaceuticals (NASDAQ:ACAD) Price Target Cut to $28.00 by Analysts at Morgan Stanley

ACADIA Pharmaceuticals (NASDAQ:ACAD) had its price objective trimmed by Morgan Stanley from $30.00 to $28.00 in a research report sent to investors on Friday morning, Benzinga reports. The brokerage currently has an overweight rating on the biopharmaceutical company’s stock.

A number of other equities research analysts have also issued reports on the stock. Cantor Fitzgerald reissued an overweight rating and issued a $37.00 price objective on shares of ACADIA Pharmaceuticals in a report on Thursday, May 9th. Citigroup dropped their price objective on shares of ACADIA Pharmaceuticals from $30.19 to $30.00 and set a buy rating for the company in a report on Thursday, May 9th. StockNews.com raised shares of ACADIA Pharmaceuticals from a buy rating to a strong-buy rating in a research report on Thursday, July 11th. Stifel Nicolaus decreased their target price on shares of ACADIA Pharmaceuticals from $26.00 to $21.00 and set a hold rating on the stock in a research report on Thursday, May 9th. Finally, Mizuho decreased their target price on shares of ACADIA Pharmaceuticals from $25.00 to $21.00 and set a neutral rating on the stock in a research report on Thursday, May 9th. Four analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, ACADIA Pharmaceuticals has an average rating of Moderate Buy and an average target price of $28.59.

ACADIA Pharmaceuticals Stock Up 1.5 %

ACADIA Pharmaceuticals stock opened at $18.03 on Friday. ACADIA Pharmaceuticals has a 52-week low of $14.55 and a 52-week high of $33.99. The firm has a market capitalization of $2.98 billion, a price-to-earnings ratio of -1,801.20 and a beta of 0.38. The company has a fifty day simple moving average of $15.61 and a 200-day simple moving average of $20.26.

ACADIA Pharmaceuticals (NASDAQ:ACAD) last announced its quarterly earnings data on Wednesday, May 8th. The biopharmaceutical company reported $0.10 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.04 by $0.06. ACADIA Pharmaceuticals had a negative net margin of 0.21% and a negative return on equity of 0.41%. The firm had revenue of $205.83 million during the quarter, compared to analyst estimates of $208.31 million. During the same quarter in the prior year, the firm posted ($0.27) earnings per share. ACADIA Pharmaceuticals’s quarterly revenue was up 73.8% on a year-over-year basis. On average, research analysts anticipate that ACADIA Pharmaceuticals will post 0.58 EPS for the current fiscal year.

Insider Transactions at ACADIA Pharmaceuticals

In related news, COO Brendan Teehan sold 3,477 shares of the firm’s stock in a transaction that occurred on Thursday, May 2nd. The shares were sold at an average price of $16.94, for a total value of $58,900.38. Following the sale, the chief operating officer now owns 42,133 shares of the company’s stock, valued at $713,733.02. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In related news, COO Brendan Teehan sold 3,477 shares of the firm’s stock in a transaction that occurred on Thursday, May 2nd. The shares were sold at an average price of $16.94, for a total value of $58,900.38. Following the sale, the chief operating officer now owns 42,133 shares of the company’s stock, valued at $713,733.02. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CFO Mark C. Schneyer sold 3,503 shares of the firm’s stock in a transaction that occurred on Thursday, May 2nd. The shares were sold at an average price of $16.94, for a total transaction of $59,340.82. Following the completion of the sale, the chief financial officer now directly owns 32,053 shares in the company, valued at approximately $542,977.82. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 20,708 shares of company stock valued at $348,697. 28.30% of the stock is currently owned by corporate insiders.

Institutional Trading of ACADIA Pharmaceuticals

Several hedge funds have recently added to or reduced their stakes in ACAD. Norges Bank purchased a new position in ACADIA Pharmaceuticals in the fourth quarter valued at approximately $45,187,000. Eventide Asset Management LLC purchased a new position in ACADIA Pharmaceuticals in the fourth quarter valued at approximately $25,342,000. M&G Investment Management Ltd. purchased a new position in ACADIA Pharmaceuticals in the fourth quarter valued at approximately $10,349,000. M&G Plc purchased a new position in ACADIA Pharmaceuticals in the first quarter valued at approximately $5,622,000. Finally, WCM Investment Management LLC purchased a new position in ACADIA Pharmaceuticals in the first quarter valued at approximately $5,215,000. Institutional investors and hedge funds 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.