ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD) Receives $34.36 Consensus Price Target from Brokerages

ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD) has been given a consensus rating of “Moderate Buy” by the eighteen ratings firms that are presently covering the company, MarketBeat.com reports. Four research analysts have rated the stock with a hold rating and fourteen have issued a buy rating on the company. The average 1-year target price among brokers that have issued ratings on the stock in the last year is $34.3611.

ACAD has been the subject of several recent analyst reports. Citigroup boosted their target price on ACADIA Pharmaceuticals from $39.00 to $40.00 and gave the stock a “buy” rating in a research report on Tuesday, August 25th. Canaccord Genuity Group boosted their price objective on ACADIA Pharmaceuticals from $32.00 to $36.00 and gave the stock a “buy” rating in a report on Monday, June 29th. Bank of America restated a “buy” rating and issued a $14.50 price objective on shares of ACADIA Pharmaceuticals in a research report on Wednesday, July 29th. Deutsche Bank Aktiengesellschaft lifted their target price on shares of ACADIA Pharmaceuticals from $37.00 to $38.00 and gave the company a “buy” rating in a research report on Tuesday, August 25th. Finally, Needham & Company LLC boosted their price target on shares of ACADIA Pharmaceuticals from $38.00 to $41.00 and gave the stock a “buy” rating in a research note on Wednesday, August 12th.

Insiders Place Their Bets

In related news, EVP Mark Schneyer sold 14,292 shares of the company’s stock in a transaction on Thursday, August 6th. The shares were sold at an average price of $29.22, for a total value of $417,612.24. Following the completion of the transaction, the executive vice president directly owned 67,828 shares in the company, valued at approximately $1,981,934.16. The trade was a 17.40% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through 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 stock in a transaction on Thursday, July 30th. The shares were sold at an average price of $26.13, for a total value of $432,660.54. Following the completion of the transaction, the executive vice president directly owned 18,994 shares in the company, valued at approximately $496,313.22. This represents a 46.57% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 36,699 shares of company stock valued at $1,019,894 over the last ninety days. 26.20% of the stock is currently owned by insiders.

Hedge Funds Weigh In On ACADIA Pharmaceuticals

Several institutional investors have recently modified their holdings of the company. BlackRock Inc. purchased a new position in ACADIA Pharmaceuticals in the 2nd quarter worth $569,634,000. First Trust Advisors LP boosted its position in ACADIA Pharmaceuticals by 47.3% during 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 buying an additional 1,073,834 shares during the period. Geode Capital Management LLC boosted its position in ACADIA Pharmaceuticals by 3.4% during the fourth quarter. Geode Capital Management LLC now owns 3,239,451 shares of the biopharmaceutical company’s stock valued at $86,539,000 after buying an additional 106,807 shares during the period. Dimensional Fund Advisors LP grew its stake in shares of ACADIA Pharmaceuticals by 8.0% during the first quarter. Dimensional Fund Advisors LP now owns 3,155,160 shares of the biopharmaceutical company’s stock valued at $70,222,000 after buying an additional 234,186 shares during the last quarter. Finally, Palo Alto Investors LP bought a new position in shares of ACADIA Pharmaceuticals during the second quarter valued at about $72,461,629. 96.71% of the stock is currently owned by institutional investors.

ACADIA Pharmaceuticals Stock Down 3.7%

Shares of NASDAQ ACAD opened at $25.43 on Friday. The company has a market cap of $4.38 billion, a P/E ratio of 11.45 and a beta of 0.86. ACADIA Pharmaceuticals has a 52 week low of $19.69 and a 52 week high of $30.96. The business has a 50-day simple moving average of $27.67 and a two-hundred day simple moving average of $24.21.

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

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.