Wall Street Zen upgraded shares of ACADIA Pharmaceuticals (NASDAQ:ACAD – Free Report) from a hold rating to a buy rating in a report issued on Tuesday,Wall Street Zen reports.
A number of other brokerages have also recently commented on ACAD. Stifel Nicolaus increased their price target on ACADIA Pharmaceuticals from $24.00 to $25.00 and gave the company a “hold” rating in a research note on Tuesday, July 21st. Bank of America restated a “buy” rating and set a $14.50 price objective on shares of ACADIA Pharmaceuticals in a research report on Wednesday, July 29th. BMO Capital Markets lowered their target price on ACADIA Pharmaceuticals from $36.00 to $34.00 and set an “outperform” rating for the company in a report on Thursday, September 24th. Royal Bank Of Canada dropped their target price on ACADIA Pharmaceuticals from $37.00 to $36.00 and set an “outperform” rating for the company in a research report on Thursday, October 8th. Finally, HC Wainwright cut their price target on ACADIA Pharmaceuticals from $37.00 to $33.00 and set a “buy” rating on the stock in a research note on Friday, September 25th. Thirteen analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $31.34.
Check Out Our Latest Analysis on ACAD
ACADIA Pharmaceuticals Trading Up 2.2%
ACAD stock opened at $20.17 on Tuesday. The company has a 50 day simple moving average of $24.30 and a 200 day simple moving average of $23.82. ACADIA Pharmaceuticals has a 1 year low of $18.39 and a 1 year high of $30.96.
ACADIA Pharmaceuticals (NASDAQ:ACAD – Get Free Report) last issued its quarterly earnings data on Tuesday, August 4th. The biopharmaceutical company reported $0.18 EPS for the quarter, beating the consensus estimate of $0.07 by $0.11. The company had revenue of $308.00 million during the quarter, compared to the consensus estimate of $296.55 million. During the same period in the previous year, the company earned $0.16 EPS. ACADIA Pharmaceuticals’s revenue for the quarter was up 16.4% on a year-over-year basis. Research analysts forecast that ACADIA Pharmaceuticals will post 0.64 EPS for the current fiscal year.
Insiders Place Their Bets
In related news, EVP Elizabeth Thompson sold 16,558 shares of the business’s 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 sale, the executive vice president owned 18,994 shares of the company’s stock, valued at $496,313.22. The trade was a 46.57% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Mark C. Schneyer sold 14,292 shares of the 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 sale, the executive vice president owned 67,828 shares of the company’s stock, valued at $1,981,934.16. The trade was a 17.40% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 36,699 shares of company stock worth $1,019,894. 26.20% of the stock is owned by company insiders.
Institutional Inflows and Outflows
Several hedge funds and other institutional investors have recently bought and sold shares of the stock. BlackRock Inc. bought a new stake in shares of ACADIA Pharmaceuticals in the 2nd quarter valued at 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. Bank of America Corp DE bought a new position in shares of ACADIA Pharmaceuticals during the second quarter worth about $32,900,000. First Trust Advisors LP lifted its stake in shares of 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 worth $74,435,000 after acquiring an additional 1,073,834 shares during the period. Finally, Bank of New York Mellon Corp acquired a new position in shares of ACADIA Pharmaceuticals in the second quarter worth approximately $19,244,000. 96.71% of the stock is owned by institutional investors and hedge funds.
ACADIA Pharmaceuticals Company Profile
ACADIA Pharmaceuticals Inc is a biopharmaceutical company focused on developing and commercializing medicines for central nervous system and neuropsychiatric disorders. The company’s research programs target conditions with significant unmet medical needs, including neurological and rare neurodevelopmental diseases.
ACADIA’s commercial products include NUPLAZID (pimavanserin), an atypical antipsychotic approved in the United States to treat hallucinations and delusions associated with Parkinson’s disease psychosis.
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