Needham & Company LLC Forecasts Strong Price Appreciation for ACADIA Pharmaceuticals (NASDAQ:ACAD) Stock

ACADIA Pharmaceuticals (NASDAQ:ACAD) had its price target raised by stock analysts at Needham & Company LLC from $27.00 to $30.00 in a research report issued on Monday,Benzinga reports. The firm presently has a “buy” rating on the biopharmaceutical company’s stock. Needham & Company LLC’s price target suggests a potential upside of 34.77% from the company’s previous close.

A number of other equities research analysts have also recently commented on ACAD. Deutsche Bank Aktiengesellschaft began coverage on ACADIA Pharmaceuticals in a report on Tuesday, February 11th. They set a “hold” rating and a $22.00 price target on the stock. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $28.00 price target on shares of ACADIA Pharmaceuticals in a report on Thursday, February 27th. StockNews.com cut shares of ACADIA Pharmaceuticals from a “buy” rating to a “hold” rating in a research note on Monday, May 12th. Oppenheimer restated a “market perform” rating on shares of ACADIA Pharmaceuticals in a report on Friday. Finally, Morgan Stanley restated an “equal weight” rating and issued a $20.00 target price on shares of ACADIA Pharmaceuticals in a research note on Friday, March 7th. Six analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat, ACADIA Pharmaceuticals has an average rating of “Moderate Buy” and a consensus target price of $25.40.

ACADIA Pharmaceuticals Price Performance

NASDAQ ACAD opened at $22.26 on Monday. The business’s fifty day moving average price is $15.91 and its 200-day moving average price is $17.11. The stock has a market capitalization of $3.73 billion, a price-to-earnings ratio of 28.54 and a beta of 0.47. ACADIA Pharmaceuticals has a 1-year low of $13.40 and a 1-year high of $25.23.

ACADIA Pharmaceuticals (NASDAQ:ACAD) last issued its quarterly earnings data on Wednesday, May 7th. The biopharmaceutical company reported $0.11 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.10 by $0.01. ACADIA Pharmaceuticals had a net margin of 13.83% and a return on equity of 25.83%. The firm had revenue of $244.32 million during the quarter, compared to the consensus estimate of $239.32 million. During the same quarter in the previous year, the firm posted $0.10 EPS. The company’s revenue for the quarter was up 18.7% compared to the same quarter last year. Equities research analysts anticipate that ACADIA Pharmaceuticals will post 0.7 EPS for the current year.

Insiders Place Their Bets

In other news, EVP Mark C. Schneyer sold 3,498 shares of the business’s stock in a transaction dated Friday, May 2nd. The stock was sold at an average price of $14.60, for a total transaction of $51,070.80. Following the sale, the executive vice president now owns 62,773 shares in the company, valued at approximately $916,485.80. The trade was a 5.28% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Elizabeth A. Garofalo sold 4,919 shares of the firm’s stock in a transaction on Wednesday, March 5th. The stock was sold at an average price of $18.23, for a total transaction of $89,673.37. Following the completion of the transaction, the director now directly owns 17,595 shares of the company’s stock, valued at approximately $320,756.85. This represents a 21.85% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 18,994 shares of company stock worth $313,131. 26.50% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On ACADIA Pharmaceuticals

Hedge funds have recently added to or reduced their stakes in the business. Assenagon Asset Management S.A. acquired a new position in shares of ACADIA Pharmaceuticals during the 1st quarter worth approximately $60,845,000. Point72 Asset Management L.P. acquired a new position in ACADIA Pharmaceuticals in the fourth quarter valued at approximately $40,935,000. SG Americas Securities LLC grew its holdings in shares of ACADIA Pharmaceuticals by 380.3% during the 4th quarter. SG Americas Securities LLC now owns 2,483,731 shares of the biopharmaceutical company’s stock worth $45,576,000 after purchasing an additional 1,966,607 shares during the period. American Century Companies Inc. increased its position in shares of ACADIA Pharmaceuticals by 1,055.8% during the first quarter. American Century Companies Inc. now owns 1,632,749 shares of the biopharmaceutical company’s stock valued at $27,120,000 after acquiring an additional 1,491,484 shares during the last quarter. Finally, Norges Bank acquired a new position in ACADIA Pharmaceuticals during the fourth quarter worth $25,555,000. 96.71% of the stock is owned by hedge funds and other institutional investors.

ACADIA Pharmaceuticals Company Profile

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.