HC Wainwright Reiterates Buy Rating for ACADIA Pharmaceuticals (NASDAQ:ACAD)

ACADIA Pharmaceuticals (NASDAQ:ACAD)‘s stock had its “buy” rating restated by equities research analysts at HC Wainwright in a research note issued on Tuesday,Benzinga reports. They currently have a $37.00 target price on the biopharmaceutical company’s stock. HC Wainwright’s price target points to a potential upside of 41.60% from the company’s previous close.

ACAD has been the subject of a number of other research reports. Mizuho upped their price objective on shares of ACADIA Pharmaceuticals from $24.00 to $29.00 and gave the company a “neutral” rating in a research note on Tuesday, December 2nd. Stifel Nicolaus set a $37.00 price target on shares of ACADIA Pharmaceuticals in a research note on Tuesday, December 16th. Royal Bank Of Canada reduced their price objective on ACADIA Pharmaceuticals from $34.00 to $32.00 and set an “outperform” rating on the stock in a research note on Thursday, November 6th. Wall Street Zen downgraded ACADIA Pharmaceuticals from a “buy” rating to a “hold” rating in a report on Saturday. Finally, UBS Group increased their target price on ACADIA Pharmaceuticals from $35.00 to $40.00 and gave the company a “buy” rating in a report on Tuesday, January 6th. One analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, ACADIA Pharmaceuticals has an average rating of “Moderate Buy” and a consensus target price of $31.16.

ACADIA Pharmaceuticals Stock Up 4.0%

Shares of ACAD stock opened at $26.13 on Tuesday. The business has a 50-day moving average price of $26.53 and a two-hundred day moving average price of $24.44. ACADIA Pharmaceuticals has a 12-month low of $13.40 and a 12-month high of $28.35. The firm has a market cap of $4.42 billion, a P/E ratio of 16.86, a price-to-earnings-growth ratio of 6.08 and a beta of 0.66.

ACADIA Pharmaceuticals (NASDAQ:ACAD) last announced its quarterly earnings data on Wednesday, November 5th. The biopharmaceutical company reported $0.42 earnings per share for the quarter, beating analysts’ consensus estimates of $0.14 by $0.28. The company had revenue of $278.63 million for the quarter, compared to analysts’ expectations of $276.52 million. ACADIA Pharmaceuticals had a return on equity of 14.61% and a net margin of 24.94%.ACADIA Pharmaceuticals’s revenue for the quarter was up 11.3% compared to the same quarter last year. During the same period last year, the firm posted $0.20 EPS. As a group, research analysts expect that ACADIA Pharmaceuticals will post 0.7 EPS for the current fiscal year.

Insider Activity

In other ACADIA Pharmaceuticals news, Director James M. Daly sold 30,000 shares of the business’s stock in a transaction on Monday, November 10th. The shares were sold at an average price of $22.37, for a total transaction of $671,100.00. Following the transaction, the director directly owned 4,041 shares of the company’s stock, valued at approximately $90,397.17. The trade was a 88.13% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Mark C. Schneyer sold 10,262 shares of the company’s stock in a transaction on Tuesday, November 18th. The stock was sold at an average price of $23.69, for a total transaction of $243,106.78. Following the completion of the transaction, the executive vice president owned 53,338 shares of the company’s stock, valued at $1,263,577.22. This trade represents a 16.14% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 44,346 shares of company stock valued at $1,010,957. Company insiders own 28.30% of the company’s stock.

Hedge Funds Weigh In On ACADIA Pharmaceuticals

Several hedge funds and other institutional investors have recently modified their holdings of ACAD. Braidwell LP bought a new stake in ACADIA Pharmaceuticals during the 3rd quarter valued at approximately $50,760,000. Marshall Wace LLP lifted its stake in shares of ACADIA Pharmaceuticals by 496.2% in the 2nd quarter. Marshall Wace LLP now owns 1,969,711 shares of the biopharmaceutical company’s stock valued at $42,487,000 after purchasing an additional 1,639,315 shares during the period. Norges Bank purchased a new position in shares of ACADIA Pharmaceuticals in the 2nd quarter valued at approximately $31,679,000. Millennium Management LLC boosted its position in shares of ACADIA Pharmaceuticals by 2,052.1% during the third quarter. Millennium Management LLC now owns 1,483,235 shares of the biopharmaceutical company’s stock valued at $31,652,000 after purchasing an additional 1,414,315 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership grew its stake in ACADIA Pharmaceuticals by 390.1% in the third quarter. Arrowstreet Capital Limited Partnership now owns 1,648,864 shares of the biopharmaceutical company’s stock worth $35,187,000 after purchasing an additional 1,312,426 shares during the period. Hedge funds and other institutional investors own 96.71% of the company’s stock.

ACADIA Pharmaceuticals Company Profile

ACADIA Pharmaceuticals Inc is a biopharmaceutical company focused on the development and commercialization of innovative therapies for central nervous system (CNS) disorders. Established in 1993 and headquartered in San Diego, California, ACADIA’s research centers concentrate on conditions with significant unmet medical needs, including Parkinson’s disease psychosis, Alzheimer’s disease psychosis, and schizophrenia. The company utilizes a range of scientific platforms, including selective receptor modulation and precision-targeted compounds, to advance its portfolio of small-molecule therapeutics.

The company’s flagship product, NUPLAZID® (pimavanserin), received U.S.