ACADIA Pharmaceuticals (NASDAQ:ACAD) Stock Rating Lowered by Wall Street Zen

ACADIA Pharmaceuticals (NASDAQ:ACAD) was downgraded by stock analysts at Wall Street Zen from a “buy” rating to a “hold” rating in a research note issued to investors on Saturday, Wall Street Zen reports.

A number of other brokerages have also recently commented on ACAD. Deutsche Bank Aktiengesellschaft reduced their price target on ACADIA Pharmaceuticals from $38.00 to $31.00 and set a “buy” rating for the company in a research report on Friday, September 25th. UBS Group lifted their price objective on ACADIA Pharmaceuticals from $45.00 to $49.00 and gave the company a “buy” rating in a research report on Monday, August 17th. Morgan Stanley boosted their price objective on ACADIA Pharmaceuticals from $27.00 to $28.00 and gave the company an “equal weight” rating in a research note on Tuesday, August 25th. Canaccord Genuity Group increased their target price on shares of ACADIA Pharmaceuticals from $32.00 to $36.00 and gave the stock a “buy” rating in a report on Monday, June 29th. Finally, Oppenheimer restated a “market perform” rating on shares of ACADIA Pharmaceuticals in a research note on Wednesday, September 23rd. Fourteen investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $32.76.

ACADIA Pharmaceuticals Price Performance

Shares of ACAD stock opened at $19.95 on Friday. ACADIA Pharmaceuticals has a 1 year low of $19.59 and a 1 year high of $30.96. The firm has a fifty day moving average price of $27.01 and a 200-day moving average price of $24.15. The company has a market cap of $3.44 billion, a price-to-earnings ratio of 8.99 and a beta of 0.88.

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

Insider Buying and Selling

In related news, EVP Mark Schneyer sold 14,292 shares of the business’s stock in a transaction that occurred on Thursday, August 6th. The stock was sold at an average price of $29.22, for a total value of $417,612.24. Following the transaction, the executive vice president directly owned 67,828 shares of the company’s stock, valued at approximately $1,981,934.16. The trade was a 17.40% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Elizabeth Thompson sold 16,558 shares of the company’s stock in a transaction that occurred on Thursday, July 30th. The stock was 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 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 SEC filing for this sale provides additional information. Over the last three months, insiders sold 36,699 shares of company stock worth $1,019,894. 26.20% of the stock is owned by insiders.

Hedge Funds Weigh In On ACADIA Pharmaceuticals

Hedge funds have recently modified their holdings of the stock. BlackRock Inc. bought a new position in shares of ACADIA Pharmaceuticals during the second quarter worth $569,634,000. Palo Alto Investors LP bought a new stake in ACADIA Pharmaceuticals in the 2nd quarter valued at $72,461,629. Norges Bank bought a new stake in ACADIA Pharmaceuticals in the 4th quarter valued at $40,266,000. Bank of America Corp DE purchased a new stake in ACADIA Pharmaceuticals in the 2nd quarter worth $32,900,000. Finally, First Trust Advisors LP lifted its stake in ACADIA Pharmaceuticals by 47.3% in the 1st quarter. First Trust Advisors LP now owns 3,343,868 shares of the biopharmaceutical company’s stock worth $74,435,000 after purchasing an additional 1,073,834 shares in the last quarter. Hedge funds and other institutional investors own 96.71% of the company’s stock.

About ACADIA Pharmaceuticals

ACADIA Pharmaceuticals Inc is a biopharmaceutical company focused on developing and commercializing medicines for central nervous system disorders and rare diseases. The company is headquartered in San Diego, California, and serves patients and healthcare providers primarily in the United States.

ACADIA’s commercial products include NUPLAZID (pimavanserin), an atypical antipsychotic approved in the United States for the treatment of hallucinations and delusions associated with Parkinson’s disease psychosis.