ACADIA Pharmaceuticals (NASDAQ:ACAD) Raised to “Buy” at Wall Street Zen

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

Other research analysts also recently issued research reports about the company. Morgan Stanley upped 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. Citigroup reiterated a “buy” rating and set a $33.00 target price (down from $40.00) on shares of ACADIA Pharmaceuticals in a research note on Friday, September 25th. UBS Group downgraded shares of ACADIA Pharmaceuticals from a “buy” rating to a “neutral” rating and cut their price target for the stock from $49.00 to $23.00 in a report on Tuesday, October 13th. William Blair set a $33.00 price target on shares of ACADIA Pharmaceuticals in a research report on Monday, September 28th. Finally, TD Cowen restated a “buy” rating on shares of ACADIA Pharmaceuticals in a research report on Thursday, September 24th. Thirteen investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $31.34.

ACADIA Pharmaceuticals Stock Up 0.7%

ACAD stock opened at $20.32 on Tuesday. The firm has a market cap of $3.50 billion, a PE ratio of 9.15 and a beta of 0.88. The business has a 50 day moving average of $24.10 and a 200-day moving average of $23.79. ACADIA Pharmaceuticals has a 12-month low of $18.39 and a 12-month high of $30.96.

ACADIA Pharmaceuticals (NASDAQ:ACAD) last issued its quarterly earnings results on Tuesday, August 4th. The biopharmaceutical company reported $0.18 EPS for the quarter, beating analysts’ consensus estimates 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. 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 last year, the business posted $0.16 earnings per share. On average, research analysts expect that ACADIA Pharmaceuticals will post 0.64 earnings per share for the current year.

Insider Buying and Selling

In other ACADIA Pharmaceuticals news, EVP Mark Schneyer sold 14,292 shares of the stock in a transaction on Thursday, August 6th. The stock was sold at an average price of $29.22, for a total transaction of $417,612.24. Following the completion of the transaction, the executive vice president directly owned 67,828 shares of the company’s stock, valued at approximately $1,981,934.16. This represents a 17.40% decrease in their ownership of the stock. The sale 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. Insiders own 26.20% of the company’s stock.

Institutional Trading of ACADIA Pharmaceuticals

Several hedge funds have recently made changes to their positions in ACAD. GAMMA Investing LLC lifted its position in shares of ACADIA Pharmaceuticals by 15.6% during the second quarter. GAMMA Investing LLC now owns 2,985 shares of the biopharmaceutical company’s stock worth $76,000 after acquiring an additional 402 shares in the last quarter. Choreo LLC grew its position in shares of ACADIA Pharmaceuticals by 1.9% in the third quarter. Choreo LLC now owns 27,658 shares of the biopharmaceutical company’s stock valued at $557,000 after purchasing an additional 524 shares in the last quarter. Cim Investment Management Inc. grew its position in shares of ACADIA Pharmaceuticals by 7.3% in the second quarter. Cim Investment Management Inc. now owns 15,273 shares of the biopharmaceutical company’s stock valued at $386,000 after purchasing an additional 1,034 shares in the last quarter. Swiss National Bank grew its position in shares of ACADIA Pharmaceuticals by 0.6% in the first quarter. Swiss National Bank now owns 234,404 shares of the biopharmaceutical company’s stock valued at $5,218,000 after purchasing an additional 1,500 shares in the last quarter. Finally, Nykredit A S bought a new stake in shares of ACADIA Pharmaceuticals during the 2nd quarter valued at $38,000. 96.71% of the stock is currently owned by institutional investors.

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.