ACADIA Pharmaceuticals (NASDAQ:ACAD) Stock Price Expected to Rise, Canaccord Genuity Group Analyst Says

ACADIA Pharmaceuticals (NASDAQ:ACAD) had its target price raised by Canaccord Genuity Group from $36.00 to $38.00 in a note issued to investors on Friday, Benzinga reports. The firm presently has a “buy” rating on the biopharmaceutical company’s stock. Canaccord Genuity Group‘s price target points to a potential upside of 79.29% from the company’s current price.

Other equities analysts have also recently issued research reports about the stock. Wall Street Zen cut shares of ACADIA Pharmaceuticals from a “buy” rating to a “hold” rating in a research report on Wednesday. William Blair set a $33.00 target price on ACADIA Pharmaceuticals in a research report on Monday, September 28th. HC Wainwright dropped 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. UBS Group lowered 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. Finally, Stifel Nicolaus raised their price objective on ACADIA Pharmaceuticals from $24.00 to $25.00 and gave the company a “hold” rating in a research note on Tuesday, July 21st. Thirteen equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat.com, ACADIA Pharmaceuticals currently has an average rating of “Moderate Buy” and an average target price of $31.55.

ACADIA Pharmaceuticals Price Performance

Shares of ACADIA Pharmaceuticals stock traded down $0.04 during trading on Friday, reaching $21.20. 847,954 shares of the company traded hands, compared to its average volume of 1,747,135. The firm has a market capitalization of $3.65 billion, a PE ratio of 10.05 and a beta of 0.87. ACADIA Pharmaceuticals has a 1-year low of $18.39 and a 1-year high of $30.96. The company has a 50 day moving average price of $23.03 and a 200-day moving average price of $23.62.

ACADIA Pharmaceuticals (NASDAQ:ACAD) last posted its quarterly earnings results on Wednesday, November 4th. The biopharmaceutical company reported $0.31 EPS for the quarter, topping analysts’ consensus estimates of $0.20 by $0.11. ACADIA Pharmaceuticals had a net margin of 30.13% and a return on equity of 9.12%. The business had revenue of $342.30 million during the quarter, compared to analysts’ expectations of $332.58 million. During the same period last year, the company posted $0.42 earnings per share. The business’s quarterly revenue was up 22.8% on a year-over-year basis. Equities research analysts expect that ACADIA Pharmaceuticals will post 0.64 earnings per share for the current year.

Insider Activity

In other news, EVP Mark Schneyer sold 3,321 shares of ACADIA Pharmaceuticals stock in a transaction dated Friday, October 30th. The shares were sold at an average price of $20.88, for a total transaction of $69,342.48. Following the completion of the transaction, the executive vice president directly owned 71,322 shares in the company, valued at $1,489,203.36. This trade represents a 4.45% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 26.20% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On ACADIA Pharmaceuticals

Large investors have recently added to or reduced their stakes in the business. Rice Hall James & Associates LLC bought a new stake in ACADIA Pharmaceuticals during the 2nd quarter worth approximately $15,658,000. State of Wyoming purchased a new stake in shares of ACADIA Pharmaceuticals in the second quarter worth approximately $1,234,000. Bank of America Corp DE raised its stake in shares of ACADIA Pharmaceuticals by 27.2% in the first quarter. Bank of America Corp DE now owns 1,553,770 shares of the biopharmaceutical company’s stock worth $34,587,000 after purchasing an additional 332,325 shares during the last quarter. Virtus Advisers LLC bought a new position in shares of ACADIA Pharmaceuticals in the second quarter valued at approximately $1,123,000. Finally, GSA Capital Partners LLP bought a new position in shares of ACADIA Pharmaceuticals in the second quarter valued at approximately $1,783,000. Institutional investors own 96.71% of the company’s stock.

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.