Raymond James Reaffirms Market Perform Rating for ACADIA Pharmaceuticals (NASDAQ:ACAD)

by · The Markets Daily

Raymond James reaffirmed their market perform rating on shares of ACADIA Pharmaceuticals (NASDAQ:ACAD – Free Report) in a research report report published on Thursday morning, Marketbeat.com reports.

A number of other research analysts have also recently issued reports on the company. StockNews.com raised ACADIA Pharmaceuticals from a buy rating to a strong-buy rating in a research note on Friday, September 13th. Citigroup lowered their target price on ACADIA Pharmaceuticals from $30.00 to $23.00 and set a buy rating for the company in a research note on Thursday, August 8th. Morgan Stanley lowered shares of ACADIA Pharmaceuticals from an overweight rating to an equal weight rating and cut their price target for the company from $28.00 to $20.00 in a research note on Wednesday, August 7th. Needham & Company LLC lowered their price objective on shares of ACADIA Pharmaceuticals from $30.00 to $28.00 and set a buy rating for the company in a research report on Wednesday, August 7th. Finally, BMO Capital Markets assumed coverage on shares of ACADIA Pharmaceuticals in a report on Thursday, June 27th. They set an outperform rating and a $31.00 price objective on the stock. Six investment analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of Moderate Buy and an average target price of $25.56.

Get Our Latest Stock Analysis on ACADIA Pharmaceuticals

ACADIA Pharmaceuticals Price Performance

ACADIA Pharmaceuticals stock opened at $14.92 on Thursday. The firm has a market capitalization of $2.47 billion, a price-to-earnings ratio of -1,492.00, a PEG ratio of 0.49 and a beta of 0.38. The company’s 50 day simple moving average is $15.82 and its 200 day simple moving average is $16.33. ACADIA Pharmaceuticals has a fifty-two week low of $14.31 and a fifty-two week high of $32.59.

ACADIA Pharmaceuticals (NASDAQ:ACAD – Get Free Report) last announced its quarterly earnings results on Tuesday, August 6th. The biopharmaceutical company reported $0.20 earnings per share for the quarter, topping analysts’ consensus estimates of $0.18 by $0.02. ACADIA Pharmaceuticals had a net margin of 3.43% and a return on equity of 6.89%. The company had revenue of $241.96 million for the quarter, compared to analysts’ expectations of $235.95 million. During the same period last year, the firm posted $0.01 earnings per share. The business’s quarterly revenue was up 46.4% compared to the same quarter last year. As a group, analysts predict that ACADIA Pharmaceuticals will post 0.52 EPS for the current fiscal year.

Insider Transactions at ACADIA Pharmaceuticals

In related news, COO Brendan Teehan sold 9,534 shares of the firm’s stock in a transaction on Monday, August 19th. The shares were sold at an average price of $15.28, for a total value of $145,679.52. Following the completion of the transaction, the chief operating officer now directly owns 52,177 shares of the company’s stock, valued at approximately $797,264.56. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, COO Brendan Teehan sold 9,534 shares of ACADIA Pharmaceuticals stock in a transaction dated Monday, August 19th. The stock was sold at an average price of $15.28, for a total transaction of $145,679.52. Following the completion of the transaction, the chief operating officer now owns 52,177 shares in the company, valued at approximately $797,264.56. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Stephen Davis sold 31,747 shares of the company’s stock in a transaction that occurred on Monday, August 19th. The shares were sold at an average price of $15.28, for a total value of $485,094.16. Following the completion of the sale, the chief executive officer now owns 186,555 shares in the company, valued at $2,850,560.40. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 51,014 shares of company stock worth $779,494 in the last 90 days. Corporate insiders own 28.30% of the company’s stock.

Institutional Investors Weigh In On ACADIA Pharmaceuticals

Several hedge funds have recently added to or reduced their stakes in ACAD. Marshall Wace LLP lifted its stake in shares of ACADIA Pharmaceuticals by 431.1% during the 2nd quarter. Marshall Wace LLP now owns 2,774,353 shares of the biopharmaceutical company’s stock worth $45,083,000 after buying an additional 2,251,940 shares during the last quarter. Millennium Management LLC boosted its holdings in shares of ACADIA Pharmaceuticals by 36.2% during the second quarter. Millennium Management LLC now owns 2,937,714 shares of the biopharmaceutical company’s stock worth $47,738,000 after acquiring an additional 781,070 shares during the period. Dimensional Fund Advisors LP acquired a new position in shares of ACADIA Pharmaceuticals in the second quarter valued at approximately $10,550,000. Fred Alger Management LLC increased its stake in shares of ACADIA Pharmaceuticals by 19.8% during the second quarter. Fred Alger Management LLC now owns 2,704,439 shares of the biopharmaceutical company’s stock worth $43,947,000 after purchasing an additional 446,875 shares during the period. Finally, SG Americas Securities LLC lifted its holdings in ACADIA Pharmaceuticals by 419.8% during the 3rd quarter. SG Americas Securities LLC now owns 517,124 shares of the biopharmaceutical company’s stock worth $7,953,000 after purchasing an additional 417,648 shares during the last quarter. Institutional investors and hedge funds own 96.71% of the company’s stock.

ACADIA Pharmaceuticals Company Profile

(Get Free Report)

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.

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