ACADIA Pharmaceuticals’ (ACAD) “Buy” Rating Reaffirmed at HC Wainwright

by · The Markets Daily

ACADIA Pharmaceuticals (NASDAQ:ACAD – Get Free Report)‘s stock had its “buy” rating reiterated by HC Wainwright in a note issued to investors on Thursday, Benzinga reports. They currently have a $27.00 target price on the biopharmaceutical company’s stock. HC Wainwright’s price target points to a potential upside of 70.99% from the stock’s current price.

Several other equities analysts also recently commented on the stock. Morgan Stanley downgraded shares of ACADIA Pharmaceuticals from an “overweight” rating to an “equal weight” rating and lowered their target price for the stock from $28.00 to $20.00 in a report on Wednesday, August 7th. Needham & Company LLC reaffirmed a “buy” rating and set a $28.00 price objective on shares of ACADIA Pharmaceuticals in a report on Thursday. Cantor Fitzgerald decreased their target price on shares of ACADIA Pharmaceuticals from $37.00 to $28.00 and set an “overweight” rating on the stock in a research report on Wednesday, August 7th. Citigroup dropped their price target on ACADIA Pharmaceuticals from $30.00 to $23.00 and set a “buy” rating for the company in a research report on Thursday, August 8th. Finally, Royal Bank of Canada decreased their price objective on ACADIA Pharmaceuticals from $29.00 to $26.00 and set an “outperform” rating on the stock in a research report on Wednesday, August 7th. Six research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, ACADIA Pharmaceuticals has an average rating of “Moderate Buy” and an average price target of $25.56.

Check Out Our Latest Research Report on ACAD

ACADIA Pharmaceuticals Trading Up 5.3 %

NASDAQ ACAD opened at $15.79 on Thursday. The company’s 50 day moving average is $15.41 and its two-hundred day moving average is $15.96. The stock has a market cap of $2.62 billion, a price-to-earnings ratio of 87.72 and a beta of 0.38. ACADIA Pharmaceuticals has a 12 month low of $14.15 and a 12 month high of $32.59.

ACADIA Pharmaceuticals (NASDAQ:ACAD – Get Free Report) last issued its earnings results on Tuesday, August 6th. The biopharmaceutical company reported $0.20 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.18 by $0.02. ACADIA Pharmaceuticals had a return on equity of 6.89% and a net margin of 3.43%. The company had revenue of $241.96 million for the quarter, compared to the consensus estimate of $235.95 million. During the same quarter last year, the company earned $0.01 EPS. The firm’s quarterly revenue was up 46.4% on a year-over-year basis. Sell-side analysts forecast that ACADIA Pharmaceuticals will post 0.49 EPS for the current year.

Insider Activity

In other ACADIA Pharmaceuticals news, COO Brendan Teehan sold 9,534 shares of the firm’s stock in a transaction dated Monday, August 19th. The shares were sold at an average price of $15.28, for a total transaction of $145,679.52. Following the transaction, the chief operating officer now owns 52,177 shares of the company’s stock, valued at approximately $797,264.56. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, COO Brendan Teehan sold 9,534 shares of the stock in a transaction that occurred on Monday, August 19th. The shares were sold at an average price of $15.28, for a total transaction of $145,679.52. Following the transaction, the chief operating officer now directly 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 Securities & Exchange Commission, which is accessible through this link. Also, CFO Mark C. Schneyer sold 9,733 shares of the business’s stock in a transaction that occurred on Monday, August 19th. The stock was sold at an average price of $15.28, for a total transaction of $148,720.24. Following the completion of the transaction, the chief financial officer now directly owns 43,735 shares of the company’s stock, valued at $668,270.80. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 51,014 shares of company stock worth $779,494. Company insiders own 28.30% of the company’s stock.

Hedge Funds Weigh In On ACADIA Pharmaceuticals

Several institutional investors and hedge funds have recently added to or reduced their stakes in ACAD. Millennium Management LLC boosted its holdings in shares of ACADIA Pharmaceuticals by 36.2% in the 2nd quarter. Millennium Management LLC now owns 2,937,714 shares of the biopharmaceutical company’s stock valued at $47,738,000 after buying an additional 781,070 shares in the last quarter. D. E. Shaw & Co. Inc. lifted its position in ACADIA Pharmaceuticals by 11.1% during the second quarter. D. E. Shaw & Co. Inc. now owns 2,934,926 shares of the biopharmaceutical company’s stock valued at $47,693,000 after acquiring an additional 292,906 shares during the last quarter. Marshall Wace LLP boosted its stake in ACADIA Pharmaceuticals by 431.1% in the second quarter. Marshall Wace LLP now owns 2,774,353 shares of the biopharmaceutical company’s stock valued at $45,083,000 after acquiring an additional 2,251,940 shares in the last quarter. Fred Alger Management LLC boosted its stake in ACADIA Pharmaceuticals by 19.8% in the second quarter. Fred Alger Management LLC now owns 2,704,439 shares of the biopharmaceutical company’s stock valued at $43,947,000 after acquiring an additional 446,875 shares in the last quarter. Finally, Jupiter Asset Management Ltd. lifted its holdings in shares of ACADIA Pharmaceuticals by 21.3% during the 1st quarter. Jupiter Asset Management Ltd. now owns 1,603,774 shares of the biopharmaceutical company’s stock valued at $29,654,000 after purchasing an additional 281,410 shares during the last quarter. Hedge funds and other institutional investors 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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