ACADIA Pharmaceuticals (NASDAQ:ACAD) Earns Buy Rating from Needham & Company LLC

ACADIA Pharmaceuticals (NASDAQ:ACAD - Get Free Report)'s stock had its "buy" rating reissued by analysts at Needham & Company LLC in a research note issued on Thursday,Benzinga reports. They currently have a $28.00 price objective on the biopharmaceutical company's stock. Needham & Company LLC's price objective suggests a potential upside of 60.92% from the stock's previous close.

ACAD has been the subject of several other reports. Morgan Stanley lowered ACADIA Pharmaceuticals from an "overweight" rating to an "equal weight" rating and cut their price objective for the stock from $28.00 to $20.00 in a research note on Wednesday, August 7th. Cantor Fitzgerald dropped their price target on ACADIA Pharmaceuticals from $37.00 to $28.00 and set an "overweight" rating for the company in a research report on Wednesday, August 7th. Raymond James restated a "market perform" rating on shares of ACADIA Pharmaceuticals in a report on Thursday, October 10th. Royal Bank of Canada reduced their target price on shares of ACADIA Pharmaceuticals from $29.00 to $26.00 and set an "outperform" rating for the company in a research report on Wednesday, August 7th. Finally, HC Wainwright reiterated a "buy" rating and issued a $27.00 price objective on shares of ACADIA Pharmaceuticals in a report on Thursday, August 8th. Six investment analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $25.56.

ACADIA Pharmaceuticals Stock Up 10.2 %

Shares of ACADIA Pharmaceuticals stock traded up $1.61 on Thursday, reaching $17.40. The company's stock had a trading volume of 2,189,512 shares, compared to its average volume of 1,685,938. The company has a market capitalization of $2.89 billion, a P/E ratio of 96.17 and a beta of 0.38. The stock has a 50-day moving average price of $15.41 and a 200-day moving average price of $15.96. ACADIA Pharmaceuticals has a 52-week low of $14.15 and a 52-week high of $32.59.

ACADIA Pharmaceuticals (NASDAQ:ACAD - Get Free Report) last posted its quarterly earnings data on Wednesday, November 6th. The biopharmaceutical company reported $0.20 earnings per share for the quarter, topping analysts' consensus estimates of $0.13 by $0.07. ACADIA Pharmaceuticals had a net margin of 3.43% and a return on equity of 6.89%. The company had revenue of $250.40 million during the quarter, compared to analysts' expectations of $248.83 million. During the same period in the prior year, the business posted ($0.40) earnings per share. The firm's revenue for the quarter was up 18.3% on a year-over-year basis. Sell-side analysts forecast that ACADIA Pharmaceuticals will post 0.49 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other ACADIA Pharmaceuticals news, COO Brendan Teehan sold 9,534 shares of the business'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 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 $797,264.56. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other news, COO Brendan Teehan sold 9,534 shares of ACADIA Pharmaceuticals stock in a transaction 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 completion of the sale, the chief operating officer now directly owns 52,177 shares of the company's stock, valued at approximately $797,264.56. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Stephen Davis sold 31,747 shares of the business's stock in a transaction on Monday, August 19th. The stock was sold at an average price of $15.28, for a total transaction of $485,094.16. Following the transaction, the chief executive officer now owns 186,555 shares of the company's stock, valued at approximately $2,850,560.40. The trade was 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 quarter. 28.30% of the stock is owned by company insiders.

Hedge Funds Weigh In On ACADIA Pharmaceuticals

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ACAD. Quest Partners LLC lifted its position in shares of ACADIA Pharmaceuticals by 42.3% during the 3rd quarter. Quest Partners LLC now owns 3,520 shares of the biopharmaceutical company's stock worth $54,000 after buying an additional 1,047 shares during the last quarter. Natixis Advisors LLC increased its position in shares of ACADIA Pharmaceuticals by 58.6% during the third quarter. Natixis Advisors LLC now owns 40,488 shares of the biopharmaceutical company's stock worth $623,000 after purchasing an additional 14,961 shares in the last quarter. Oppenheimer Asset Management Inc. raised its position in ACADIA Pharmaceuticals by 26.6% in the 3rd quarter. Oppenheimer Asset Management Inc. now owns 37,429 shares of the biopharmaceutical company's stock valued at $576,000 after purchasing an additional 7,872 shares during the last quarter. Victory Capital Management Inc. grew its stake in shares of ACADIA Pharmaceuticals by 2.9% in the 3rd quarter. Victory Capital Management Inc. now owns 97,130 shares of the biopharmaceutical company's stock valued at $1,494,000 after purchasing an additional 2,708 shares during the last quarter. Finally, Atria Investments Inc raised its position in ACADIA Pharmaceuticals by 10.8% during the 3rd quarter. Atria Investments Inc now owns 24,437 shares of the biopharmaceutical company's stock worth $376,000 after buying an additional 2,384 shares during the last quarter. 96.71% of the stock is owned by institutional investors and hedge funds.

About ACADIA Pharmaceuticals

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.