ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD) shares rose 3.5% on Thursday . The stock traded as high as $20.13 and last traded at $20.44. Approximately 76,329 shares were traded during trading, a decline of 96% from the average daily volume of 1,911,913 shares. The stock had previously closed at $19.74.
ACAD has been the topic of several recent analyst reports. Leerink Swann initiated coverage on shares of ACADIA Pharmaceuticals in a research report on Monday, November 12th. They set a “market perform” rating and a $21.00 target price on the stock. Zacks Investment Research upgraded shares of ACADIA Pharmaceuticals from a “sell” rating to a “hold” rating and set a $24.00 target price on the stock in a research report on Monday, October 8th. BidaskClub lowered shares of ACADIA Pharmaceuticals from a “buy” rating to a “hold” rating in a research report on Saturday, November 10th. Cantor Fitzgerald set a $27.00 target price on shares of ACADIA Pharmaceuticals and gave the stock a “buy” rating in a research report on Wednesday, October 31st. Finally, JPMorgan Chase & Co. restated a “buy” rating on shares of ACADIA Pharmaceuticals in a research report on Saturday, November 3rd. Six investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. ACADIA Pharmaceuticals has a consensus rating of “Buy” and an average price target of $31.00.
The stock has a market cap of $2.20 billion, a P/E ratio of -8.77 and a beta of 3.08.
In other ACADIA Pharmaceuticals news, Director Bros. Advisors Lp Baker purchased 11,764,705 shares of the stock in a transaction dated Friday, November 30th. The shares were acquired at an average cost of $17.00 per share, for a total transaction of $199,999,985.00. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 23.28% of the stock is owned by corporate insiders.
Hedge funds have recently added to or reduced their stakes in the company. Verition Fund Management LLC purchased a new position in shares of ACADIA Pharmaceuticals during the second quarter valued at approximately $163,000. Centaurus Financial Inc. purchased a new position in ACADIA Pharmaceuticals during the second quarter worth approximately $169,000. NEXT Financial Group Inc purchased a new position in ACADIA Pharmaceuticals during the third quarter worth approximately $176,000. Russell Investments Group Ltd. raised its stake in ACADIA Pharmaceuticals by 96.4% during the third quarter. Russell Investments Group Ltd. now owns 8,562 shares of the biopharmaceutical company’s stock worth $178,000 after purchasing an additional 4,202 shares during the period. Finally, Flagship Harbor Advisors LLC purchased a new position in ACADIA Pharmaceuticals during the second quarter worth approximately $179,000. Institutional investors and hedge funds own 95.15% of the company’s stock.
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About ACADIA Pharmaceuticals (NASDAQ:ACAD)
ACADIA Pharmaceuticals Inc, a biopharmaceutical company, focuses on the development and commercialization of small molecule drugs that address unmet medical needs in central nervous system disorders. The company offers NUPLAZID (pimavanserin) for the treatment of hallucinations and delusions associated with Parkinson's disease psychosis.
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