ACADIA Pharmaceuticals (NASDAQ:ACAD) Price Target Raised to $31.00

ACADIA Pharmaceuticals (NASDAQ:ACAD) had its price target upped by analysts at Robert W. Baird from $28.00 to $31.00 in a note issued to investors on Monday,Benzinga reports. The brokerage presently has an “outperform” rating on the biopharmaceutical company’s stock. Robert W. Baird’s price target would suggest a potential upside of 42.35% from the stock’s current price.

Other research analysts have also recently issued reports about the company. Morgan Stanley reissued an “equal weight” rating and set a $20.00 price target on shares of ACADIA Pharmaceuticals in a research report on Friday, March 7th. HC Wainwright lifted their price target on ACADIA Pharmaceuticals from $27.00 to $32.00 and gave the stock a “buy” rating in a report on Monday. BMO Capital Markets raised their price objective on ACADIA Pharmaceuticals from $24.00 to $28.00 and gave the stock an “outperform” rating in a research note on Monday. Royal Bank of Canada reiterated an “outperform” rating and issued a $26.00 price target on shares of ACADIA Pharmaceuticals in a research note on Monday. Finally, Deutsche Bank Aktiengesellschaft started coverage on ACADIA Pharmaceuticals in a research report on Tuesday, February 11th. They set a “hold” rating and a $22.00 price objective on the stock. Seven investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $25.42.

ACADIA Pharmaceuticals Stock Down 2.2%

NASDAQ:ACAD traded down $0.48 during trading hours on Monday, reaching $21.78. The company had a trading volume of 1,654,223 shares, compared to its average volume of 2,359,356. The stock has a 50-day moving average of $15.91 and a two-hundred day moving average of $17.11. ACADIA Pharmaceuticals has a one year low of $13.40 and a one year high of $25.23. The firm has a market capitalization of $3.64 billion, a PE ratio of 27.92 and a beta of 0.47.

ACADIA Pharmaceuticals (NASDAQ:ACAD) last issued its quarterly earnings results on Wednesday, May 7th. The biopharmaceutical company reported $0.11 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.10 by $0.01. ACADIA Pharmaceuticals had a return on equity of 25.83% and a net margin of 13.83%. The business had revenue of $244.32 million for the quarter, compared to analyst estimates of $239.32 million. During the same quarter in the prior year, the firm posted $0.10 earnings per share. The firm’s revenue for the quarter was up 18.7% compared to the same quarter last year. As a group, sell-side analysts expect that ACADIA Pharmaceuticals will post 0.7 earnings per share for the current year.

Insider Activity at ACADIA Pharmaceuticals

In related news, Director Elizabeth A. Garofalo sold 4,919 shares of the company’s stock in a transaction dated Wednesday, March 5th. The shares were sold at an average price of $18.23, for a total transaction of $89,673.37. Following the completion of the sale, the director now owns 17,595 shares of the company’s stock, valued at approximately $320,756.85. This represents a 21.85% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Mark C. Schneyer sold 3,171 shares of the business’s stock in a transaction dated Wednesday, March 26th. The shares were sold at an average price of $17.05, for a total transaction of $54,065.55. Following the completion of the transaction, the executive vice president now owns 56,889 shares in the company, valued at $969,957.45. The trade was a 5.28% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 18,994 shares of company stock valued at $313,131 over the last ninety days. 26.50% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the stock. Exchange Traded Concepts LLC acquired a new stake in ACADIA Pharmaceuticals during the 1st quarter worth $29,000. Picton Mahoney Asset Management purchased a new position in ACADIA Pharmaceuticals during the 1st quarter valued at about $32,000. Banque Transatlantique SA purchased a new position in ACADIA Pharmaceuticals during the 1st quarter valued at about $31,000. Virtus Fund Advisers LLC purchased a new stake in shares of ACADIA Pharmaceuticals during the fourth quarter worth about $39,000. Finally, Federated Hermes Inc. grew its holdings in shares of ACADIA Pharmaceuticals by 231.5% during the first quarter. Federated Hermes Inc. now owns 2,317 shares of the biopharmaceutical company’s stock worth $38,000 after buying an additional 1,618 shares in the last quarter. 96.71% of the stock is owned by hedge funds and other institutional investors.

ACADIA Pharmaceuticals Company Profile

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.