ACADIA Pharmaceuticals (NASDAQ:ACAD) Given New $28.00 Price Target at BMO Capital Markets

ACADIA Pharmaceuticals (NASDAQ:ACAD) had its price target increased by BMO Capital Markets from $24.00 to $28.00 in a report released on Monday morning,Benzinga reports. They currently have an outperform rating on the biopharmaceutical company’s stock.

ACAD has been the topic of several other reports. Morgan Stanley reissued an “equal weight” rating and issued a $20.00 target price on shares of ACADIA Pharmaceuticals in a research report on Friday, March 7th. Deutsche Bank Aktiengesellschaft began coverage on ACADIA Pharmaceuticals in a research report on Tuesday, February 11th. They issued a “hold” rating and a $22.00 target price for the company. Oppenheimer reissued a “market perform” rating on shares of ACADIA Pharmaceuticals in a research note on Friday, May 16th. Needham & Company LLC lifted their target price on ACADIA Pharmaceuticals from $27.00 to $30.00 and gave the company a “buy” rating in a research note on Monday. Finally, UBS Group reduced their price target on shares of ACADIA Pharmaceuticals from $25.00 to $22.00 and set a “buy” rating for the company in a research report on Monday, April 28th. Five investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $26.83.

ACADIA Pharmaceuticals Stock Performance

ACADIA Pharmaceuticals stock opened at $21.85 on Monday. ACADIA Pharmaceuticals has a 1 year low of $13.40 and a 1 year high of $25.23. The firm’s 50 day moving average price is $16.20 and its two-hundred day moving average price is $17.22. The firm has a market cap of $3.66 billion, a price-to-earnings ratio of 28.01 and a beta of 0.47.

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

Insider Buying and Selling

In related news, EVP Mark C. Schneyer sold 2,000 shares of the firm’s stock in a transaction that occurred on Friday, May 16th. The stock was sold at an average price of $25.00, for a total value of $50,000.00. Following the transaction, the executive vice president now directly owns 62,130 shares of the company’s stock, valued at approximately $1,553,250. This trade represents a 3.12% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider James Kihara sold 4,000 shares of the company’s stock in a transaction that occurred on Friday, May 16th. The stock was sold at an average price of $22.50, for a total value of $90,000.00. Following the sale, the insider now directly owns 20,395 shares of the company’s stock, valued at $458,887.50. The trade was a 16.40% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 24,994 shares of company stock worth $453,131. Insiders own 26.50% of the company’s stock.

Hedge Funds Weigh In On ACADIA Pharmaceuticals

A number of institutional investors have recently modified their holdings of ACAD. GF Fund Management CO. LTD. grew its stake in ACADIA Pharmaceuticals by 21.9% in the 1st quarter. GF Fund Management CO. LTD. now owns 4,260 shares of the biopharmaceutical company’s stock valued at $71,000 after buying an additional 766 shares during the last quarter. Summit Investment Advisors Inc. lifted its position in shares of ACADIA Pharmaceuticals by 6.8% during the 4th quarter. Summit Investment Advisors Inc. now owns 12,519 shares of the biopharmaceutical company’s stock worth $230,000 after purchasing an additional 795 shares during the last quarter. Xponance Inc. boosted its stake in ACADIA Pharmaceuticals by 14.1% during the 1st quarter. Xponance Inc. now owns 11,585 shares of the biopharmaceutical company’s stock valued at $192,000 after purchasing an additional 1,434 shares during the period. Federated Hermes Inc. increased its position in ACADIA Pharmaceuticals by 231.5% in the 1st 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 during the period. Finally, Exchange Traded Concepts LLC acquired a new position in shares of ACADIA Pharmaceuticals during the first quarter worth approximately $29,000. Institutional investors own 96.71% of the company’s stock.

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.