Morgan Stanley Has Lowered Expectations for ACADIA Pharmaceuticals (NASDAQ:ACAD) Stock Price

ACADIA Pharmaceuticals (NASDAQ:ACAD) had its price objective reduced by equities research analysts at Morgan Stanley from $28.00 to $24.00 in a research report issued on Friday, Benzinga reports. The firm presently has an “equal weight” rating on the biopharmaceutical company’s stock. Morgan Stanley‘s target price points to a potential upside of 31.51% from the company’s previous close.

ACAD has been the subject of a number of other reports. Citizens Jmp decreased their target price on ACADIA Pharmaceuticals from $36.00 to $33.00 and set a “market outperform” rating for the company in a report on Friday, September 25th. BMO Capital Markets cut their price target on ACADIA Pharmaceuticals from $36.00 to $34.00 and set an “outperform” rating on the stock in a report on Thursday, September 24th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of ACADIA Pharmaceuticals in a research report on Tuesday. Royal Bank Of Canada increased their price target on ACADIA Pharmaceuticals from $36.00 to $38.00 and gave the company an “outperform” rating in a research report on Thursday, November 5th. Finally, Bank of America reiterated a “buy” rating and issued a $14.50 price objective on shares of ACADIA Pharmaceuticals in a research note on Wednesday, July 29th. Thirteen investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $31.34.

ACADIA Pharmaceuticals Stock Up 0.6%

ACAD stock traded up $0.11 during midday trading on Friday, hitting $18.25. The company’s stock had a trading volume of 414,240 shares, compared to its average volume of 1,817,857. ACADIA Pharmaceuticals has a 52-week low of $15.85 and a 52-week high of $30.96. The firm has a market capitalization of $3.15 billion, a P/E ratio of 8.65 and a beta of 0.87. The firm has a 50-day simple moving average of $21.97 and a 200-day simple moving average of $23.41.

ACADIA Pharmaceuticals (NASDAQ:ACAD) last posted its quarterly earnings results on Wednesday, November 4th. The biopharmaceutical company reported $0.31 EPS for the quarter, topping the consensus estimate of $0.20 by $0.11. ACADIA Pharmaceuticals had a net margin of 30.13% and a return on equity of 8.90%. The business had revenue of $342.30 million during the quarter, compared to the consensus estimate of $332.58 million. During the same quarter in the previous year, the firm posted $0.42 earnings per share. The company’s quarterly revenue was up 22.8% compared to the same quarter last year. On average, sell-side analysts expect that ACADIA Pharmaceuticals will post 0.76 earnings per share for the current fiscal year.

Insider Buying and Selling at ACADIA Pharmaceuticals

In other news, EVP Mark Schneyer sold 3,321 shares of the firm’s stock in a transaction on Friday, October 30th. The shares were sold at an average price of $20.88, for a total value of $69,342.48. Following the sale, the executive vice president directly owned 71,322 shares in the company, valued at approximately $1,489,203.36. This trade represents a 4.45% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 26.20% of the company’s stock.

Hedge Funds Weigh In On ACADIA Pharmaceuticals

A number of institutional investors and hedge funds have recently modified their holdings of ACAD. Nykredit A S purchased a new position in ACADIA Pharmaceuticals in the second quarter valued at $38,000. Meeder Asset Management Inc. purchased a new stake in ACADIA Pharmaceuticals during the 3rd quarter worth about $40,000. Integrated Wealth Concepts LLC purchased a new stake in ACADIA Pharmaceuticals during the 2nd quarter worth about $50,000. Global Retirement Partners LLC purchased a new stake in ACADIA Pharmaceuticals during the 2nd quarter worth about $64,000. Finally, GAMMA Investing LLC lifted its holdings in ACADIA Pharmaceuticals by 15.6% during the 2nd quarter. GAMMA Investing LLC now owns 2,985 shares of the biopharmaceutical company’s stock worth $76,000 after buying an additional 402 shares during the last quarter. Institutional investors and hedge funds own 96.71% of the company’s stock.

About ACADIA Pharmaceuticals

ACADIA Pharmaceuticals is a biopharmaceutical company focused on developing and commercializing medicines for neurological and rare diseases. Founded in 1993 and headquartered in San Diego, California, the company conducts research and development alongside its commercial operations. Its marketed products include NUPLAZID (pimavanserin), approved in the United States to treat hallucinations and delusions associated with Parkinson’s disease psychosis, and DAYBUE (trofinetide), a treatment for Rett syndrome.