ACADIA Pharmaceuticals (NASDAQ:ACAD) Raised to Buy at Wall Street Zen

Wall Street Zen upgraded shares of ACADIA Pharmaceuticals (NASDAQ:ACAD) from a hold rating to a buy rating in a research report sent to investors on Saturday.

ACAD has been the subject of a number of other reports. Royal Bank Of Canada upped their price objective on shares of ACADIA Pharmaceuticals from $39.00 to $40.00 and gave the company an “outperform” rating in a research report on Thursday, August 7th. UBS Group set a $36.00 price objective on shares of ACADIA Pharmaceuticals and gave the stock a “buy” rating in a research note on Friday, August 8th. HC Wainwright restated a “buy” rating and set a $32.00 price target on shares of ACADIA Pharmaceuticals in a research report on Thursday, June 26th. Robert W. Baird boosted their price target on ACADIA Pharmaceuticals from $28.00 to $31.00 and gave the stock an “outperform” rating in a research report on Monday, May 19th. Finally, Citigroup reiterated an “outperform” rating on shares of ACADIA Pharmaceuticals in a research note on Thursday, August 7th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $28.88.

ACADIA Pharmaceuticals Stock Performance

ACADIA Pharmaceuticals stock opened at $25.06 on Friday. The stock has a fifty day moving average of $22.77 and a two-hundred day moving average of $19.55. ACADIA Pharmaceuticals has a fifty-two week low of $13.40 and a fifty-two week high of $25.88. The company has a market capitalization of $4.23 billion, a price-to-earnings ratio of 18.84, a PEG ratio of 6.45 and a beta of 0.70.

ACADIA Pharmaceuticals (NASDAQ:ACAD) last issued its quarterly earnings results on Wednesday, August 6th. The biopharmaceutical company reported $0.16 EPS for the quarter, topping the consensus estimate of $0.14 by $0.02. ACADIA Pharmaceuticals had a net margin of 21.80% and a return on equity of 14.69%. The firm had revenue of $264.57 million during the quarter, compared to analyst estimates of $263.07 million. During the same quarter in the prior year, the business posted $0.20 earnings per share. ACADIA Pharmaceuticals’s revenue for the quarter was up 9.4% compared to the same quarter last year. On average, analysts forecast that ACADIA Pharmaceuticals will post 0.7 EPS for the current fiscal year.

Insider Activity

In other ACADIA Pharmaceuticals news, Director Laura Brege sold 14,446 shares of the company’s stock in a transaction that occurred on Wednesday, June 4th. The stock was sold at an average price of $21.78, for a total transaction of $314,633.88. Following the completion of the transaction, the director owned 15,095 shares of the company’s stock, valued at $328,769.10. This represents a 48.90% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 28.30% of the company’s stock.

Hedge Funds Weigh In On ACADIA Pharmaceuticals

Several hedge funds and other institutional investors have recently made changes to their positions in ACAD. Assenagon Asset Management S.A. acquired a new stake in shares of ACADIA Pharmaceuticals during the first quarter worth $60,845,000. Point72 Asset Management L.P. bought a new stake in ACADIA Pharmaceuticals in the 4th quarter valued at about $40,935,000. Marshall Wace LLP grew its position in shares of ACADIA Pharmaceuticals by 496.2% during the 2nd quarter. Marshall Wace LLP now owns 1,969,711 shares of the biopharmaceutical company’s stock worth $42,487,000 after purchasing an additional 1,639,315 shares in the last quarter. American Century Companies Inc. increased its holdings in shares of ACADIA Pharmaceuticals by 1,055.8% during the first quarter. American Century Companies Inc. now owns 1,632,749 shares of the biopharmaceutical company’s stock worth $27,120,000 after purchasing an additional 1,491,484 shares during the period. Finally, Norges Bank acquired a new stake in ACADIA Pharmaceuticals during the second quarter worth approximately $31,679,000. 96.71% of the stock is owned by institutional investors.

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.