Canaccord Genuity Group Forecasts Strong Price Appreciation for ACADIA Pharmaceuticals (NASDAQ:ACAD) Stock

ACADIA Pharmaceuticals (NASDAQ:ACAD) had its price target increased by equities researchers at Canaccord Genuity Group from $32.00 to $36.00 in a research report issued on Monday,Benzinga reports. The firm currently has a “buy” rating on the biopharmaceutical company’s stock. Canaccord Genuity Group’s price objective suggests a potential upside of 40.97% from the company’s current price.

Several other analysts have also recently weighed in on the company. Bank of America raised ACADIA Pharmaceuticals from a “neutral” rating to a “buy” rating and set a $29.00 price objective for the company in a report on Wednesday, March 25th. Weiss Ratings cut ACADIA Pharmaceuticals from a “hold (c+)” rating to a “hold (c)” rating in a research note on Friday, May 1st. Citigroup restated a “buy” rating on shares of ACADIA Pharmaceuticals in a research report on Monday. Finally, JPMorgan Chase & Co. increased their price target on ACADIA Pharmaceuticals from $31.00 to $34.00 and gave the stock an “overweight” rating in a report on Wednesday, March 4th. Twelve equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $31.88.

ACADIA Pharmaceuticals Stock Up 0.9%

Shares of NASDAQ:ACAD opened at $25.54 on Monday. ACADIA Pharmaceuticals has a 12-month low of $19.69 and a 12-month high of $28.35. The firm has a market capitalization of $4.37 billion, a P/E ratio of 11.55, a price-to-earnings-growth ratio of 31.79 and a beta of 0.84. The firm has a fifty day moving average of $21.82 and a two-hundred day moving average of $23.44.

ACADIA Pharmaceuticals (NASDAQ:ACAD) last issued its quarterly earnings data on Wednesday, May 6th. The biopharmaceutical company reported $0.02 earnings per share for the quarter, missing the consensus estimate of $0.04 by ($0.02). ACADIA Pharmaceuticals had a net margin of 34.30% and a return on equity of 9.61%. The business had revenue of $268.10 million for the quarter, compared to the consensus estimate of $280.25 million. During the same period in the previous year, the business posted $0.11 EPS. ACADIA Pharmaceuticals’s revenue was up 9.7% compared to the same quarter last year. Equities research analysts expect that ACADIA Pharmaceuticals will post 0.37 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider James Kihara sold 5,401 shares of the business’s stock in a transaction on Tuesday, May 26th. The shares were sold at an average price of $21.18, for a total transaction of $114,393.18. Following the transaction, the insider directly owned 24,509 shares in the company, valued at approximately $519,100.62. The trade was a 18.06% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Mark C. Schneyer sold 3,506 shares of the company’s stock in a transaction on Monday, May 4th. The stock was sold at an average price of $21.79, for a total transaction of $76,395.74. Following the sale, the executive vice president directly owned 66,145 shares in the company, valued at $1,441,299.55. This trade represents a 5.03% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 13,978 shares of company stock valued at $302,819. Corporate insiders own 26.20% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of ACAD. Allspring Global Investments Holdings LLC lifted its position in ACADIA Pharmaceuticals by 25.4% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 658,813 shares of the biopharmaceutical company’s stock worth $17,320,000 after acquiring an additional 133,393 shares during the last quarter. Braidwell LP bought a new position in ACADIA Pharmaceuticals during the 3rd quarter worth $50,760,000. Fisher Asset Management LLC lifted its holdings in ACADIA Pharmaceuticals by 105.8% during the 3rd quarter. Fisher Asset Management LLC now owns 638,492 shares of the biopharmaceutical company’s stock worth $13,625,000 after buying an additional 328,181 shares during the period. Norges Bank bought a new stake in shares of ACADIA Pharmaceuticals in the 4th quarter valued at about $40,266,000. Finally, Neo Ivy Capital Management acquired a new stake in shares of ACADIA Pharmaceuticals in the third quarter valued at about $1,335,000. 96.71% of the stock is currently owned by institutional investors and hedge funds.

About ACADIA Pharmaceuticals

ACADIA Pharmaceuticals Inc is a biopharmaceutical company focused on the development and commercialization of innovative therapies for central nervous system (CNS) disorders. Established in 1993 and headquartered in San Diego, California, ACADIA’s research centers concentrate on conditions with significant unmet medical needs, including Parkinson’s disease psychosis, Alzheimer’s disease psychosis, and schizophrenia. The company utilizes a range of scientific platforms, including selective receptor modulation and precision-targeted compounds, to advance its portfolio of small-molecule therapeutics.

The company’s flagship product, NUPLAZID® (pimavanserin), received U.S.