ACADIA Pharmaceuticals (NASDAQ:ACAD) Stock Rating Cut to Hold at Wall Street Zen

ACADIA Pharmaceuticals (NASDAQ:ACAD) was downgraded by Wall Street Zen from a “buy” rating to a “hold” rating in a note issued to investors on Wednesday, Wall Street Zen reports.

ACAD has been the subject of several other research reports. Morgan Stanley increased their price objective on shares of ACADIA Pharmaceuticals from $27.00 to $28.00 and gave the company an “equal weight” rating in a research note on Tuesday, August 25th. William Blair set a $33.00 price objective on shares of ACADIA Pharmaceuticals in a research note on Monday, September 28th. Citigroup reissued a “buy” rating and issued a $33.00 price objective (down from $40.00) on shares of ACADIA Pharmaceuticals in a research note on Friday, September 25th. Citizens Jmp dropped their price objective on shares of ACADIA Pharmaceuticals from $36.00 to $33.00 and set a “market outperform” rating for the company in a research note on Friday, September 25th. Finally, TD Cowen reaffirmed a “buy” rating on shares of ACADIA Pharmaceuticals in a research note on Thursday, September 24th. Thirteen research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, ACADIA Pharmaceuticals currently has an average rating of “Moderate Buy” and a consensus target price of $31.45.

ACADIA Pharmaceuticals Trading Up 0.1%

Shares of NASDAQ:ACAD traded up $0.02 on Wednesday, reaching $21.26. 798,741 shares of the company’s stock were exchanged, compared to its average volume of 1,746,874. The company has a fifty day moving average of $23.03 and a 200-day moving average of $23.62. ACADIA Pharmaceuticals has a twelve month low of $18.39 and a twelve month high of $30.96. The company has a market capitalization of $3.66 billion, a price-to-earnings ratio of 10.08 and a beta of 0.87.

ACADIA Pharmaceuticals (NASDAQ:ACAD) last posted its quarterly earnings results on Wednesday, November 4th. The biopharmaceutical company reported $0.31 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.20 by $0.11. The business had revenue of $342.30 million for the quarter, compared to analyst estimates of $332.58 million. ACADIA Pharmaceuticals had a net margin of 30.13% and a return on equity of 9.12%. The firm’s revenue for the quarter was up 22.8% on a year-over-year basis. During the same quarter last year, the business posted $0.42 EPS. As a group, equities research analysts forecast that ACADIA Pharmaceuticals will post 0.64 EPS for the current fiscal year.

Insider Buying and Selling

In other ACADIA Pharmaceuticals 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 completion of 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 ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 26.20% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in ACAD. Fisher Asset Management LLC grew its position in shares of ACADIA Pharmaceuticals by 1.7% during the 3rd quarter. Fisher Asset Management LLC now owns 711,352 shares of the biopharmaceutical company’s stock valued at $14,334,000 after acquiring an additional 12,122 shares during the period. Russell Investments Group Ltd. raised its holdings in shares of ACADIA Pharmaceuticals by 464.8% in the 3rd quarter. Russell Investments Group Ltd. now owns 252,069 shares of the biopharmaceutical company’s stock worth $5,092,000 after purchasing an additional 207,443 shares during the period. Fifth Third Bancorp raised its holdings in shares of ACADIA Pharmaceuticals by 4.2% in the 3rd quarter. Fifth Third Bancorp now owns 31,813 shares of the biopharmaceutical company’s stock worth $641,000 after purchasing an additional 1,284 shares during the period. Maryland State Retirement & Pension System raised its holdings in shares of ACADIA Pharmaceuticals by 55.2% in the 3rd quarter. Maryland State Retirement & Pension System now owns 28,742 shares of the biopharmaceutical company’s stock worth $579,000 after purchasing an additional 10,223 shares during the period. Finally, Illinois Municipal Retirement Fund raised its holdings in shares of ACADIA Pharmaceuticals by 0.9% in the 3rd quarter. Illinois Municipal Retirement Fund now owns 67,545 shares of the biopharmaceutical company’s stock worth $1,361,000 after purchasing an additional 613 shares during the period. 96.71% of the stock is currently owned by institutional investors and hedge funds.

ACADIA Pharmaceuticals Company Profile

ACADIA Pharmaceuticals Inc is a biopharmaceutical company focused on developing and commercializing medicines for central nervous system and neuropsychiatric disorders. The company’s research programs target conditions with significant unmet medical needs, including neurological and rare neurodevelopmental diseases.

ACADIA’s commercial products include NUPLAZID (pimavanserin), an atypical antipsychotic approved in the United States to treat hallucinations and delusions associated with Parkinson’s disease psychosis.