Piper Jaffray Cos. Reiterates Overweight Rating for Acadia Pharmaceuticals Inc. (ACAD)
Acadia Pharmaceuticals Inc. (NASDAQ:ACAD)‘s stock had its “overweight” rating reissued by research analysts at Piper Jaffray Cos. in a research note issued to investors on Wednesday. They currently have a $44.00 price target on the biopharmaceutical company’s stock. Piper Jaffray Cos.’s target price points to a potential upside of 63.69% from the stock’s previous close.
Several other equities analysts also recently commented on ACAD. Needham & Company LLC reiterated a “buy” rating and issued a $49.00 price objective on shares of Acadia Pharmaceuticals in a report on Tuesday, July 26th. JMP Securities restated a “buy” rating and issued a $45.00 price target on shares of Acadia Pharmaceuticals in a research note on Wednesday, August 10th. HC Wainwright restated a “buy” rating and issued a $60.00 price target on shares of Acadia Pharmaceuticals in a research note on Sunday, September 25th. Cowen and Company restated an “outperform” rating and issued a $42.00 price target on shares of Acadia Pharmaceuticals in a research note on Tuesday, July 26th. Finally, Vetr upgraded shares of Acadia Pharmaceuticals from a “buy” rating to a “strong-buy” rating and set a $41.00 price target on the stock in a research note on Tuesday, August 2nd. Four investment analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and an average price target of $45.70.
Acadia Pharmaceuticals (NASDAQ:ACAD) traded down 3.91% during midday trading on Wednesday, reaching $25.83. 1,068,108 shares of the company’s stock traded hands. Acadia Pharmaceuticals has a 52-week low of $16.64 and a 52-week high of $43.30. The company’s market cap is $2.94 billion. The stock has a 50-day moving average of $32.22 and a 200 day moving average of $33.17.
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Acadia Pharmaceuticals (NASDAQ:ACAD) last released its quarterly earnings data on Thursday, August 4th. The biopharmaceutical company reported ($0.63) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.49) by $0.14. Acadia Pharmaceuticals had a negative net margin of 131,066.23% and a negative return on equity of 64.25%. The company earned $0.97 million during the quarter, compared to analyst estimates of $0.71 million. During the same quarter in the prior year, the firm earned ($0.39) earnings per share. Acadia Pharmaceuticals’s revenue for the quarter was up 96900.0% on a year-over-year basis. On average, analysts anticipate that Acadia Pharmaceuticals will post ($2.14) earnings per share for the current fiscal year.
In other news, Director Edmund Harrigan bought 1,000 shares of the firm’s stock in a transaction on Tuesday, August 16th. The stock was acquired at an average price of $32.97 per share, with a total value of $32,970.00. Following the transaction, the director now owns 1,000 shares of the company’s stock, valued at approximately $32,970. The acquisition was disclosed in a document filed with the SEC, which is available through this link. Also, Director Bros. Advisors Lp Baker bought 1,303,030 shares of the firm’s stock in a transaction on Wednesday, August 10th. The shares were purchased at an average cost of $33.00 per share, with a total value of $42,999,990.00. The disclosure for this purchase can be found here. 21.65% of the stock is currently owned by insiders.
A number of hedge funds have recently added to or reduced their stakes in the stock. Creative Planning increased its stake in Acadia Pharmaceuticals by 62.8% in the third quarter. Creative Planning now owns 12,131 shares of the biopharmaceutical company’s stock worth $386,000 after buying an additional 4,679 shares in the last quarter. Macquarie Group Ltd. increased its stake in Acadia Pharmaceuticals by 7.8% in the second quarter. Macquarie Group Ltd. now owns 74,650 shares of the biopharmaceutical company’s stock worth $2,423,000 after buying an additional 5,400 shares in the last quarter. Cowen Group Inc. purchased a new stake in Acadia Pharmaceuticals during the second quarter worth $568,000. IFP Advisors Inc increased its stake in Acadia Pharmaceuticals by 17.9% in the second quarter. IFP Advisors Inc now owns 6,447 shares of the biopharmaceutical company’s stock worth $209,000 after buying an additional 979 shares in the last quarter. Finally, Public Employees Retirement System of Ohio purchased a new stake in Acadia Pharmaceuticals during the second quarter worth $2,142,000. 92.10% of the stock is owned by institutional investors and hedge funds.
About Acadia Pharmaceuticals
ACADIA Pharmaceuticals Inc is a biopharmaceutical company. The Company is focused on the development and commercialization of medicines for central nervous system disorders. The Company’s lead drug candidate, NUPLAZID (pimavanserin), is under development for the treatment of Parkinson’s disease psychosis (PDP).
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