ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD)‘s stock had its “buy” rating reaffirmed by equities researchers at HC Wainwright in a research note issued to investors on Thursday. They presently have a $60.00 price target on the biopharmaceutical company’s stock. HC Wainwright’s price objective indicates a potential upside of 53.30% from the stock’s current price.

The analysts wrote, “HARMONY Study Initiation: Killing Multiple” Birds With One Stone? Reit Buy and $60 PT Initiation of the Ph3 HARMONY study is one step forward with our bull thesis. With the initiation of HARMONY study in dementia-related psychosis (DRP) and discontinuation of SEREN study in AD agitation, we applaud what we view as a smart move by Acadia of pursuing a broader indication for pimavanserin, and more importantly, doing so with a solid clinical plan moving forward. At first glance, the seemingly bold move into DRP from ADP may appear over-ambitious (killing multiple” birds with one stone). However, we note that a psychosis focus/approach may prove to be a smart play from both the commercial point of view and also from the mechanistic perspective. The blessing from the FDA with a Breakthrough Designation further elevates our sanguine outlook for the program. We highlight the significant upside coming with the DRP expansion as the target market is potentially bigger than ADP alone (if we assume ADP comprises 70% of the DRP).””

A number of other analysts have also recently weighed in on ACAD. ValuEngine upgraded shares of ACADIA Pharmaceuticals from a “strong sell” rating to a “sell” rating in a research note on Thursday, August 10th. Cowen and Company restated an “outperform” rating and issued a $46.00 price objective (up from $42.00) on shares of ACADIA Pharmaceuticals in a research note on Thursday, August 10th. Zacks Investment Research upgraded shares of ACADIA Pharmaceuticals from a “hold” rating to a “buy” rating and set a $34.00 price objective for the company in a research note on Friday, August 11th. Piper Jaffray Companies set a $54.00 price objective on shares of ACADIA Pharmaceuticals and gave the stock a “buy” rating in a research note on Wednesday, August 9th. Finally, Ladenburg Thalmann Financial Services restated a “buy” rating and issued a $50.00 price objective (up from $48.00) on shares of ACADIA Pharmaceuticals in a research note on Monday. Six research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. The stock currently has an average rating of “Buy” and an average price target of $43.37.

Shares of ACADIA Pharmaceuticals (ACAD) opened at 39.14 on Thursday. ACADIA Pharmaceuticals has a 1-year low of $20.68 and a 1-year high of $40.83. The stock’s market cap is $4.79 billion. The company’s 50-day moving average is $35.59 and its 200 day moving average is $31.62.

ACADIA Pharmaceuticals (NASDAQ:ACAD) last issued its quarterly earnings data on Tuesday, August 8th. The biopharmaceutical company reported ($0.55) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.72) by $0.17. ACADIA Pharmaceuticals had a negative net margin of 485.14% and a negative return on equity of 62.08%. The business had revenue of $30.50 million during the quarter, compared to analysts’ expectations of $20.02 million. During the same period in the previous year, the company earned ($0.63) earnings per share. ACADIA Pharmaceuticals’s revenue for the quarter was up 30400.0% on a year-over-year basis. Equities research analysts anticipate that ACADIA Pharmaceuticals will post ($2.54) EPS for the current year.

WARNING: This piece was originally reported by American Banking News and is the sole property of of American Banking News. If you are accessing this piece on another domain, it was stolen and republished in violation of US & international trademark and copyright law. The legal version of this piece can be read at https://www.americanbankingnews.com/2017/10/05/acadia-pharmaceuticals-inc-acad-given-buy-rating-at-hc-wainwright.html.

In related news, EVP Glenn Baity sold 14,322 shares of the company’s stock in a transaction on Wednesday, August 9th. The shares were sold at an average price of $34.88, for a total transaction of $499,551.36. Following the completion of the transaction, the executive vice president now directly owns 78,578 shares in the company, valued at approximately $2,740,800.64. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Over the last quarter, insiders have sold 78,926 shares of company stock valued at $2,566,760. Corporate insiders own 22.25% of the company’s stock.

Hedge funds have recently made changes to their positions in the company. Envestnet Asset Management Inc. raised its stake in shares of ACADIA Pharmaceuticals by 23.0% in the 1st quarter. Envestnet Asset Management Inc. now owns 3,296 shares of the biopharmaceutical company’s stock valued at $113,000 after buying an additional 617 shares in the last quarter. San Francisco Sentry Investment Group CA acquired a new position in shares of ACADIA Pharmaceuticals in the 2nd quarter valued at $125,000. Oppenheimer Asset Management Inc. raised its stake in shares of ACADIA Pharmaceuticals by 10.0% in the 2nd quarter. Oppenheimer Asset Management Inc. now owns 5,133 shares of the biopharmaceutical company’s stock valued at $143,000 after buying an additional 468 shares in the last quarter. PNC Financial Services Group Inc. raised its stake in shares of ACADIA Pharmaceuticals by 138.8% in the 1st quarter. PNC Financial Services Group Inc. now owns 4,384 shares of the biopharmaceutical company’s stock valued at $150,000 after buying an additional 2,548 shares in the last quarter. Finally, Flagship Harbor Advisors LLC acquired a new position in shares of ACADIA Pharmaceuticals in the 1st quarter valued at $202,000. Institutional investors own 97.10% of the company’s stock.

ACADIA Pharmaceuticals Company Profile

ACADIA Pharmaceuticals Inc is a biopharmaceutical company. The Company is focused on the development and commercialization of medicines for central nervous system (CNS) disorders. Its lead drug candidate, NUPLAZID (pimavanserin), is used for the treatment of hallucinations and delusions associated with Parkinson’s disease psychosis (PD Psychosis).

Analyst Recommendations for ACADIA Pharmaceuticals (NASDAQ:ACAD)

Receive News & Ratings for ACADIA Pharmaceuticals Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for ACADIA Pharmaceuticals Inc. and related companies with MarketBeat.com's FREE daily email newsletter.