ACADIA Pharmaceuticals Inc. (ACAD) PT Raised to $50.00
ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD) had its target price raised by analysts at JMP Securities from $47.00 to $50.00 in a report released on Thursday. The brokerage currently has an “outperform” rating on the biopharmaceutical company’s stock. JMP Securities’ target price would suggest a potential upside of 30.58% from the company’s previous close.
A number of other brokerages have also weighed in on ACAD. ValuEngine raised shares of ACADIA Pharmaceuticals from a “strong sell” rating to a “sell” rating in a research note on Thursday, August 10th. Zacks Investment Research lowered shares of ACADIA Pharmaceuticals from a “buy” rating to a “sell” rating in a research note on Monday, July 17th. BidaskClub raised shares of ACADIA Pharmaceuticals from a “sell” rating to a “hold” rating in a research note on Monday, July 24th. HC Wainwright reaffirmed a “buy” rating and issued a $60.00 price target on shares of ACADIA Pharmaceuticals in a research note on Thursday. Finally, Cowen and Company reaffirmed an “outperform” rating and issued a $46.00 price target (up previously from $42.00) on shares of ACADIA Pharmaceuticals in a research note on Thursday, August 10th. Six investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. ACADIA Pharmaceuticals currently has an average rating of “Buy” and a consensus target price of $45.01.
Shares of ACADIA Pharmaceuticals (ACAD) traded down 2.15% during midday trading on Thursday, hitting $38.30. 3,937,146 shares of the company traded hands. ACADIA Pharmaceuticals has a 12-month low of $20.68 and a 12-month high of $41.20. The stock’s market capitalization is $4.69 billion. The stock’s 50-day moving average is $35.59 and its 200 day moving average is $31.62.
ACADIA Pharmaceuticals (NASDAQ:ACAD) last released its quarterly earnings data on Tuesday, August 8th. The biopharmaceutical company reported ($0.55) earnings per share for the quarter, topping the 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 for the quarter, compared to analyst estimates of $20.02 million. During the same quarter last year, the firm earned ($0.63) EPS. ACADIA Pharmaceuticals’s quarterly revenue was up 30400.0% compared to the same quarter last year. On average, analysts expect that ACADIA Pharmaceuticals will post ($2.54) earnings per share for the current year.
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In other news, EVP Glenn Baity sold 14,322 shares of the business’s stock in a transaction on Wednesday, August 9th. The shares were sold at an average price of $34.88, for a total value of $499,551.36. Following the sale, the executive vice president now owns 78,578 shares of the company’s stock, valued at $2,740,800.64. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In the last three months, insiders sold 78,926 shares of company stock worth $2,566,760. 22.25% of the stock is currently owned by insiders.
Several hedge funds have recently made changes to their positions in ACAD. BlackRock Inc. lifted its position in shares of ACADIA Pharmaceuticals by 5,422.8% in the first quarter. BlackRock Inc. now owns 5,433,209 shares of the biopharmaceutical company’s stock worth $186,791,000 after purchasing an additional 5,334,832 shares in the last quarter. Janus Henderson Group PLC acquired a new position in ACADIA Pharmaceuticals during the second quarter worth $102,152,000. Goldman Sachs Group Inc. increased its holdings in ACADIA Pharmaceuticals by 69.9% during the second quarter. Goldman Sachs Group Inc. now owns 1,908,251 shares of the biopharmaceutical company’s stock worth $53,222,000 after buying an additional 785,352 shares during the last quarter. Elliott Management Corp acquired a new position in ACADIA Pharmaceuticals during the first quarter worth $26,726,000. Finally, Point72 Asset Management L.P. increased its holdings in ACADIA Pharmaceuticals by 57.6% during the first quarter. Point72 Asset Management L.P. now owns 1,931,200 shares of the biopharmaceutical company’s stock worth $66,395,000 after buying an additional 706,200 shares during the last quarter. 97.10% of the stock is currently 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 (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).
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