HC Wainwright Reiterates “Buy” Rating for ACADIA Pharmaceuticals (NASDAQ:ACAD)

HC Wainwright reiterated their buy rating on shares of ACADIA Pharmaceuticals (NASDAQ:ACAD) in a report issued on Thursday,Benzinga reports. They currently have a $32.00 price target on the biopharmaceutical company’s stock.

Several other equities research analysts also recently issued reports on ACAD. Bank of America boosted their price objective on shares of ACADIA Pharmaceuticals from $18.00 to $23.00 and gave the stock a “hold” rating in a research note on Thursday, June 5th. Needham & Company LLC raised their price target on shares of ACADIA Pharmaceuticals from $27.00 to $30.00 and gave the company a “buy” rating in a report on Monday, May 19th. Oppenheimer reissued a “market perform” rating on shares of ACADIA Pharmaceuticals in a research report on Friday, May 16th. Mizuho raised their price objective on ACADIA Pharmaceuticals from $20.00 to $23.00 and gave the company a “neutral” rating in a research note on Monday, May 19th. Finally, Cantor Fitzgerald upgraded ACADIA Pharmaceuticals to a “strong-buy” rating in a research note on Thursday, June 5th. Six investment analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $27.88.

ACADIA Pharmaceuticals Stock Down 1.3%

NASDAQ:ACAD opened at $22.21 on Thursday. The company has a market cap of $3.72 billion, a P/E ratio of 16.21, a P/E/G ratio of 4.80 and a beta of 0.65. The firm’s 50 day moving average is $19.45 and its two-hundred day moving average is $18.19. ACADIA Pharmaceuticals has a fifty-two week low of $13.40 and a fifty-two week high of $25.23.

ACADIA Pharmaceuticals (NASDAQ:ACAD) last posted its quarterly earnings results on Wednesday, May 7th. The biopharmaceutical company reported $0.11 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.10 by $0.01. The firm had revenue of $244.32 million during the quarter, compared to the consensus estimate of $239.32 million. ACADIA Pharmaceuticals had a return on equity of 17.46% and a net margin of 22.97%. The firm’s quarterly revenue was up 18.7% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.10 earnings per share. Research analysts forecast that ACADIA Pharmaceuticals will post 0.7 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other ACADIA Pharmaceuticals news, insider James Kihara sold 4,000 shares of the firm’s stock in a transaction dated Friday, May 16th. The shares were sold at an average price of $22.50, for a total value of $90,000.00. Following the transaction, the insider now owns 20,395 shares of the company’s stock, valued at $458,887.50. This trade represents a 16.40% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Mark C. Schneyer sold 2,000 shares of the company’s stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $25.00, for a total value of $50,000.00. Following the transaction, the executive vice president now directly owns 62,130 shares of the company’s stock, valued at $1,553,250. This trade represents a 3.12% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 29,007 shares of company stock valued at $580,446 over the last 90 days. 26.50% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in ACAD. Principal Financial Group Inc. increased its holdings in shares of ACADIA Pharmaceuticals by 10.9% in the 4th quarter. Principal Financial Group Inc. now owns 143,694 shares of the biopharmaceutical company’s stock worth $2,637,000 after acquiring an additional 14,143 shares during the period. New York State Common Retirement Fund grew its position in ACADIA Pharmaceuticals by 14.0% in the 4th quarter. New York State Common Retirement Fund now owns 51,374 shares of the biopharmaceutical company’s stock worth $943,000 after purchasing an additional 6,310 shares during the last quarter. Handelsbanken Fonder AB increased its stake in shares of ACADIA Pharmaceuticals by 15.1% in the fourth quarter. Handelsbanken Fonder AB now owns 54,833 shares of the biopharmaceutical company’s stock valued at $1,006,000 after purchasing an additional 7,200 shares during the period. Los Angeles Capital Management LLC raised its holdings in shares of ACADIA Pharmaceuticals by 158.6% during the fourth quarter. Los Angeles Capital Management LLC now owns 114,535 shares of the biopharmaceutical company’s stock valued at $2,102,000 after buying an additional 70,238 shares during the last quarter. Finally, Proficio Capital Partners LLC bought a new stake in ACADIA Pharmaceuticals during the 4th quarter valued at $272,000. 96.71% of the stock is currently owned by institutional investors.

About ACADIA Pharmaceuticals

ACADIA Pharmaceuticals Inc, a biopharmaceutical company, focuses on the development and commercialization innovative medicines that address unmet medical needs in central nervous system (CNS) disorders and rare diseases in the United States. The company offers NUPLAZID (pimavanserin) for the treatment of hallucinations and delusions associated with Parkinson's disease psychosis; and DAYBUE, a novel synthetic analog of the amino-terminal tripeptide of insulin-like growth factor 1 for treatment of Rett Syndrome.