Bank of America Upgrades ACADIA Pharmaceuticals (NASDAQ:ACAD) to “Buy”

ACADIA Pharmaceuticals (NASDAQ:ACAD) was upgraded by Bank of America from a “neutral” rating to a “buy” rating in a report released on Wednesday, Marketbeat.com reports. The firm presently has a $29.00 price objective on the biopharmaceutical company’s stock. Bank of America‘s target price would indicate a potential upside of 35.07% from the stock’s current price.

Several other equities research analysts also recently issued reports on the company. Needham & Company LLC reaffirmed a “buy” rating and set a $34.00 price target on shares of ACADIA Pharmaceuticals in a report on Monday, January 5th. Weiss Ratings reissued a “hold (c+)” rating on shares of ACADIA Pharmaceuticals in a research report on Monday, December 29th. HC Wainwright restated a “buy” rating and set a $37.00 target price on shares of ACADIA Pharmaceuticals in a research note on Tuesday, February 3rd. Oppenheimer reaffirmed a “market perform” rating on shares of ACADIA Pharmaceuticals in a report on Friday, February 6th. Finally, Citizens Jmp upped their price target on shares of ACADIA Pharmaceuticals from $34.00 to $35.00 and gave the company a “market outperform” rating in a research note on Thursday, February 26th. One analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, ACADIA Pharmaceuticals has an average rating of “Moderate Buy” and an average target price of $31.21.

ACADIA Pharmaceuticals Stock Down 2.5%

Shares of NASDAQ ACAD opened at $21.47 on Wednesday. The business’s 50 day moving average price is $23.50 and its two-hundred day moving average price is $23.95. The company has a market cap of $3.66 billion, a PE ratio of 9.38, a price-to-earnings-growth ratio of 21.88 and a beta of 0.66. ACADIA Pharmaceuticals has a twelve month low of $13.40 and a twelve month high of $28.35.

ACADIA Pharmaceuticals (NASDAQ:ACAD) last released its quarterly earnings data on Thursday, February 26th. The biopharmaceutical company reported $1.60 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.12 by $1.48. The company had revenue of $298.00 million during the quarter, compared to analysts’ expectations of $292.54 million. ACADIA Pharmaceuticals had a return on equity of 12.49% and a net margin of 36.49%.The business’s revenue was up 9.4% on a year-over-year basis. During the same period last year, the firm posted $0.86 earnings per share. As a group, research analysts anticipate that ACADIA Pharmaceuticals will post 0.7 EPS for the current fiscal year.

Insiders Place Their Bets

In other ACADIA Pharmaceuticals news, EVP Jennifer J. Rhodes sold 6,950 shares of the stock in a transaction on Monday, February 9th. The stock was sold at an average price of $23.38, for a total transaction of $162,491.00. Following the transaction, the executive vice president owned 7,609 shares in the company, valued at $177,898.42. This trade represents a 47.74% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 26.50% of the stock is owned by insiders.

Hedge Funds Weigh In On ACADIA Pharmaceuticals

Institutional investors and hedge funds have recently modified their holdings of the business. Farther Finance Advisors LLC increased its position in shares of ACADIA Pharmaceuticals by 67.5% during the fourth quarter. Farther Finance Advisors LLC now owns 958 shares of the biopharmaceutical company’s stock worth $26,000 after buying an additional 386 shares during the period. Cetera Investment Advisers lifted its holdings in ACADIA Pharmaceuticals by 2.7% in the fourth quarter. Cetera Investment Advisers now owns 16,355 shares of the biopharmaceutical company’s stock valued at $437,000 after buying an additional 436 shares during the period. J.W. Cole Advisors Inc. boosted its position in ACADIA Pharmaceuticals by 2.5% during the fourth quarter. J.W. Cole Advisors Inc. now owns 20,632 shares of the biopharmaceutical company’s stock valued at $551,000 after acquiring an additional 501 shares during the last quarter. Pallas Capital Advisors LLC boosted its position in ACADIA Pharmaceuticals by 4.0% during the fourth quarter. Pallas Capital Advisors LLC now owns 13,192 shares of the biopharmaceutical company’s stock valued at $352,000 after acquiring an additional 512 shares during the last quarter. Finally, PNC Financial Services Group Inc. grew its holdings in ACADIA Pharmaceuticals by 11.2% during the 3rd quarter. PNC Financial Services Group Inc. now owns 5,323 shares of the biopharmaceutical company’s stock worth $114,000 after acquiring an additional 534 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 the development and commercialization of innovative therapies for central nervous system (CNS) disorders. Established in 1993 and headquartered in San Diego, California, ACADIA’s research centers concentrate on conditions with significant unmet medical needs, including Parkinson’s disease psychosis, Alzheimer’s disease psychosis, and schizophrenia. The company utilizes a range of scientific platforms, including selective receptor modulation and precision-targeted compounds, to advance its portfolio of small-molecule therapeutics.

The company’s flagship product, NUPLAZID® (pimavanserin), received U.S.