Oppenheimer Reiterates “Market Perform” Rating for ACADIA Pharmaceuticals (NASDAQ:ACAD)

ACADIA Pharmaceuticals (NASDAQ:ACAD)‘s stock had its “market perform” rating reissued by investment analysts at Oppenheimer in a research note issued on Monday, Benzinga reports. They presently have a $19.00 price target on the biopharmaceutical company’s stock. Oppenheimer’s price target would suggest a potential upside of 10.14% from the stock’s current price.

ACAD has been the subject of several other reports. StockNews.com raised shares of ACADIA Pharmaceuticals from a “hold” rating to a “buy” rating in a report on Tuesday, January 30th. Mizuho cut ACADIA Pharmaceuticals from a “buy” rating to a “neutral” rating and dropped their target price for the company from $39.00 to $25.00 in a research report on Tuesday, March 12th. Royal Bank of Canada dropped their price objective on ACADIA Pharmaceuticals from $36.00 to $35.00 and set an “outperform” rating on the stock in a report on Wednesday, February 28th. TheStreet upgraded shares of ACADIA Pharmaceuticals from a “d” rating to a “c” rating in a research report on Tuesday, February 27th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $32.00 price target on shares of ACADIA Pharmaceuticals in a research note on Tuesday, April 9th. Three analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $31.75.

ACADIA Pharmaceuticals Price Performance

ACAD stock opened at $17.25 on Monday. The firm’s fifty day simple moving average is $18.79 and its 200-day simple moving average is $23.26. ACADIA Pharmaceuticals has a 12 month low of $16.16 and a 12 month high of $33.99. The company has a market capitalization of $2.85 billion, a P/E ratio of -45.39 and a beta of 0.42.

ACADIA Pharmaceuticals (NASDAQ:ACAD) last released its quarterly earnings data on Tuesday, February 27th. The biopharmaceutical company reported $0.28 earnings per share for the quarter, missing analysts’ consensus estimates of $0.32 by ($0.04). ACADIA Pharmaceuticals had a negative net margin of 8.44% and a negative return on equity of 15.67%. The company had revenue of $231.04 million for the quarter, compared to analysts’ expectations of $223.79 million. During the same quarter in the previous year, the business posted ($0.26) EPS. The business’s quarterly revenue was up 69.3% on a year-over-year basis. As a group, sell-side analysts forecast that ACADIA Pharmaceuticals will post 0.62 earnings per share for the current year.

Insider Transactions at ACADIA Pharmaceuticals

In other ACADIA Pharmaceuticals news, CEO Stephen Davis sold 26,574 shares of the stock in a transaction dated Monday, April 8th. The stock was sold at an average price of $17.87, for a total value of $474,877.38. Following the sale, the chief executive officer now owns 144,267 shares of the company’s stock, valued at approximately $2,578,051.29. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, CEO Stephen Davis sold 26,574 shares of ACADIA Pharmaceuticals stock in a transaction that occurred on Monday, April 8th. The shares were sold at an average price of $17.87, for a total value of $474,877.38. Following the completion of the transaction, the chief executive officer now owns 144,267 shares in the company, valued at $2,578,051.29. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Mark C. Schneyer sold 5,434 shares of the stock in a transaction that occurred on Wednesday, March 27th. The shares were sold at an average price of $17.90, for a total transaction of $97,268.60. Following the completion of the sale, the chief financial officer now directly owns 26,183 shares in the company, valued at $468,675.70. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 89,116 shares of company stock valued at $1,625,639. 27.50% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the business. Headlands Technologies LLC purchased a new stake in ACADIA Pharmaceuticals during the first quarter worth approximately $48,000. Sei Investments Co. grew its position in shares of ACADIA Pharmaceuticals by 6.2% in the 1st quarter. Sei Investments Co. now owns 34,752 shares of the biopharmaceutical company’s stock valued at $642,000 after buying an additional 2,034 shares during the last quarter. Swiss National Bank grew its holdings in shares of ACADIA Pharmaceuticals by 0.4% during the first quarter. Swiss National Bank now owns 210,604 shares of the biopharmaceutical company’s stock worth $3,894,000 after purchasing an additional 800 shares during the last quarter. SG Americas Securities LLC increased its position in shares of ACADIA Pharmaceuticals by 246.7% during the first quarter. SG Americas Securities LLC now owns 84,956 shares of the biopharmaceutical company’s stock worth $1,571,000 after purchasing an additional 60,452 shares in the last quarter. Finally, GSA Capital Partners LLP lifted its holdings in shares of ACADIA Pharmaceuticals by 730.9% in the 1st quarter. GSA Capital Partners LLP now owns 111,394 shares of the biopharmaceutical company’s stock valued at $2,060,000 after purchasing an additional 97,987 shares during the last quarter. 96.71% of the stock is owned by institutional investors and hedge funds.

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.