ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD) Receives Average Recommendation of “Moderate Buy” from Brokerages

ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD) has been assigned a consensus recommendation of “Moderate Buy” from the seventeen ratings firms that are covering the company, Marketbeat.com reports. One analyst has rated the stock with a sell rating, four have issued a hold rating and twelve have assigned a buy rating to the company. The average 12-month target price among brokerages that have updated their coverage on the stock in the last year is $32.5882.

Several equities analysts recently weighed in on the stock. Canaccord Genuity Group increased their price target on shares of ACADIA Pharmaceuticals from $32.00 to $36.00 and gave the company a “buy” rating in a research report on Monday, June 29th. Weiss Ratings lowered shares of ACADIA Pharmaceuticals from a “hold (c+)” rating to a “hold (c)” rating in a research report on Friday, May 1st. Citigroup boosted their target price on shares of ACADIA Pharmaceuticals from $32.00 to $35.00 and gave the company a “buy” rating in a research note on Monday, June 29th. HC Wainwright cut shares of ACADIA Pharmaceuticals from a “buy” rating to a “neutral” rating in a report on Tuesday, June 30th. Finally, Deutsche Bank Aktiengesellschaft reissued a “buy” rating and set a $37.00 price objective on shares of ACADIA Pharmaceuticals in a report on Monday, June 29th.

Insider Buying and Selling at ACADIA Pharmaceuticals

In other news, EVP Mark C. Schneyer sold 3,506 shares of the company’s stock in a transaction on Monday, May 4th. The stock was sold at an average price of $21.79, for a total transaction of $76,395.74. Following the transaction, the executive vice president owned 66,145 shares of the company’s stock, valued at $1,441,299.55. This represents a 5.03% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider James Kihara sold 5,401 shares of the stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $21.18, for a total value of $114,393.18. Following the transaction, the insider owned 24,509 shares of the company’s stock, valued at $519,100.62. The trade was a 18.06% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 13,978 shares of company stock worth $302,819. Corporate insiders own 26.20% of the company’s stock.

Hedge Funds Weigh In On ACADIA Pharmaceuticals

Several hedge funds have recently made changes to their positions in ACAD. Empowered Funds LLC bought a new stake in ACADIA Pharmaceuticals during the 1st quarter worth approximately $1,090,000. Bank of America Corp DE increased its stake in ACADIA Pharmaceuticals by 27.2% in the 1st quarter. Bank of America Corp DE now owns 1,553,770 shares of the biopharmaceutical company’s stock worth $34,587,000 after acquiring an additional 332,325 shares during the last quarter. Stempoint Capital LP bought a new position in ACADIA Pharmaceuticals in the 1st quarter worth about $5,400,000. Amundi raised its holdings in shares of ACADIA Pharmaceuticals by 46.6% in the 1st quarter. Amundi now owns 26,753 shares of the biopharmaceutical company’s stock valued at $596,000 after acquiring an additional 8,508 shares in the last quarter. Finally, California State Teachers Retirement System raised its holdings in shares of ACADIA Pharmaceuticals by 9.0% in the 1st quarter. California State Teachers Retirement System now owns 138,244 shares of the biopharmaceutical company’s stock valued at $3,077,000 after acquiring an additional 11,437 shares in the last quarter. 96.71% of the stock is currently owned by hedge funds and other institutional investors.

ACADIA Pharmaceuticals Stock Performance

ACAD stock opened at $25.97 on Monday. The stock has a market cap of $4.45 billion, a P/E ratio of 11.80, a P/E/G ratio of 18.71 and a beta of 0.80. The stock’s fifty day simple moving average is $22.18 and its two-hundred day simple moving average is $23.39. ACADIA Pharmaceuticals has a 1-year low of $19.69 and a 1-year high of $28.35.

ACADIA Pharmaceuticals (NASDAQ:ACAD) last announced its earnings results on Wednesday, May 6th. The biopharmaceutical company reported $0.02 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.04 by ($0.02). The business had revenue of $268.10 million for the quarter, compared to analysts’ expectations of $280.25 million. ACADIA Pharmaceuticals had a net margin of 34.30% and a return on equity of 9.61%. The company’s revenue for the quarter was up 9.7% compared to the same quarter last year. During the same period in the prior year, the business earned $0.11 earnings per share. As a group, analysts forecast that ACADIA Pharmaceuticals will post 0.37 earnings per share for the current fiscal year.

About ACADIA Pharmaceuticals

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.