ACADIA Pharmaceuticals (NASDAQ:ACAD) Receives “Buy” Rating from Needham & Company LLC

by · The Markets Daily

Needham & Company LLC reaffirmed their buy rating on shares of ACADIA Pharmaceuticals (NASDAQ:ACAD – Free Report) in a research report released on Tuesday, Benzinga reports. They currently have a $32.00 target price on the biopharmaceutical company’s stock.

Several other brokerages have also issued reports on ACAD. HC Wainwright reissued a buy rating and issued a $33.00 price target on shares of ACADIA Pharmaceuticals in a report on Wednesday, February 28th. Deutsche Bank Aktiengesellschaft began coverage on shares of ACADIA Pharmaceuticals in a report on Tuesday, December 12th. They issued a buy rating and a $25.00 price target for the company. Oppenheimer reissued a market perform rating and issued a $25.00 price target on shares of ACADIA Pharmaceuticals in a report on Monday, February 5th. Morgan Stanley decreased their price target on shares of ACADIA Pharmaceuticals from $40.00 to $30.00 and set an overweight rating for the company in a report on Wednesday, March 13th. Finally, Citigroup started coverage on shares of ACADIA Pharmaceuticals in a research note on Wednesday, December 13th. They issued a buy rating and a $38.00 target price for the company. Three research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat.com, ACADIA Pharmaceuticals currently has a consensus rating of Moderate Buy and an average price target of $35.82.

View Our Latest Report on ACADIA Pharmaceuticals

ACADIA Pharmaceuticals Stock Performance

ACAD opened at $17.14 on Tuesday. The company has a fifty day moving average price of $21.70 and a two-hundred day moving average price of $23.91. ACADIA Pharmaceuticals has a 52 week low of $16.85 and a 52 week high of $33.99. The firm has a market capitalization of $2.82 billion, a PE ratio of -45.10 and a beta of 0.37.

ACADIA Pharmaceuticals (NASDAQ:ACAD – Get Free Report) last released its earnings results on Tuesday, February 27th. The biopharmaceutical company reported $0.28 EPS for the quarter, missing analysts’ consensus estimates of $0.32 by ($0.04). ACADIA Pharmaceuticals had a negative return on equity of 15.67% and a negative net margin of 8.44%. The business had revenue of $231.04 million for the quarter, compared to analyst estimates of $223.79 million. During the same period in the prior year, the firm posted ($0.26) EPS. ACADIA Pharmaceuticals’s revenue was up 69.3% on a year-over-year basis. Equities analysts forecast that ACADIA Pharmaceuticals will post 0.63 EPS for the current year.

Insiders Place Their Bets

In other ACADIA Pharmaceuticals news, COO Brendan Teehan sold 5,140 shares of the business’s stock in a transaction dated Wednesday, March 27th. The shares were sold at an average price of $17.90, for a total transaction of $92,006.00. Following the sale, the chief operating officer now directly owns 36,340 shares of the company’s stock, valued at approximately $650,486. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other ACADIA Pharmaceuticals news, COO Brendan Teehan sold 5,140 shares of the business’s stock in a transaction dated Wednesday, March 27th. The shares were sold at an average price of $17.90, for a total transaction of $92,006.00. Following the sale, the chief operating officer now directly owns 36,340 shares of the company’s stock, valued at approximately $650,486. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Stephen Davis sold 26,574 shares of the business’s stock in a transaction dated Monday, April 8th. The stock was sold at an average price of $17.87, for a total transaction of $474,877.38. Following the sale, the chief executive officer now directly owns 144,267 shares in the company, valued at $2,578,051.29. The disclosure for this sale can be found here. Insiders have sold 69,383 shares of company stock valued at $1,291,362 in the last three months. 27.50% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On ACADIA Pharmaceuticals

A number of institutional investors and hedge funds have recently modified their holdings of the company. Vanguard Group Inc. raised its holdings in shares of ACADIA Pharmaceuticals by 4.2% in the 3rd quarter. Vanguard Group Inc. now owns 12,925,641 shares of the biopharmaceutical company’s stock valued at $211,463,000 after purchasing an additional 525,048 shares during the period. RTW Investments LP raised its holdings in shares of ACADIA Pharmaceuticals by 18.3% in the 3rd quarter. RTW Investments LP now owns 11,576,537 shares of the biopharmaceutical company’s stock valued at $241,255,000 after purchasing an additional 1,793,288 shares during the period. BlackRock Inc. raised its holdings in shares of ACADIA Pharmaceuticals by 1.7% in the 2nd quarter. BlackRock Inc. now owns 10,039,501 shares of the biopharmaceutical company’s stock valued at $240,446,000 after purchasing an additional 170,370 shares during the period. State Street Corp raised its holdings in shares of ACADIA Pharmaceuticals by 2.8% in the 3rd quarter. State Street Corp now owns 6,778,871 shares of the biopharmaceutical company’s stock valued at $110,902,000 after purchasing an additional 184,921 shares during the period. Finally, Price T Rowe Associates Inc. MD raised its holdings in shares of ACADIA Pharmaceuticals by 6.3% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 4,550,906 shares of the biopharmaceutical company’s stock valued at $85,649,000 after purchasing an additional 271,652 shares during the period. 96.71% of the stock is owned by institutional investors.

About ACADIA Pharmaceuticals

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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.

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