ACADIA Pharmaceuticals (NASDAQ:ACAD) Given New $33.00 Price Target at JPMorgan Chase & Co.

Key Points

• JPMorgan Chase & Co. has reduced its price target for ACADIA Pharmaceuticals from $34.00 to $33.00, maintaining an "overweight" rating on the stock, which suggests a potential upside of 56.77% from its current price.
• ACADIA Pharmaceuticals reported a 9.4% year-over-year revenue increase, with earnings per share of $0.16, surpassing estimates and demonstrating a solid profit margin of 21.80% for the last quarter.
• Insider transactions revealed significant stock sales, including a director selling 1,600 shares, and hedge funds now own 96.71% of the company's stock, indicating strong institutional interest.

ACADIA Pharmaceuticals (NASDAQ:ACAD - Get Free Report) had its price objective decreased by investment analysts at JPMorgan Chase & Co. from $34.00 to $33.00 in a research note issued on Monday,Benzinga reports. The brokerage currently has an "overweight" rating on the biopharmaceutical company's stock. JPMorgan Chase & Co.'s target price indicates a potential upside of 56.77% from the company's previous close.

ACAD has been the subject of a number of other research reports. Cowen reaffirmed a "buy" rating on shares of ACADIA Pharmaceuticals in a report on Thursday, September 11th. Deutsche Bank Aktiengesellschaft set a $29.00 price objective on shares of ACADIA Pharmaceuticals in a report on Thursday. Citigroup reaffirmed an "outperform" rating on shares of ACADIA Pharmaceuticals in a report on Thursday, August 7th. JMP Securities lifted their target price on shares of ACADIA Pharmaceuticals from $37.00 to $38.00 and gave the company a "market outperform" rating in a research report on Thursday, August 7th. Finally, Cantor Fitzgerald upgraded shares of ACADIA Pharmaceuticals to a "strong-buy" rating in a research report on Thursday, June 5th. One research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $29.12.

ACADIA Pharmaceuticals Stock Down 0.8%

Shares of ACAD opened at $21.05 on Monday. The company has a market cap of $3.55 billion, a price-to-earnings ratio of 15.83, a price-to-earnings-growth ratio of 7.41 and a beta of 0.75. ACADIA Pharmaceuticals has a twelve month low of $13.40 and a twelve month high of $26.65. The company has a 50 day moving average of $24.31 and a two-hundred day moving average of $20.73.

ACADIA Pharmaceuticals (NASDAQ:ACAD - Get Free Report) last announced its earnings results on Wednesday, August 6th. The biopharmaceutical company reported $0.16 earnings per share for the quarter, beating the consensus estimate of $0.14 by $0.02. ACADIA Pharmaceuticals had a net margin of 21.80% and a return on equity of 14.69%. The company had revenue of $264.57 million during the quarter, compared to the consensus estimate of $263.07 million. During the same period last year, the firm earned $0.20 earnings per share. ACADIA Pharmaceuticals's revenue was up 9.4% compared to the same quarter last year. On average, sell-side analysts expect that ACADIA Pharmaceuticals will post 0.7 EPS for the current year.

Insider Transactions at ACADIA Pharmaceuticals

In related news, Director Elizabeth A. Garofalo sold 1,600 shares of the business's stock in a transaction dated Tuesday, September 2nd. The shares were sold at an average price of $25.98, for a total transaction of $41,568.00. Following the transaction, the director directly owned 25,382 shares in the company, valued at approximately $659,424.36. The trade was a 5.93% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, EVP Mark C. Schneyer sold 22,000 shares of the business's stock in a transaction dated Monday, August 18th. The stock was sold at an average price of $25.18, for a total transaction of $553,960.00. Following the transaction, the executive vice president owned 40,130 shares in the company, valued at $1,010,473.40. The trade was a 35.41% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 27,098 shares of company stock worth $678,256 over the last 90 days. 28.30% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On ACADIA Pharmaceuticals

A number of institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. raised its stake in ACADIA Pharmaceuticals by 9.0% during the first quarter. Vanguard Group Inc. now owns 15,203,234 shares of the biopharmaceutical company's stock worth $252,526,000 after purchasing an additional 1,255,594 shares during the period. Assenagon Asset Management S.A. acquired a new stake in ACADIA Pharmaceuticals during the 1st quarter worth approximately $60,845,000. Geode Capital Management LLC lifted its holdings in ACADIA Pharmaceuticals by 2.4% during the 2nd quarter. Geode Capital Management LLC now owns 3,024,097 shares of the biopharmaceutical company's stock worth $65,238,000 after buying an additional 69,584 shares in the last quarter. Fred Alger Management LLC lifted its holdings in ACADIA Pharmaceuticals by 2.0% during the 1st quarter. Fred Alger Management LLC now owns 2,769,828 shares of the biopharmaceutical company's stock worth $46,007,000 after buying an additional 54,899 shares in the last quarter. Finally, First Trust Advisors LP raised its holdings in shares of ACADIA Pharmaceuticals by 2.8% in the 2nd quarter. First Trust Advisors LP now owns 2,434,376 shares of the biopharmaceutical company's stock valued at $52,509,000 after purchasing an additional 65,914 shares in the last quarter. 96.71% of the stock is owned by hedge funds and other institutional investors.

ACADIA Pharmaceuticals Company Profile

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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