ACADIA Pharmaceuticals (NASDAQ:ACAD) Given New $41.00 Price Target at Needham & Company LLC

Key Points

• Needham raised ACADIA Pharmaceuticals’ price target from $38 to $41 and maintained a “Buy” rating, implying approximately 39.4% upside from the reported $29.41 share price.
• Analyst sentiment remains favorable, with 14 Buy ratings and three Holds, producing a consensus “Moderate Buy” rating and average price target of $33.69.
• ACADIA exceeded quarterly expectations, reporting $0.18 in EPS versus $0.07 expected and revenue of $308 million, up 16.4% year over year; insiders have sold 42,100 shares worth about $1.13 million over the past 90 days.

ACADIA Pharmaceuticals (NASDAQ:ACAD - Get Free Report) had its price objective hoisted by stock analysts at Needham & Company LLC from $38.00 to $41.00 in a report released on Wednesday,Benzinga reports. The firm presently has a "buy" rating on the biopharmaceutical company's stock. Needham & Company LLC's target price suggests a potential upside of 39.41% from the company's current price.

Other research analysts have also recently issued reports about the stock. Wall Street Zen raised shares of ACADIA Pharmaceuticals from a "hold" rating to a "buy" rating in a report on Saturday. Royal Bank Of Canada upped their price target on ACADIA Pharmaceuticals from $36.00 to $37.00 and gave the stock an "outperform" rating in a report on Wednesday, August 5th. HC Wainwright reaffirmed a "buy" rating on shares of ACADIA Pharmaceuticals in a report on Thursday, August 6th. Deutsche Bank Aktiengesellschaft reissued a "buy" rating and issued a $37.00 target price on shares of ACADIA Pharmaceuticals in a report on Monday, June 29th. Finally, Citigroup raised their price target on ACADIA Pharmaceuticals from $35.00 to $39.00 and gave the company a "buy" rating in a research report on Monday. Fourteen research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $33.69.

ACADIA Pharmaceuticals Stock Performance

ACADIA Pharmaceuticals stock opened at $29.41 on Wednesday. ACADIA Pharmaceuticals has a one year low of $19.69 and a one year high of $29.76. The business has a fifty day moving average of $24.72 and a two-hundred day moving average of $23.30. The company has a market cap of $5.07 billion, a P/E ratio of 13.25, a price-to-earnings-growth ratio of 23.91 and a beta of 0.81.

ACADIA Pharmaceuticals (NASDAQ:ACAD - Get Free Report) last announced its quarterly earnings results on Tuesday, August 4th. The biopharmaceutical company reported $0.18 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.07 by $0.11. ACADIA Pharmaceuticals had a net margin of 33.42% and a return on equity of 9.03%. The business had revenue of $308.00 million during the quarter, compared to the consensus estimate of $296.55 million. During the same quarter last year, the firm posted $0.16 EPS. The business's revenue was up 16.4% compared to the same quarter last year. Sell-side analysts predict that ACADIA Pharmaceuticals will post 0.57 EPS for the current year.

Insider Activity at ACADIA Pharmaceuticals

In other news, EVP Elizabeth H.Z. Thompson sold 16,558 shares of the business's stock in a transaction on Thursday, July 30th. The stock was sold at an average price of $26.13, for a total value of $432,660.54. Following the completion of the transaction, the executive vice president directly owned 18,994 shares of the company's stock, valued at $496,313.22. The trade was a 46.57% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP Mark C. Schneyer sold 14,292 shares of the company's stock in a transaction on Thursday, August 6th. The shares were sold at an average price of $29.22, for a total value of $417,612.24. Following the completion of the sale, the executive vice president owned 67,828 shares in the company, valued at $1,981,934.16. This represents a 17.40% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 42,100 shares of company stock valued at $1,134,287. 26.20% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Farther Finance Advisors LLC grew its holdings 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 in the last quarter. Meeder Asset Management Inc. acquired a new position in ACADIA Pharmaceuticals in the fourth quarter valued at $26,000. Transamerica Financial Advisors LLC increased its stake in ACADIA Pharmaceuticals by 304.5% in the fourth quarter. Transamerica Financial Advisors LLC now owns 1,335 shares of the biopharmaceutical company's stock valued at $36,000 after purchasing an additional 1,005 shares during the last quarter. Federated Hermes Inc. lifted its position in ACADIA Pharmaceuticals by 277.5% during the fourth quarter. Federated Hermes Inc. now owns 1,612 shares of the biopharmaceutical company's stock worth $43,000 after buying an additional 1,185 shares during the period. Finally, Leonteq Securities AG purchased a new position in ACADIA Pharmaceuticals during the fourth quarter worth about $52,000. Institutional investors and hedge funds own 96.71% of the company's stock.

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.

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