ACADIA Pharmaceuticals (NASDAQ:ACAD) Price Target Raised to $17.00 at The Goldman Sachs Group

Key Points

• The Goldman Sachs Group raised its price target for ACADIA Pharmaceuticals from $15.00 to $17.00, maintaining a "sell" rating, indicating a potential downside of 29.34% from the current stock price.
• ACADIA Pharmaceuticals reported a quarterly earnings of $0.16 EPS, surpassing analysts' expectations of $0.14, with revenues of $264.57 million.
• The stock has received mixed ratings, with one sell, six holds, eleven buys, and one strong buy, resulting in a consensus rating of "Moderate Buy" and an average target price of $27.71.

ACADIA Pharmaceuticals (NASDAQ:ACAD - Get Free Report) had its price objective hoisted by analysts at The Goldman Sachs Group from $15.00 to $17.00 in a research report issued on Thursday,Benzinga reports. The firm currently has a "sell" rating on the biopharmaceutical company's stock. The Goldman Sachs Group's price objective indicates a potential downside of 29.34% from the stock's current price.

Several other equities research analysts also recently weighed in on the company. Needham & Company LLC reaffirmed a "buy" rating and set a $30.00 price target on shares of ACADIA Pharmaceuticals in a report on Thursday, June 26th. Citigroup reissued an "outperform" rating on shares of ACADIA Pharmaceuticals in a research note on Thursday. HC Wainwright restated a "buy" rating and set a $32.00 price objective on shares of ACADIA Pharmaceuticals in a report on Thursday, June 26th. JPMorgan Chase & Co. boosted their price objective on shares of ACADIA Pharmaceuticals from $30.00 to $34.00 and gave the stock an "overweight" rating in a research note on Thursday, July 24th. Finally, Robert W. Baird raised their target price on ACADIA Pharmaceuticals from $28.00 to $31.00 and gave the company an "outperform" rating in a report on Monday, May 19th. One analyst has rated the stock with a sell rating, six have issued a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $27.71.

ACADIA Pharmaceuticals Stock Up 1.1%

Shares of ACAD traded up $0.26 during mid-day trading on Thursday, reaching $24.06. The company had a trading volume of 1,099,142 shares, compared to its average volume of 2,177,510. The stock has a 50 day moving average of $22.28 and a two-hundred day moving average of $19.17. The stock has a market capitalization of $4.03 billion, a P/E ratio of 17.53, a PEG ratio of 6.60 and a beta of 0.70. ACADIA Pharmaceuticals has a 52-week low of $13.40 and a 52-week high of $25.23.

ACADIA Pharmaceuticals (NASDAQ:ACAD - Get Free Report) last issued its earnings results on Wednesday, August 6th. The biopharmaceutical company reported $0.16 EPS for the quarter, topping analysts' consensus estimates of $0.14 by $0.02. The company had revenue of $264.57 million for the quarter, compared to the consensus estimate of $263.07 million. ACADIA Pharmaceuticals had a net margin of 22.97% and a return on equity of 17.46%. ACADIA Pharmaceuticals's quarterly revenue was up 9.4% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.20 earnings per share. On average, sell-side analysts expect that ACADIA Pharmaceuticals will post 0.7 earnings per share for the current year.

Insider Activity

In other ACADIA Pharmaceuticals news, EVP Mark C. Schneyer sold 2,000 shares of the business's stock in a transaction that occurred on Friday, May 16th. The stock was sold at an average price of $25.00, for a total transaction of $50,000.00. Following the completion of the sale, the executive vice president directly owned 62,130 shares of the company's stock, valued at approximately $1,553,250. The trade was a 3.12% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider James Kihara sold 4,000 shares of the business's stock in a transaction that occurred on Friday, May 16th. The stock was sold at an average price of $22.50, for a total value of $90,000.00. Following the completion of the transaction, the insider owned 20,395 shares in the company, valued at $458,887.50. The trade was a 16.40% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 20,446 shares of company stock valued at $454,634 in the last ninety days. 26.50% of the stock is owned by company insiders.

Institutional Investors Weigh In On ACADIA Pharmaceuticals

Several institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. raised its position in shares of ACADIA Pharmaceuticals by 9.0% in the first quarter. Vanguard Group Inc. now owns 15,203,234 shares of the biopharmaceutical company's stock worth $252,526,000 after buying an additional 1,255,594 shares in the last quarter. Assenagon Asset Management S.A. purchased a new position in shares of ACADIA Pharmaceuticals in the first quarter worth about $60,845,000. Fred Alger Management LLC increased its holdings in shares of ACADIA Pharmaceuticals by 2.0% in the first 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 during the period. First Trust Advisors LP increased its holdings in shares of ACADIA Pharmaceuticals by 27.0% in the fourth quarter. First Trust Advisors LP now owns 2,700,125 shares of the biopharmaceutical company's stock worth $49,547,000 after buying an additional 574,251 shares during the period. Finally, Point72 Asset Management L.P. purchased a new position in shares of ACADIA Pharmaceuticals in the fourth quarter worth about $40,935,000. Hedge funds and other institutional investors own 96.71% of the company's stock.

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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