Deutsche Bank Aktiengesellschaft Upgrades ACADIA Pharmaceuticals (NASDAQ:ACAD) to Buy

ACADIA Pharmaceuticals (NASDAQ:ACAD - Get Free Report) was upgraded by equities researchers at Deutsche Bank Aktiengesellschaft from a "hold" rating to a "buy" rating in a report issued on Wednesday, MarketBeat.com reports. The firm presently has a $35.00 price target on the biopharmaceutical company's stock, up from their previous price target of $20.00. Deutsche Bank Aktiengesellschaft's target price would suggest a potential upside of 59.24% from the company's current price.

A number of other research firms have also recently commented on ACAD. Cantor Fitzgerald reiterated an "overweight" rating and set a $28.00 price target on shares of ACADIA Pharmaceuticals in a report on Thursday, February 27th. Mizuho raised their target price on shares of ACADIA Pharmaceuticals from $20.00 to $23.00 and gave the stock a "neutral" rating in a report on Monday, May 19th. Oppenheimer reaffirmed a "market perform" rating on shares of ACADIA Pharmaceuticals in a research report on Friday, May 16th. Needham & Company LLC increased their price target on shares of ACADIA Pharmaceuticals from $27.00 to $30.00 and gave the stock a "buy" rating in a report on Monday, May 19th. Finally, BMO Capital Markets boosted their price target on ACADIA Pharmaceuticals from $24.00 to $28.00 and gave the stock an "outperform" rating in a research report on Monday, May 19th. Five equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $26.83.

ACADIA Pharmaceuticals Stock Performance

Shares of NASDAQ ACAD traded up $0.43 during mid-day trading on Wednesday, hitting $21.98. 1,671,707 shares of the stock traded hands, compared to its average volume of 1,933,705. The company has a market cap of $3.68 billion, a price-to-earnings ratio of 28.18 and a beta of 0.47. The stock has a fifty day moving average price of $16.38 and a 200-day moving average price of $17.33. 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 quarterly earnings results on Wednesday, May 7th. The biopharmaceutical company reported $0.11 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.10 by $0.01. ACADIA Pharmaceuticals had a net margin of 13.83% and a return on equity of 25.83%. The company had revenue of $244.32 million during the quarter, compared to analyst estimates of $239.32 million. During the same period last year, the business earned $0.10 EPS. ACADIA Pharmaceuticals's quarterly revenue was up 18.7% compared to the same quarter last year. As a group, sell-side analysts predict that ACADIA Pharmaceuticals will post 0.7 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Elizabeth A. Garofalo sold 4,919 shares of the company's stock in a transaction that occurred on Wednesday, March 5th. The stock was sold at an average price of $18.23, for a total value of $89,673.37. Following the completion of the transaction, the director now directly owns 17,595 shares of the company's stock, valued at $320,756.85. This represents a 21.85% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Mark C. Schneyer sold 2,708 shares of the business's stock in a transaction that occurred on Tuesday, April 8th. The stock was sold at an average price of $14.82, for a total transaction of $40,132.56. Following the sale, the executive vice president now owns 59,456 shares of the company's stock, valued at $881,137.92. This represents a 4.36% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 23,746 shares of company stock valued at $428,221 in the last ninety days. Company insiders own 26.50% of the company's stock.

Institutional Investors Weigh In On ACADIA Pharmaceuticals

Large investors have recently modified their holdings of the stock. Exchange Traded Concepts LLC purchased a new stake in shares of ACADIA Pharmaceuticals during the 1st quarter worth approximately $29,000. Banque Transatlantique SA purchased a new stake in shares of ACADIA Pharmaceuticals during the first quarter worth about $31,000. Picton Mahoney Asset Management acquired a new position in shares of ACADIA Pharmaceuticals in the first quarter valued at approximately $32,000. Federated Hermes Inc. lifted its stake in shares of ACADIA Pharmaceuticals by 231.5% during the 1st quarter. Federated Hermes Inc. now owns 2,317 shares of the biopharmaceutical company's stock worth $38,000 after purchasing an additional 1,618 shares during the period. Finally, Virtus Fund Advisers LLC acquired a new position in ACADIA Pharmaceuticals in the fourth quarter valued at $39,000. Hedge funds and other institutional investors own 96.71% of the company's stock.

About ACADIA Pharmaceuticals

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.