ACADIA Pharmaceuticals (NASDAQ:ACAD) Reaches New 52-Week High - What's Next?

Key Points

• ACADIA Pharmaceuticals reached a new 52-week high, trading as high as $29.65, while its shares remained above both the 50-day and 200-day moving averages.
• Analysts maintain a “Moderate Buy” consensus, with 14 Buy ratings, three Holds, and an average price target of $33.31; several firms recently raised their targets to between $36 and $37.
• The company exceeded quarterly expectations, reporting $0.18 in EPS versus $0.07 expected and $308 million in revenue, up 16.4% year over year. Insiders sold shares during the quarter, while institutional investors own 96.71% of the stock.

Shares of ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD - Get Free Report) hit a new 52-week high on Tuesday . The stock traded as high as $29.65 and last traded at $29.39, with a volume of 2726420 shares trading hands. The stock had previously closed at $29.21.

Wall Street Analyst Weigh In

Several research analysts recently commented on ACAD shares. Morgan Stanley set a $27.00 target price on shares of ACADIA Pharmaceuticals in a research note on Monday. BMO Capital Markets increased their price target on shares of ACADIA Pharmaceuticals from $34.00 to $36.00 and gave the company an "outperform" rating in a research report on Tuesday, July 21st. Royal Bank Of Canada raised their price target on shares of ACADIA Pharmaceuticals from $36.00 to $37.00 and gave the stock an "outperform" rating in a report on Wednesday, August 5th. Oppenheimer boosted their price objective on shares of ACADIA Pharmaceuticals from $23.00 to $25.00 and gave the company a "market perform" rating in a research report on Wednesday, August 5th. Finally, Canaccord Genuity Group upped their price objective on shares of ACADIA Pharmaceuticals from $32.00 to $36.00 and gave the company a "buy" rating in a research note on Monday, June 29th. Fourteen investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $33.31.

ACADIA Pharmaceuticals Stock Up 0.6%

The firm's 50-day moving average is $24.55 and its 200-day moving average is $23.28. The company has a market cap of $5.06 billion, a PE ratio of 13.24, a PEG ratio of 23.76 and a beta of 0.81.

ACADIA Pharmaceuticals (NASDAQ:ACAD - Get Free Report) last issued its quarterly earnings data on Tuesday, August 4th. The biopharmaceutical company reported $0.18 EPS for the quarter, topping the consensus estimate of $0.07 by $0.11. The business had revenue of $308.00 million during the quarter, compared to analyst estimates of $296.55 million. ACADIA Pharmaceuticals had a net margin of 33.42% and a return on equity of 9.03%. ACADIA Pharmaceuticals's quarterly revenue was up 16.4% compared to the same quarter last year. During the same period last year, the business posted $0.16 earnings per share. As a group, equities research analysts anticipate that ACADIA Pharmaceuticals Inc. will post 0.57 EPS for the current fiscal year.

Insider Activity

In related news, insider James Kihara sold 5,401 shares of ACADIA Pharmaceuticals stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $21.18, for a total transaction of $114,393.18. Following the completion of the transaction, the insider directly owned 24,509 shares of the company's stock, valued at $519,100.62. This trade represents a 18.06% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Mark C. Schneyer sold 14,292 shares of the business's stock in a transaction dated Thursday, August 6th. The stock was sold at an average price of $29.22, for a total transaction of $417,612.24. Following the sale, the executive vice president directly owned 67,828 shares in the company, valued at $1,981,934.16. The trade was a 17.40% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 42,100 shares of company stock worth $1,134,287 in the last quarter. 26.20% of the stock is owned by company insiders.

Hedge Funds Weigh In On ACADIA Pharmaceuticals

Several large investors have recently made changes to their positions in ACAD. Farther Finance Advisors LLC raised its holdings in ACADIA Pharmaceuticals by 67.5% in 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 during the last quarter. Meeder Asset Management Inc. purchased a new stake in ACADIA Pharmaceuticals during the 4th quarter valued at $26,000. Transamerica Financial Advisors LLC increased its holdings in shares of ACADIA Pharmaceuticals by 304.5% in the 4th quarter. Transamerica Financial Advisors LLC now owns 1,335 shares of the biopharmaceutical company's stock worth $36,000 after purchasing an additional 1,005 shares in the last quarter. Federated Hermes Inc. increased its holdings in ACADIA Pharmaceuticals by 277.5% in the 4th 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 in the last quarter. Finally, Leonteq Securities AG bought a new stake in ACADIA Pharmaceuticals in the 4th quarter worth about $52,000. 96.71% of the stock is currently owned by hedge funds and other institutional investors.

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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