ACADIA Pharmaceuticals (NASDAQ:ACAD) Upgraded to Strong-Buy at Cantor Fitzgerald

ACADIA Pharmaceuticals (NASDAQ:ACAD - Get Free Report) was upgraded by research analysts at Cantor Fitzgerald to a "strong-buy" rating in a research report issued on Thursday,Zacks.com reports.

Several other analysts have also recently weighed in on ACAD. UBS Group decreased their price objective on shares of ACADIA Pharmaceuticals from $25.00 to $22.00 and set a "buy" rating on the stock in a research note on Monday, April 28th. Needham & Company LLC upped their price objective on shares of ACADIA Pharmaceuticals from $27.00 to $30.00 and gave the stock a "buy" rating in a research note on Monday, May 19th. Robert W. Baird upped their price objective on shares of ACADIA Pharmaceuticals from $28.00 to $31.00 and gave the stock an "outperform" rating in a research note on Monday, May 19th. Oppenheimer reaffirmed a "market perform" rating on shares of ACADIA Pharmaceuticals in a research note on Friday, May 16th. Finally, Bank of America upped their price objective on shares of ACADIA Pharmaceuticals from $18.00 to $23.00 and gave the stock a "hold" rating in a research note on Thursday. Six equities research analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $26.54.

ACADIA Pharmaceuticals Stock Performance

Shares of ACAD opened at $21.34 on Thursday. The company has a 50-day simple moving average of $17.24 and a 200-day simple moving average of $17.60. The firm has a market capitalization of $3.57 billion, a P/E ratio of 27.36 and a beta of 0.47. 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 announced its quarterly earnings data on Wednesday, May 7th. The biopharmaceutical company reported $0.11 EPS for the quarter, beating analysts' consensus estimates of $0.10 by $0.01. ACADIA Pharmaceuticals had a net margin of 13.83% and a return on equity of 25.83%. The business had revenue of $244.32 million during the quarter, compared to analyst estimates of $239.32 million. During the same quarter in the prior year, the business earned $0.10 earnings per share. The firm's revenue for the quarter was up 18.7% on a year-over-year basis. As a group, equities analysts forecast that ACADIA Pharmaceuticals will post 0.7 earnings per share for the current year.

Insider Transactions at ACADIA Pharmaceuticals

In other ACADIA Pharmaceuticals news, insider James Kihara sold 4,000 shares of the business's stock in a transaction dated Friday, May 16th. The shares were sold at an average price of $22.50, for a total value of $90,000.00. Following the completion of the sale, the insider now owns 20,395 shares of the company's stock, valued at $458,887.50. The trade was a 16.40% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Mark C. Schneyer sold 2,000 shares of the company'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 sale, the executive vice president now directly owns 62,130 shares of the company's stock, valued at approximately $1,553,250. This trade represents a 3.12% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 33,273 shares of company stock worth $653,182 in the last ninety days. Insiders own 26.50% of the company's stock.

Hedge Funds Weigh In On ACADIA Pharmaceuticals

A number of institutional investors have recently added to or reduced their stakes in ACAD. Exchange Traded Concepts LLC acquired a new position in ACADIA Pharmaceuticals in the 1st quarter valued at approximately $29,000. Picton Mahoney Asset Management acquired a new position in ACADIA Pharmaceuticals in the 1st quarter valued at approximately $32,000. Banque Transatlantique SA acquired a new position in ACADIA Pharmaceuticals in the 1st quarter valued at approximately $31,000. Virtus Fund Advisers LLC acquired a new stake in shares of ACADIA Pharmaceuticals during the fourth quarter worth $39,000. Finally, Federated Hermes Inc. increased its position in shares of ACADIA Pharmaceuticals by 231.5% during the first quarter. Federated Hermes Inc. now owns 2,317 shares of the biopharmaceutical company's stock worth $38,000 after buying an additional 1,618 shares during the period. 96.71% of the stock is currently owned by institutional investors and hedge funds.

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.

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