ACADIA Pharmaceuticals (NASDAQ:ACAD) Price Target Raised to $38.00

Key Points

• Canaccord Genuity raised ACADIA’s price target to $38 from $36 and maintained a “buy” rating, implying roughly 79% upside from the prior close. The broader analyst consensus is “Moderate Buy,” with a $31.55 target.
• ACADIA reported quarterly EPS of $0.31, beating the $0.20 consensus, while revenue of $342.3 million also topped estimates and rose 22.8% year over year.
• Shares slipped 0.2% on Friday to $21.20, below their 50- and 200-day moving averages.

ACADIA Pharmaceuticals (NASDAQ:ACAD - Get Free Report) had its target price boosted by stock analysts at Canaccord Genuity Group from $36.00 to $38.00 in a research note issued to investors on Friday, Benzinga reports. The brokerage presently has a "buy" rating on the biopharmaceutical company's stock. Canaccord Genuity Group's target price would indicate a potential upside of 79.29% from the stock's previous close.

A number of other analysts have also weighed in on the stock. Royal Bank Of Canada raised their target price on shares of ACADIA Pharmaceuticals from $36.00 to $38.00 and gave the company an "outperform" rating in a research report on Thursday. Citizens Jmp cut their price objective on ACADIA Pharmaceuticals from $36.00 to $33.00 and set a "market outperform" rating on the stock in a report on Friday, September 25th. Wall Street Zen lowered ACADIA Pharmaceuticals from a "buy" rating to a "hold" rating in a research report on Wednesday. Weiss Ratings upgraded ACADIA Pharmaceuticals from a "hold (c)" rating to a "hold (c+)" rating in a research report on Wednesday, August 12th. Finally, Stifel Nicolaus upped their target price on ACADIA Pharmaceuticals from $24.00 to $25.00 and gave the stock a "hold" rating in a report on Tuesday, July 21st. Thirteen analysts have rated the stock with a Buy rating and five have given a Hold rating to the company's stock. Based on data from MarketBeat, ACADIA Pharmaceuticals has a consensus rating of "Moderate Buy" and a consensus price target of $31.55.

ACADIA Pharmaceuticals Stock Down 0.2%

Shares of ACAD stock traded down $0.04 on Friday, reaching $21.20. The company had a trading volume of 847,954 shares, compared to its average volume of 1,747,135. The business's 50-day moving average is $23.03 and its 200 day moving average is $23.62. ACADIA Pharmaceuticals has a one year low of $18.39 and a one year high of $30.96. The stock has a market capitalization of $3.65 billion, a PE ratio of 10.05 and a beta of 0.87.

ACADIA Pharmaceuticals (NASDAQ:ACAD - Get Free Report) last announced its quarterly earnings results on Wednesday, November 4th. The biopharmaceutical company reported $0.31 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.20 by $0.11. The company had revenue of $342.30 million for the quarter, compared to analyst estimates of $332.58 million. ACADIA Pharmaceuticals had a net margin of 30.13% and a return on equity of 9.12%. The firm's revenue was up 22.8% on a year-over-year basis. During the same period in the previous year, the firm posted $0.42 EPS. On average, sell-side analysts forecast that ACADIA Pharmaceuticals will post 0.64 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other ACADIA Pharmaceuticals news, EVP Mark Schneyer sold 3,321 shares of the company's stock in a transaction that occurred on Friday, October 30th. The shares were sold at an average price of $20.88, for a total value of $69,342.48. Following the completion of the transaction, the executive vice president directly owned 71,322 shares in the company, valued at approximately $1,489,203.36. This represents a 4.45% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 26.20% of the stock is owned by insiders.

Institutional Trading of ACADIA Pharmaceuticals

Institutional investors have recently modified their holdings of the business. Fisher Asset Management LLC lifted its stake in shares of ACADIA Pharmaceuticals by 1.7% in the 3rd quarter. Fisher Asset Management LLC now owns 711,352 shares of the biopharmaceutical company's stock valued at $14,334,000 after purchasing an additional 12,122 shares during the period. Russell Investments Group Ltd. grew its stake in ACADIA Pharmaceuticals by 464.8% during the third quarter. Russell Investments Group Ltd. now owns 252,069 shares of the biopharmaceutical company's stock worth $5,092,000 after purchasing an additional 207,443 shares during the period. Fifth Third Bancorp grew its stake in ACADIA Pharmaceuticals by 4.2% during the third quarter. Fifth Third Bancorp now owns 31,813 shares of the biopharmaceutical company's stock worth $641,000 after purchasing an additional 1,284 shares during the period. Maryland State Retirement & Pension System grew its stake in ACADIA Pharmaceuticals by 55.2% during the third quarter. Maryland State Retirement & Pension System now owns 28,742 shares of the biopharmaceutical company's stock worth $579,000 after purchasing an additional 10,223 shares during the period. Finally, Illinois Municipal Retirement Fund increased its holdings in ACADIA Pharmaceuticals by 0.9% in the third quarter. Illinois Municipal Retirement Fund now owns 67,545 shares of the biopharmaceutical company's stock worth $1,361,000 after purchasing an additional 613 shares in the last quarter. Institutional investors own 96.71% of the company's stock.

ACADIA Pharmaceuticals Company Profile

ACADIA Pharmaceuticals Inc is a biopharmaceutical company focused on developing and commercializing medicines for central nervous system and neuropsychiatric disorders. The company's research programs target conditions with significant unmet medical needs, including neurological and rare neurodevelopmental diseases.

ACADIA's commercial products include NUPLAZID (pimavanserin), an atypical antipsychotic approved in the United States to treat hallucinations and delusions associated with Parkinson's disease psychosis.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.