ACADIA Pharmaceuticals (NASDAQ:ACAD) Given "Buy" Rating at Needham & Company LLC

Key Points

• Needham reaffirmed a “Buy” rating on ACADIA Pharmaceuticals with a $41 price target, implying 76.56% upside from the prior close. The analyst consensus remains “Moderate Buy,” with a $34.36 average target.
• ACADIA shares fell 8.7% to $23.22 during Thursday trading. Despite the decline, the company reported quarterly EPS of $0.18 versus the $0.07 consensus and revenue of $308 million, up 16.4% year over year.
• Insiders sold 36,699 shares worth roughly $1.02 million over the past 90 days, while institutional investors continue to hold a substantial 96.71% of the company’s stock.

ACADIA Pharmaceuticals (NASDAQ:ACAD - Get Free Report)'s stock had its "buy" rating reiterated by analysts at Needham & Company LLC in a report released on Thursday, Benzinga reports. They presently have a $41.00 price objective on the biopharmaceutical company's stock. Needham & Company LLC's price target suggests a potential upside of 76.56% from the stock's previous close.

A number of other research firms also recently commented on ACAD. BMO Capital Markets raised their price objective on shares of ACADIA Pharmaceuticals from $34.00 to $36.00 and gave the stock an "outperform" rating in a report on Tuesday, July 21st. Oppenheimer reiterated a "market perform" rating on shares of ACADIA Pharmaceuticals in a research report on Wednesday. Wall Street Zen upgraded shares of ACADIA Pharmaceuticals from a "hold" rating to a "buy" rating in a research report on Saturday, August 8th. Weiss Ratings upgraded shares of ACADIA Pharmaceuticals from a "hold (c)" rating to a "hold (c+)" rating in a research report on Wednesday, August 12th. Finally, Stifel Nicolaus lifted their price target on shares of ACADIA Pharmaceuticals from $24.00 to $25.00 and gave the stock a "hold" rating in a research report on Tuesday, July 21st. Fourteen analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $34.36.

ACADIA Pharmaceuticals Stock Down 8.7%

ACADIA Pharmaceuticals stock traded down $2.21 during mid-day trading on Thursday, reaching $23.22. The company had a trading volume of 2,349,115 shares, compared to its average volume of 1,663,236. ACADIA Pharmaceuticals has a 52 week low of $19.69 and a 52 week high of $30.96. The company has a 50 day moving average of $27.67 and a 200-day moving average of $24.21. The firm has a market cap of $4.00 billion, a price-to-earnings ratio of 10.47 and a beta of 0.86.

ACADIA Pharmaceuticals (NASDAQ:ACAD - Get Free Report) last released its quarterly earnings data on Tuesday, August 4th. The biopharmaceutical company reported $0.18 EPS for the quarter, topping analysts' consensus estimates of $0.07 by $0.11. The company had revenue of $308.00 million during the quarter, compared to the consensus estimate of $296.55 million. ACADIA Pharmaceuticals had a net margin of 33.42% and a return on equity of 9.03%. The firm's revenue for the quarter was up 16.4% compared to the same quarter last year. During the same period last year, the firm earned $0.16 EPS. On average, analysts predict that ACADIA Pharmaceuticals will post 0.64 earnings per share for the current fiscal year.

Insider Buying and Selling

In other ACADIA Pharmaceuticals news, EVP Elizabeth Thompson sold 16,558 shares of ACADIA Pharmaceuticals stock in a transaction that occurred on Thursday, July 30th. The shares were sold at an average price of $26.13, for a total value of $432,660.54. Following the transaction, the executive vice president owned 18,994 shares of the company's stock, valued at approximately $496,313.22. The trade was a 46.57% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Mark C. Schneyer sold 14,292 shares of the business's stock in a transaction on Thursday, August 6th. The stock was sold at an average price of $29.22, for a total transaction of $417,612.24. Following the completion of the sale, the executive vice president directly owned 67,828 shares in the company, valued at approximately $1,981,934.16. This represents 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. In the last ninety days, insiders sold 36,699 shares of company stock worth $1,019,894. Insiders own 26.20% of the company's stock.

Institutional Trading of ACADIA Pharmaceuticals

A number of institutional investors have recently made changes to their positions in the business. Envestnet Portfolio Solutions Inc. bought a new stake in shares of ACADIA Pharmaceuticals in the second quarter worth $597,000. Integrated Wealth Concepts LLC acquired a new position in ACADIA Pharmaceuticals during the second quarter worth $50,000. Baird Financial Group Inc. acquired a new position in ACADIA Pharmaceuticals during the second quarter worth $232,000. Nykredit A S acquired a new position in shares of ACADIA Pharmaceuticals in the second quarter valued at $38,000. Finally, Amundi increased its holdings in shares of ACADIA Pharmaceuticals by 27.7% in the second quarter. Amundi now owns 34,153 shares of the biopharmaceutical company's stock valued at $864,000 after purchasing an additional 7,400 shares during the last quarter. Institutional investors own 96.71% of the company's stock.

About ACADIA Pharmaceuticals

ACADIA Pharmaceuticals Inc is a biopharmaceutical company focused on developing and commercializing medicines for neurological and psychiatric disorders. The company is headquartered in San Diego, California, and conducts research and commercial activities primarily in the United States.

ACADIA's marketed products include NUPLAZID (pimavanserin), an atypical antipsychotic approved for the treatment of hallucinations and delusions associated with Parkinson's disease psychosis. The company also markets DAYBUE (trofinetide), a therapy for Rett syndrome, a rare neurodevelopmental disorder.

Founded in 1993, ACADIA continues to advance a pipeline of therapies for central nervous system conditions, including additional neurological and psychiatric disorders.