Citigroup Increases ACADIA Pharmaceuticals (NASDAQ:ACAD) Price Target to $40.00

Key Points

• Citigroup raised ACADIA Pharmaceuticals’ price target to $40 from $39 and maintained a “buy” rating, implying approximately 31.77% upside from the prior close. Analysts broadly remain positive, with a consensus “Moderate Buy” rating and $34.36 target.
• ACADIA shares rose 2.4% to $30.36, near their 12-month high of $30.96. The company also exceeded quarterly expectations, reporting $0.18 in EPS versus $0.07 expected and revenue of $308 million, up 16.4% year over year.
• Institutional ownership remains high at 96.71%, with several funds initiating or increasing positions, while insiders sold approximately $1.02 million of stock over the past 90 days.

ACADIA Pharmaceuticals (NASDAQ:ACAD - Get Free Report) had its target price lifted by Citigroup from $39.00 to $40.00 in a report issued on Tuesday,Benzinga reports. The firm presently has a "buy" rating on the biopharmaceutical company's stock. Citigroup's target price suggests a potential upside of 31.77% from the company's previous close.

Several other research firms have also recently commented on ACAD. Canaccord Genuity Group increased their target price on ACADIA Pharmaceuticals from $32.00 to $36.00 and gave the company a "buy" rating in a research note on Monday, June 29th. Oppenheimer upped their price target on shares of ACADIA Pharmaceuticals from $23.00 to $25.00 and gave the company a "market perform" rating in a report on Wednesday, August 5th. Royal Bank Of Canada increased their price objective on shares of ACADIA Pharmaceuticals from $36.00 to $37.00 and gave the company an "outperform" rating in a research note on Wednesday, August 5th. Citizens Jmp raised their price objective on shares of ACADIA Pharmaceuticals from $35.00 to $36.00 and gave the stock a "market outperform" rating in a report on Wednesday, August 5th. Finally, BMO Capital Markets upped their target price on shares of ACADIA Pharmaceuticals from $34.00 to $36.00 and gave the company an "outperform" rating in a research note on Tuesday, July 21st. Fourteen analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $34.36.

ACADIA Pharmaceuticals Stock Up 2.4%

Shares of ACADIA Pharmaceuticals stock traded up $0.71 during trading hours on Tuesday, hitting $30.36. 380,816 shares of the company's stock traded hands, compared to its average volume of 1,669,122. The stock has a 50 day simple moving average of $26.12 and a 200-day simple moving average of $23.50. The company has a market cap of $5.23 billion, a PE ratio of 13.69, a PEG ratio of 23.23 and a beta of 0.81. ACADIA Pharmaceuticals has a twelve month low of $19.69 and a twelve month high of $30.96.

ACADIA Pharmaceuticals (NASDAQ:ACAD - Get Free Report) last released its quarterly earnings results on Tuesday, August 4th. The biopharmaceutical company reported $0.18 EPS for the quarter, topping the consensus estimate of $0.07 by $0.11. ACADIA Pharmaceuticals had a return on equity of 9.03% and a net margin of 33.42%.The business had revenue of $308.00 million for the quarter, compared to analysts' expectations of $296.55 million. During the same quarter in the previous year, the firm posted $0.16 earnings per share. The company's revenue was up 16.4% compared to the same quarter last year. As a group, equities research analysts predict that ACADIA Pharmaceuticals will post 0.59 EPS for the current year.

Insider Transactions at ACADIA Pharmaceuticals

In other news, EVP Mark C. Schneyer sold 14,292 shares of ACADIA Pharmaceuticals stock in a transaction dated Thursday, August 6th. The shares were sold at an average price of $29.22, for a total value of $417,612.24. Following the completion of the transaction, the executive vice president directly owned 67,828 shares of the company's stock, valued at approximately $1,981,934.16. The trade was a 17.40% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Elizabeth H.Z. Thompson sold 16,558 shares of the stock in a transaction dated Thursday, July 30th. The stock was sold at an average price of $26.13, for a total transaction of $432,660.54. Following the sale, the executive vice president owned 18,994 shares in the company, valued at approximately $496,313.22. This trade represents a 46.57% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 36,699 shares of company stock worth $1,019,894. Insiders own 26.20% of the company's stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Rice Hall James & Associates LLC acquired a new position in shares of ACADIA Pharmaceuticals during the second quarter valued at $15,658,000. State of Wyoming acquired a new stake in ACADIA Pharmaceuticals in the second quarter worth about $1,234,000. Bank of America Corp DE lifted its holdings in ACADIA Pharmaceuticals by 27.2% in the first quarter. Bank of America Corp DE now owns 1,553,770 shares of the biopharmaceutical company's stock worth $34,587,000 after purchasing an additional 332,325 shares during the period. Norges Bank acquired a new stake in ACADIA Pharmaceuticals in the fourth quarter worth about $40,266,000. Finally, GSA Capital Partners LLP bought a new position in ACADIA Pharmaceuticals in the 2nd quarter valued at about $1,783,000. Institutional investors and hedge funds own 96.71% of the company's stock.

About ACADIA Pharmaceuticals

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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