Bank of America Increases ACADIA Pharmaceuticals (NASDAQ:ACAD) Price Target to $23.00

ACADIA Pharmaceuticals (NASDAQ:ACAD - Get Free Report) had its price target boosted by stock analysts at Bank of America from $18.00 to $23.00 in a research report issued to clients and investors on Thursday, MarketBeat.com reports. The firm currently has a "hold" rating on the biopharmaceutical company's stock. Bank of America's price objective would suggest a potential upside of 7.78% from the company's previous close.

A number of other analysts have also commented on the company. Wall Street Zen raised ACADIA Pharmaceuticals from a "hold" rating to a "buy" rating in a research report on Wednesday, May 21st. Needham & Company LLC boosted their price objective on ACADIA Pharmaceuticals from $27.00 to $30.00 and gave the company a "buy" rating in a report on Monday, May 19th. BMO Capital Markets upped their target price on ACADIA Pharmaceuticals from $24.00 to $28.00 and gave the stock an "outperform" rating in a research report on Monday, May 19th. HC Wainwright lifted their price target on shares of ACADIA Pharmaceuticals from $27.00 to $32.00 and gave the company a "buy" rating in a research report on Monday, May 19th. Finally, Oppenheimer restated a "market perform" rating on shares of ACADIA Pharmaceuticals in a research note on Friday, May 16th. Six analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to MarketBeat.com, ACADIA Pharmaceuticals presently has a consensus rating of "Moderate Buy" and an average target price of $26.54.

ACADIA Pharmaceuticals Stock Performance

Shares of ACADIA Pharmaceuticals stock traded down $0.43 on Thursday, reaching $21.34. 1,499,758 shares of the company's stock were exchanged, compared to its average volume of 1,936,704. The company 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. The firm's 50-day moving average is $17.24 and its two-hundred day moving average is $17.60.

ACADIA Pharmaceuticals (NASDAQ:ACAD - Get Free Report) last released its earnings results on Wednesday, May 7th. The biopharmaceutical company reported $0.11 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.10 by $0.01. The company had revenue of $244.32 million for the quarter, compared to the consensus estimate of $239.32 million. ACADIA Pharmaceuticals had a net margin of 13.83% and a return on equity of 25.83%. ACADIA Pharmaceuticals's quarterly revenue was up 18.7% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.10 EPS. On average, analysts expect that ACADIA Pharmaceuticals will post 0.7 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, EVP Mark C. Schneyer sold 2,000 shares of the 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 completion of 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 ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider James Kihara sold 4,000 shares of the business's stock in a transaction on Friday, May 16th. The stock was sold at an average price of $22.50, for a total value of $90,000.00. Following the completion of the transaction, the insider now directly owns 20,395 shares in the company, valued at approximately $458,887.50. This represents a 16.40% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 18,827 shares of company stock valued at $338,548. Corporate insiders own 26.50% of the company's stock.

Hedge Funds Weigh In On ACADIA Pharmaceuticals

Institutional investors have recently added to or reduced their stakes in the stock. Barclays PLC raised its position in ACADIA Pharmaceuticals by 126.2% in the third quarter. Barclays PLC now owns 277,565 shares of the biopharmaceutical company's stock worth $4,269,000 after acquiring an additional 154,854 shares during the period. Proficio Capital Partners LLC purchased a new stake in shares of ACADIA Pharmaceuticals during the 4th quarter worth approximately $272,000. Vanguard Group Inc. raised its holdings in shares of ACADIA Pharmaceuticals by 0.8% in the 4th quarter. Vanguard Group Inc. now owns 13,947,640 shares of the biopharmaceutical company's stock worth $255,939,000 after purchasing an additional 104,444 shares during the period. Victory Capital Management Inc. lifted its stake in ACADIA Pharmaceuticals by 66.9% in the fourth quarter. Victory Capital Management Inc. now owns 162,125 shares of the biopharmaceutical company's stock valued at $2,975,000 after purchasing an additional 64,995 shares during the last quarter. Finally, Principal Financial Group Inc. grew its holdings in ACADIA Pharmaceuticals by 10.9% during the fourth quarter. Principal Financial Group Inc. now owns 143,694 shares of the biopharmaceutical company's stock valued at $2,637,000 after purchasing an additional 14,143 shares during the period. Institutional investors own 96.71% of the company's stock.

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.