JMP Securities Issues Positive Forecast for ACADIA Pharmaceuticals (NASDAQ:ACAD) Stock Price

Key Points

• JMP Securities has raised its price target for ACADIA Pharmaceuticals from $37.00 to $38.00, indicating a potential upside of 55.23% based on the current stock price, while maintaining a "market outperform" rating.
• ACADIA Pharmaceuticals reported $0.16 earnings per share for the latest quarter, surpassing analyst expectations and representing a 9.4% year-over-year revenue growth.
• Currently, ACADIA has received a "Moderate Buy" consensus rating, with six analysts recommending a hold, eleven a buy, and one a strong buy, alongside a target price averaging $28.25.

ACADIA Pharmaceuticals (NASDAQ:ACAD - Free Report) had its price target lifted by JMP Securities from $37.00 to $38.00 in a report released on Thursday,Benzinga reports. JMP Securities currently has a market outperform rating on the biopharmaceutical company's stock.

Other analysts also recently issued research reports about the stock. Citigroup reaffirmed an "outperform" rating on shares of ACADIA Pharmaceuticals in a report on Thursday. Oppenheimer reaffirmed a "market perform" rating and set a $22.00 price target (up previously from $19.00) on shares of ACADIA Pharmaceuticals in a research report on Thursday, June 26th. BMO Capital Markets boosted their price objective on ACADIA Pharmaceuticals from $24.00 to $28.00 and gave the stock an "outperform" rating in a research note on Monday, May 19th. Cantor Fitzgerald upgraded shares of ACADIA Pharmaceuticals to a "strong-buy" rating in a research note on Thursday, June 5th. Finally, Mizuho upped their target price on shares of ACADIA Pharmaceuticals from $20.00 to $23.00 and gave the company a "neutral" rating in a research note on Monday, May 19th. One investment analyst has rated the stock with a sell rating, six have given a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, ACADIA Pharmaceuticals presently has an average rating of "Moderate Buy" and a consensus target price of $28.88.

ACADIA Pharmaceuticals Trading Up 0.8%

Shares of NASDAQ:ACAD traded up $0.20 during midday trading on Thursday, hitting $24.60. The stock had a trading volume of 1,667,971 shares, compared to its average volume of 1,695,475. The company has a market capitalization of $4.12 billion, a PE ratio of 18.50, a P/E/G ratio of 6.94 and a beta of 0.70. The stock has a 50 day moving average price of $22.38 and a two-hundred day moving average price of $19.26. ACADIA Pharmaceuticals has a 1 year low of $13.40 and a 1 year high of $25.23.

ACADIA Pharmaceuticals (NASDAQ:ACAD - Get Free Report) last released its quarterly earnings data on Wednesday, August 6th. The biopharmaceutical company reported $0.16 EPS for the quarter, topping analysts' consensus estimates of $0.14 by $0.02. The firm had revenue of $264.57 million for the quarter, compared to the consensus estimate of $263.07 million. ACADIA Pharmaceuticals had a net margin of 21.80% and a return on equity of 14.69%. The firm's revenue was up 9.4% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.20 earnings per share. As a group, equities analysts expect that ACADIA Pharmaceuticals will post 0.7 EPS for the current year.

Insider Activity at ACADIA Pharmaceuticals

In related news, insider James Kihara sold 4,000 shares of ACADIA Pharmaceuticals stock in a transaction dated 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 directly owned 20,395 shares of the company's stock, valued at $458,887.50. The trade was a 16.40% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Mark C. Schneyer sold 2,000 shares of the stock in a transaction on Friday, May 16th. The shares were sold at an average price of $25.00, for a total value of $50,000.00. Following the completion of the transaction, the executive vice president directly owned 62,130 shares in the company, 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 sold 20,446 shares of company stock valued at $454,634 over the last ninety days. 26.50% of the stock is owned by insiders.

Hedge Funds Weigh In On ACADIA Pharmaceuticals

Several hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its holdings in ACADIA Pharmaceuticals by 9.0% in the first quarter. Vanguard Group Inc. now owns 15,203,234 shares of the biopharmaceutical company's stock worth $252,526,000 after purchasing an additional 1,255,594 shares during the period. Assenagon Asset Management S.A. acquired a new position in shares of ACADIA Pharmaceuticals in the 1st quarter valued at approximately $60,845,000. Geode Capital Management LLC grew its position in shares of ACADIA Pharmaceuticals by 2.4% in the 2nd quarter. Geode Capital Management LLC now owns 3,024,097 shares of the biopharmaceutical company's stock valued at $65,238,000 after purchasing an additional 69,584 shares during the period. Fred Alger Management LLC grew its position in shares of ACADIA Pharmaceuticals by 2.0% in the 1st quarter. Fred Alger Management LLC now owns 2,769,828 shares of the biopharmaceutical company's stock valued at $46,007,000 after purchasing an additional 54,899 shares during the period. Finally, First Trust Advisors LP grew its position in shares of ACADIA Pharmaceuticals by 27.0% in the 4th quarter. First Trust Advisors LP now owns 2,700,125 shares of the biopharmaceutical company's stock valued at $49,547,000 after purchasing an additional 574,251 shares during the period. Institutional investors and hedge funds own 96.71% of the company's stock.

ACADIA Pharmaceuticals Company Profile

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.