ACADIA Pharmaceuticals (NASDAQ:ACAD) Price Target Raised to $30.00

ACADIA Pharmaceuticals (NASDAQ:ACAD - Free Report) had its price target raised by JPMorgan Chase & Co. from $26.00 to $30.00 in a research report report published on Friday morning,Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the biopharmaceutical company's stock.

ACAD has been the topic of a number of other research reports. Royal Bank of Canada reiterated an "outperform" rating and set a $26.00 price target on shares of ACADIA Pharmaceuticals in a research note on Monday, May 19th. Morgan Stanley set a $24.00 price target on shares of ACADIA Pharmaceuticals and gave the stock an "equal weight" rating in a research note on Tuesday, May 20th. Mizuho lifted their price target on shares of ACADIA Pharmaceuticals from $20.00 to $23.00 and gave the stock a "neutral" rating in a research note on Monday, May 19th. UBS Group cut their price objective on ACADIA Pharmaceuticals from $25.00 to $22.00 and set a "buy" rating for the company in a report on Monday, April 28th. Finally, BMO Capital Markets lifted their price objective on ACADIA Pharmaceuticals from $24.00 to $28.00 and gave the company an "outperform" rating in a report on Monday, May 19th. Six investment analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $26.79.

ACADIA Pharmaceuticals Stock Performance

Shares of NASDAQ ACAD traded up $0.64 during mid-day trading on Friday, reaching $21.98. The company had a trading volume of 1,280,062 shares, compared to its average volume of 1,937,725. The stock has a fifty day moving average of $17.36 and a two-hundred day moving average of $17.64. The company has a market capitalization of $3.68 billion, a price-to-earnings ratio of 28.18 and a beta of 0.47. ACADIA Pharmaceuticals has a 12-month low of $13.40 and a 12-month high of $25.23.

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

Insider Activity at ACADIA Pharmaceuticals

In other news, insider James Kihara sold 4,000 shares of ACADIA Pharmaceuticals stock in a transaction that occurred 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 sale, the insider now directly owns 20,395 shares in the company, valued at approximately $458,887.50. This trade represents a 16.40% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Laura Brege sold 14,446 shares of ACADIA Pharmaceuticals stock in a transaction that occurred on Wednesday, June 4th. The stock was sold at an average price of $21.78, for a total value of $314,633.88. Following the completion of the sale, the director now owns 15,095 shares in the company, valued at approximately $328,769.10. This represents a 48.90% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 33,273 shares of company stock valued at $653,182. Corporate insiders own 26.50% of the company's stock.

Institutional Investors Weigh In On ACADIA Pharmaceuticals

Hedge funds have recently made changes to their positions in the company. Exchange Traded Concepts LLC purchased a new position in shares of ACADIA Pharmaceuticals in the 1st quarter worth about $29,000. Banque Transatlantique SA bought a new stake in ACADIA Pharmaceuticals during the 1st quarter valued at about $31,000. Picton Mahoney Asset Management purchased a new position in ACADIA Pharmaceuticals in the first quarter worth about $32,000. Federated Hermes Inc. lifted its stake in shares of ACADIA Pharmaceuticals by 231.5% in the first quarter. Federated Hermes Inc. now owns 2,317 shares of the biopharmaceutical company's stock worth $38,000 after buying an additional 1,618 shares in the last quarter. Finally, Virtus Fund Advisers LLC bought a new position in shares of ACADIA Pharmaceuticals in the fourth quarter worth approximately $39,000. 96.71% of the stock is currently owned by institutional investors.

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.