Needham & Company LLC Has Lowered Expectations for ACADIA Pharmaceuticals (NASDAQ:ACAD) Stock Price

Key Points

• Needham & Company LLC has reduced the price target for ACADIA Pharmaceuticals from $30.00 to $28.00, while maintaining a "buy" rating, indicating a potential upside of 33.33% from its previous close.
• ACADIA Pharmaceuticals' stock recently traded down 11.0% to $21.00, with a market capitalization of $3.54 billion and a one-year trading range between $13.40 and $26.65.
• Multiple analysts have varied price targets and ratings for ACADIA, with the consensus rating being a "Moderate Buy" and an average target price of $29.53.

ACADIA Pharmaceuticals (NASDAQ:ACAD - Get Free Report) had its price target reduced by stock analysts at Needham & Company LLC from $30.00 to $28.00 in a report released on Wednesday,Benzinga reports. The brokerage currently has a "buy" rating on the biopharmaceutical company's stock. Needham & Company LLC's price target points to a potential upside of 33.33% from the company's previous close.

A number of other equities research analysts also recently issued reports on the stock. The Goldman Sachs Group lifted their price objective on shares of ACADIA Pharmaceuticals from $15.00 to $17.00 and gave the company a "sell" rating in a report on Thursday, August 7th. TD Cowen lifted their price objective on shares of ACADIA Pharmaceuticals from $35.00 to $39.00 and gave the company a "buy" rating in a report on Thursday, September 11th. Citigroup restated an "outperform" rating on shares of ACADIA Pharmaceuticals in a report on Thursday, August 7th. JMP Securities lifted their price objective on shares of ACADIA Pharmaceuticals from $37.00 to $38.00 and gave the company a "market outperform" rating in a report on Thursday, August 7th. Finally, Cantor Fitzgerald upgraded shares of ACADIA Pharmaceuticals to a "strong-buy" rating in a report on Thursday, June 5th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $29.53.

ACADIA Pharmaceuticals Trading Down 11.0%

ACAD stock traded down $2.60 during trading on Wednesday, reaching $21.00. 2,511,184 shares of the stock were exchanged, compared to its average volume of 2,152,340. The business has a 50 day moving average price of $24.39 and a 200-day moving average price of $20.62. ACADIA Pharmaceuticals has a 1 year low of $13.40 and a 1 year high of $26.65. The firm has a market capitalization of $3.54 billion, a price-to-earnings ratio of 15.65, a P/E/G ratio of 6.21 and a beta of 0.75.

ACADIA Pharmaceuticals (NASDAQ:ACAD - Get Free Report) last released its quarterly earnings results on Wednesday, August 6th. The biopharmaceutical company reported $0.16 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.14 by $0.02. The business 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 business's revenue was up 9.4% on a year-over-year basis. During the same period in the previous year, the firm earned $0.20 EPS. On average, research analysts anticipate that ACADIA Pharmaceuticals will post 0.7 EPS for the current year.

Insider Transactions at ACADIA Pharmaceuticals

In other news, Director Elizabeth A. Garofalo sold 1,600 shares of the stock in a transaction dated Tuesday, September 2nd. The shares were sold at an average price of $25.98, for a total value of $41,568.00. Following the completion of the transaction, the director owned 25,382 shares in the company, valued at $659,424.36. This trade represents a 5.93% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Mark C. Schneyer sold 22,000 shares of the stock in a transaction dated Monday, August 18th. The shares were sold at an average price of $25.18, for a total transaction of $553,960.00. Following the completion of the sale, the executive vice president directly owned 40,130 shares in the company, valued at approximately $1,010,473.40. The trade was a 35.41% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 27,098 shares of company stock valued at $678,256 in the last quarter. Insiders own 28.30% of the company's stock.

Institutional Investors Weigh In On ACADIA Pharmaceuticals

Hedge funds have recently modified their holdings of the company. Assenagon Asset Management S.A. purchased a new stake in shares of ACADIA Pharmaceuticals during the first quarter valued at approximately $60,845,000. Marshall Wace LLP boosted its holdings in ACADIA Pharmaceuticals by 496.2% in the second quarter. Marshall Wace LLP now owns 1,969,711 shares of the biopharmaceutical company's stock worth $42,487,000 after purchasing an additional 1,639,315 shares during the period. American Century Companies Inc. boosted its holdings in ACADIA Pharmaceuticals by 1,055.8% in the first quarter. American Century Companies Inc. now owns 1,632,749 shares of the biopharmaceutical company's stock worth $27,120,000 after purchasing an additional 1,491,484 shares during the period. Norges Bank acquired a new position in ACADIA Pharmaceuticals in the second quarter worth $31,679,000. Finally, Nuveen LLC acquired a new position in shares of ACADIA Pharmaceuticals during the first quarter valued at $21,630,000. 96.71% of the stock is owned by institutional investors and hedge funds.

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.

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