ACADIA Pharmaceuticals (NASDAQ:ACAD) Price Target Raised to $38.00 at Royal Bank Of Canada

ACADIA Pharmaceuticals (NASDAQ:ACAD - Get Free Report) had its target price lifted by analysts at Royal Bank Of Canada from $26.00 to $38.00 in a research report issued on Monday,Benzinga reports. The firm presently has an "outperform" rating on the biopharmaceutical company's stock. Royal Bank Of Canada's price objective would suggest a potential upside of 71.09% from the company's previous close.

Several other research firms also recently commented on ACAD. Robert W. Baird upped their price objective on shares of ACADIA Pharmaceuticals from $28.00 to $31.00 and gave the company an "outperform" rating in a report on Monday, May 19th. Cantor Fitzgerald upgraded shares of ACADIA Pharmaceuticals to a "strong-buy" rating in a research note on Thursday, June 5th. Bank of America raised their price objective on shares of ACADIA Pharmaceuticals from $18.00 to $23.00 and gave the stock a "hold" rating in a research report on Thursday, June 5th. HC Wainwright upped their target price on ACADIA Pharmaceuticals from $27.00 to $32.00 and gave the company a "buy" rating in a research report on Monday, May 19th. Finally, JPMorgan Chase & Co. lifted their price target on ACADIA Pharmaceuticals from $26.00 to $30.00 and gave the stock an "overweight" rating in a report on Friday, June 6th. Six analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, ACADIA Pharmaceuticals currently has a consensus rating of "Moderate Buy" and an average target price of $27.88.

ACADIA Pharmaceuticals Price Performance

ACAD stock traded down $0.29 during mid-day trading on Monday, reaching $22.21. The company had a trading volume of 1,747,728 shares, compared to its average volume of 1,956,425. The company has a market capitalization of $3.72 billion, a price-to-earnings ratio of 16.21, a PEG ratio of 4.80 and a beta of 0.65. The stock has a 50 day simple moving average of $19.45 and a two-hundred day simple moving average of $18.19. ACADIA Pharmaceuticals has a 52 week low of $13.40 and a 52 week high of $25.23.

ACADIA Pharmaceuticals (NASDAQ:ACAD - Get Free Report) last posted its quarterly earnings results on Wednesday, May 7th. The biopharmaceutical company reported $0.11 EPS for the quarter, topping analysts' consensus estimates of $0.10 by $0.01. The business had revenue of $244.32 million during the quarter, compared to analysts' expectations of $239.32 million. ACADIA Pharmaceuticals had a return on equity of 17.46% and a net margin of 22.97%. ACADIA Pharmaceuticals's quarterly revenue was up 18.7% on a year-over-year basis. During the same quarter last year, the company posted $0.10 earnings per share. On average, equities analysts predict that ACADIA Pharmaceuticals will post 0.7 EPS for the current year.

Insider Buying and Selling at ACADIA Pharmaceuticals

In other news, EVP Mark C. Schneyer sold 2,000 shares of ACADIA Pharmaceuticals stock in a transaction on Friday, May 16th. The stock was sold at an average price of $25.00, for a total value of $50,000.00. Following the transaction, the executive vice president now owns 62,130 shares in the company, valued at approximately $1,553,250. This trade represents a 3.12% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Laura Brege sold 14,446 shares of the company's stock in a transaction 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 sale, the director now owns 15,095 shares of the company's stock, 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. Insiders have sold a total of 29,007 shares of company stock valued at $580,446 in the last ninety days. 26.50% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On ACADIA Pharmaceuticals

A number of hedge funds have recently made changes to their positions in the stock. Exchange Traded Concepts LLC acquired a new position in ACADIA Pharmaceuticals during the 1st quarter worth approximately $29,000. Picton Mahoney Asset Management acquired a new position in shares of ACADIA Pharmaceuticals during the first quarter worth $32,000. Banque Transatlantique SA acquired a new position in shares of ACADIA Pharmaceuticals during the first quarter worth $31,000. Virtus Fund Advisers LLC bought a new position in shares of ACADIA Pharmaceuticals in the 4th quarter valued at $39,000. Finally, Federated Hermes Inc. boosted its holdings in shares of ACADIA Pharmaceuticals by 231.5% during the 1st quarter. Federated Hermes Inc. now owns 2,317 shares of the biopharmaceutical company's stock valued at $38,000 after acquiring an additional 1,618 shares in the last quarter. 96.71% of the stock is currently owned by institutional investors and hedge funds.

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.