Royal Bank Of Canada Issues Positive Forecast for ACADIA Pharmaceuticals (NASDAQ:ACAD) Stock Price

ACADIA Pharmaceuticals (NASDAQ:ACAD - Get Free Report) had its price target increased by stock analysts at Royal Bank Of Canada from $26.00 to $38.00 in a research report issued on Monday,Benzinga reports. The brokerage presently has an "outperform" rating on the biopharmaceutical company's stock. Royal Bank Of Canada's price target would suggest a potential upside of 70.30% from the stock's current price.

Other analysts also recently issued research reports about the company. Robert W. Baird raised their price objective on ACADIA Pharmaceuticals from $28.00 to $31.00 and gave the stock an "outperform" rating in a research report on Monday, May 19th. Deutsche Bank Aktiengesellschaft upgraded ACADIA Pharmaceuticals from a "hold" rating to a "buy" rating and increased their price target for the stock from $20.00 to $35.00 in a research report on Wednesday, May 21st. Cantor Fitzgerald upgraded ACADIA Pharmaceuticals to a "strong-buy" rating in a research note on Thursday, June 5th. UBS Group dropped their price objective on shares of ACADIA Pharmaceuticals from $25.00 to $22.00 and set a "buy" rating for the company in a research report on Monday, April 28th. Finally, Bank of America boosted their price objective on ACADIA Pharmaceuticals from $18.00 to $23.00 and gave the stock a "hold" rating in a report on Thursday, June 5th. Six equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $27.64.

ACADIA Pharmaceuticals Price Performance

Shares of NASDAQ ACAD traded down $0.40 during midday trading on Monday, hitting $22.31. 268,167 shares of the company's stock were exchanged, compared to its average volume of 1,953,438. ACADIA Pharmaceuticals has a twelve month low of $13.40 and a twelve month high of $25.23. The stock's 50 day moving average price is $18.84 and its 200-day moving average price is $18.07. The firm has a market cap of $3.73 billion, a P/E ratio of 16.23, a PEG ratio of 4.85 and a beta of 0.64.

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

Insider Activity at ACADIA Pharmaceuticals

In related news, EVP Mark C. Schneyer sold 2,708 shares of the company's stock in a transaction that occurred on Tuesday, April 8th. The stock was sold at an average price of $14.82, for a total transaction of $40,132.56. Following the completion of the transaction, the executive vice president now owns 59,456 shares in the company, valued at $881,137.92. This represents a 4.36% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider James Kihara sold 4,000 shares of the firm's stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $22.50, for a total transaction of $90,000.00. Following the completion of the sale, the insider now directly owns 20,395 shares of the company's stock, valued at approximately $458,887.50. This represents a 16.40% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 33,273 shares of company stock worth $653,182 in the last three months. 28.30% of the stock is owned by insiders.

Hedge Funds Weigh In On ACADIA Pharmaceuticals

Several institutional investors and hedge funds have recently added to or reduced their stakes in ACAD. Assenagon Asset Management S.A. purchased a new stake in shares of ACADIA Pharmaceuticals in the 1st quarter worth approximately $60,845,000. Point72 Asset Management L.P. purchased a new stake in shares of ACADIA Pharmaceuticals in the fourth quarter worth $40,935,000. American Century Companies Inc. increased its holdings in shares of ACADIA Pharmaceuticals by 1,055.8% during the first quarter. American Century Companies Inc. now owns 1,632,749 shares of the biopharmaceutical company's stock valued at $27,120,000 after acquiring an additional 1,491,484 shares in the last quarter. Norges Bank purchased a new position in shares of ACADIA Pharmaceuticals in the 4th quarter worth about $25,555,000. Finally, Nuveen LLC bought a new position in ACADIA Pharmaceuticals in the 1st quarter worth about $21,630,000. Hedge funds and other institutional investors 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.

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