TD Cowen Forecasts Strong Price Appreciation for ACADIA Pharmaceuticals (NASDAQ:ACAD) Stock

Key Points

• TD Cowen raised the target price for ACADIA Pharmaceuticals from $35.00 to $39.00, indicating a potential upside of 61.85% from the stock's previous close.
• The company recently reported quarterly earnings of $0.16 EPS, surpassing estimates and marking a 9.4% increase in revenue compared to the same quarter last year.
• A mix of analysts provides varying ratings on ACADIA Pharmaceuticals, with one rating it as a Strong Buy and the consensus rating being "Moderate Buy".

ACADIA Pharmaceuticals (NASDAQ:ACAD - Get Free Report) had its target price boosted by research analysts at TD Cowen from $35.00 to $39.00 in a research note issued to investors on Thursday,Benzinga reports. The firm presently has a "buy" rating on the biopharmaceutical company's stock. TD Cowen's price objective points to a potential upside of 61.85% from the company's previous close.

Other equities analysts have also recently issued reports about the stock. The Goldman Sachs Group lifted their target price 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. JPMorgan Chase & Co. increased their target price on shares of ACADIA Pharmaceuticals from $30.00 to $34.00 and gave the stock an "overweight" rating in a research report on Thursday, July 24th. 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 note on Monday, May 19th. Deutsche Bank Aktiengesellschaft upgraded shares of ACADIA Pharmaceuticals from a "hold" rating to a "buy" rating and lifted their price objective for the company from $20.00 to $35.00 in a research note on Wednesday, May 21st. Finally, Mizuho lifted their price target on ACADIA Pharmaceuticals from $23.00 to $24.00 and gave the stock a "neutral" rating in a research note on Thursday, August 7th. One research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, ACADIA Pharmaceuticals presently has a consensus rating of "Moderate Buy" and an average price target of $29.65.

ACADIA Pharmaceuticals Stock Up 1.2%

ACAD opened at $24.10 on Thursday. The firm's fifty day simple moving average is $23.88 and its two-hundred day simple moving average is $20.26. The company has a market cap of $4.07 billion, a price-to-earnings ratio of 18.17, a PEG ratio of 6.29 and a beta of 0.75. ACADIA Pharmaceuticals has a 52-week low of $13.40 and a 52-week high of $26.65.

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

Insider Activity at ACADIA Pharmaceuticals

In related news, Director Elizabeth A. Garofalo sold 1,600 shares of the business's stock in a transaction that occurred on Tuesday, September 2nd. The stock was sold at an average price of $25.98, for a total value of $41,568.00. Following the completion of the transaction, the director directly owned 25,382 shares in the company, valued at approximately $659,424.36. The trade was a 5.93% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Mark C. Schneyer sold 22,000 shares of the firm's stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $25.18, for a total value of $553,960.00. Following the completion of the transaction, the executive vice president owned 40,130 shares of the company's stock, valued at approximately $1,010,473.40. This represents a 35.41% decrease in their ownership of the stock. The disclosure for this sale can be found here. 26.50% of the stock is currently owned by insiders.

Hedge Funds Weigh In On ACADIA Pharmaceuticals

A number of institutional investors have recently modified their holdings of ACAD. Exchange Traded Concepts LLC acquired a new position in ACADIA Pharmaceuticals during the 1st quarter worth approximately $29,000. Banque Transatlantique SA acquired a new position in ACADIA Pharmaceuticals during the 1st quarter worth approximately $31,000. Picton Mahoney Asset Management purchased a new stake in shares of ACADIA Pharmaceuticals in the first quarter worth approximately $32,000. Federated Hermes Inc. raised 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 purchasing an additional 1,618 shares during the last quarter. Finally, Virtus Fund Advisers LLC purchased a new stake in shares of ACADIA Pharmaceuticals in the fourth quarter worth approximately $39,000. Institutional investors and hedge funds own 96.71% of the company's stock.

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.

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