ACADIA Pharmaceuticals (NASDAQ:ACAD) Price Target Raised to $39.00

Key Points

• UBS Group raised its price target for ACADIA Pharmaceuticals from $36.00 to $39.00, indicating a potential upside of 53.16% from the stock's previous close.
• The company reported earnings of $0.16 per share, surpassing analysts' expectations of $0.14, along with a revenue of $264.57 million for the quarter.
• ACADIA Pharmaceuticals has received ratings from multiple analysts, with one Strong Buy, ten Buy, six Hold, and one Sell, reflecting a consensus rating of Moderate Buy.

ACADIA Pharmaceuticals (NASDAQ:ACAD - Free Report) had its price target upped by UBS Group from $36.00 to $39.00 in a report released on Tuesday, MarketBeat reports. The brokerage currently has a buy rating on the biopharmaceutical company's stock.

Several other brokerages have also recently commented on ACAD. Morgan Stanley set a $24.00 target price on ACADIA Pharmaceuticals and gave the company an "equal weight" rating in a report on Tuesday, May 20th. JMP Securities upped their target price on ACADIA Pharmaceuticals from $37.00 to $38.00 and gave the company a "market outperform" rating in a report on Thursday, August 7th. Citigroup reiterated an "outperform" rating on shares of ACADIA Pharmaceuticals in a report on Thursday, August 7th. Oppenheimer reiterated a "market perform" rating and issued a $22.00 target price (up from $19.00) on shares of ACADIA Pharmaceuticals in a report on Thursday, June 26th. Finally, Needham & Company LLC reiterated a "buy" rating and issued a $30.00 target price on shares of ACADIA Pharmaceuticals in a report on Thursday, June 26th. One investment analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating, six have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, ACADIA Pharmaceuticals has an average rating of "Moderate Buy" and a consensus target price of $29.65.

ACADIA Pharmaceuticals Stock Performance

Shares of ACADIA Pharmaceuticals stock traded down $0.59 on Tuesday, hitting $23.61. The stock had a trading volume of 1,539,914 shares, compared to its average volume of 1,850,874. The stock has a 50 day moving average of $23.99 and a 200 day moving average of $20.33. ACADIA Pharmaceuticals has a twelve month low of $13.40 and a twelve month high of $26.65. The firm has a market capitalization of $3.98 billion, a P/E ratio of 17.75, a PEG ratio of 6.13 and a beta of 0.75.

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, beating the consensus estimate of $0.14 by $0.02. ACADIA Pharmaceuticals had a return on equity of 14.69% and a net margin of 21.80%.The company had revenue of $264.57 million during the quarter, compared to the consensus estimate of $263.07 million. During the same quarter in the prior year, the firm posted $0.20 earnings per share. The firm's revenue was up 9.4% compared to the same quarter last year. Equities analysts expect that ACADIA Pharmaceuticals will post 0.7 earnings per share for the current year.

Insiders Place Their Bets

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

Hedge Funds Weigh In On ACADIA Pharmaceuticals

A number of large investors have recently modified their holdings of ACAD. Thrivent Financial for Lutherans raised its position in ACADIA Pharmaceuticals by 0.7% in the 2nd quarter. Thrivent Financial for Lutherans now owns 91,067 shares of the biopharmaceutical company's stock valued at $1,964,000 after buying an additional 626 shares during the last quarter. Cim Investment Management Inc. raised its position in ACADIA Pharmaceuticals by 100.7% in the 2nd quarter. Cim Investment Management Inc. now owns 29,573 shares of the biopharmaceutical company's stock valued at $589,000 after buying an additional 14,841 shares during the last quarter. Public Sector Pension Investment Board raised its position in ACADIA Pharmaceuticals by 8.2% in the 2nd quarter. Public Sector Pension Investment Board now owns 422,252 shares of the biopharmaceutical company's stock valued at $9,108,000 after buying an additional 31,821 shares during the last quarter. FORA Capital LLC purchased a new stake in ACADIA Pharmaceuticals in the 2nd quarter valued at $297,000. Finally, Tower Research Capital LLC TRC raised its position in ACADIA Pharmaceuticals by 250.6% in the 2nd quarter. Tower Research Capital LLC TRC now owns 15,629 shares of the biopharmaceutical company's stock valued at $337,000 after buying an additional 11,171 shares during the last quarter. 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.