ACADIA Pharmaceuticals (NASDAQ:ACAD) Stock Rating Upgraded by Wall Street Zen

Key Points

• Wall Street Zen upgraded ACADIA Pharmaceuticals from a "hold" to a "buy" rating, indicating positive sentiment towards the stock's performance.
• The current consensus rating for ACADIA Pharmaceuticals is "Moderate Buy" with an average price target of $28.88.
• ACADIA reported a 9.4% increase in quarterly revenue year-over-year, achieving $264.57 million, surpassing analysts' expectations.

ACADIA Pharmaceuticals (NASDAQ:ACAD - Get Free Report) was upgraded by Wall Street Zen from a "hold" rating to a "buy" rating in a report released on Saturday.

A number of other research analysts also recently commented on the stock. Oppenheimer reaffirmed a "market perform" rating and set a $22.00 price objective (up previously from $19.00) on shares of ACADIA Pharmaceuticals in a research note on Thursday, June 26th. Bank of America upped their price objective on shares of ACADIA Pharmaceuticals from $18.00 to $23.00 and gave the company a "hold" rating in a research note on Thursday, June 5th. HC Wainwright reaffirmed a "buy" rating and set a $32.00 price objective on shares of ACADIA Pharmaceuticals in a research note on Thursday, June 26th. JMP Securities upped their price objective on shares of ACADIA Pharmaceuticals from $37.00 to $38.00 and gave the company a "market outperform" rating in a research note on Thursday, August 7th. Finally, JPMorgan Chase & Co. upped their price objective on shares of ACADIA Pharmaceuticals from $30.00 to $34.00 and gave the company an "overweight" rating in a research note on Thursday, July 24th. One equities research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, ACADIA Pharmaceuticals currently has an average rating of "Moderate Buy" and an average target price of $28.88.

ACADIA Pharmaceuticals Stock Performance

ACAD stock traded down $0.3040 during trading on Friday, hitting $24.6660. The stock had a trading volume of 65,793 shares, compared to its average volume of 2,170,388. The company's 50 day moving average price is $22.83 and its two-hundred day moving average price is $19.58. ACADIA Pharmaceuticals has a 1-year low of $13.40 and a 1-year high of $25.88. The stock has a market cap of $4.16 billion, a price-to-earnings ratio of 18.68, a price-to-earnings-growth ratio of 6.38 and a beta of 0.70.

ACADIA Pharmaceuticals (NASDAQ:ACAD - Get Free Report) last announced its earnings results on Wednesday, August 6th. The biopharmaceutical company reported $0.16 earnings per share for the quarter, beating the consensus estimate of $0.14 by $0.02. ACADIA Pharmaceuticals had a net margin of 21.80% and a return on equity of 14.69%. The firm had revenue of $264.57 million during the quarter, compared to the consensus estimate of $263.07 million. During the same quarter in the previous year, the company posted $0.20 EPS. The firm's revenue for the quarter was up 9.4% on a year-over-year basis. As a group, sell-side analysts forecast that ACADIA Pharmaceuticals will post 0.7 earnings per share for the current fiscal year.

Insider Transactions at ACADIA Pharmaceuticals

In other news, Director Laura Brege sold 14,446 shares of the business's stock in a transaction dated Wednesday, June 4th. The stock was sold at an average price of $21.78, for a total transaction of $314,633.88. Following the completion of the sale, the director owned 15,095 shares in the company, valued at approximately $328,769.10. The trade was a 48.90% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Mark C. Schneyer sold 22,000 shares of the business's stock in a transaction dated Monday, August 18th. The stock was sold at an average price of $25.18, for a total value of $553,960.00. Following the sale, the executive vice president owned 40,130 shares of the company's stock, valued at $1,010,473.40. The trade was a 35.41% decrease in their position. The disclosure for this sale can be found here. 28.30% of the stock is currently owned by insiders.

Hedge Funds Weigh In On ACADIA Pharmaceuticals

Institutional investors and hedge funds have recently bought and sold shares of the stock. Exchange Traded Concepts LLC purchased a new position in ACADIA Pharmaceuticals in the 1st quarter worth approximately $29,000. Banque Transatlantique SA purchased a new position in ACADIA Pharmaceuticals in the 1st quarter worth approximately $31,000. Picton Mahoney Asset Management purchased a new position in ACADIA Pharmaceuticals in the 1st quarter worth approximately $32,000. Federated Hermes Inc. boosted its holdings in ACADIA Pharmaceuticals by 231.5% in the 1st quarter. Federated Hermes Inc. now owns 2,317 shares of the biopharmaceutical company's stock worth $38,000 after acquiring an additional 1,618 shares during the period. Finally, Virtus Fund Advisers LLC purchased a new position in ACADIA Pharmaceuticals in the 4th quarter worth approximately $39,000. Hedge funds and other institutional investors 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.