ACADIA Pharmaceuticals (NASDAQ:ACAD) Earns “Buy” Rating from Needham & Company LLC

ACADIA Pharmaceuticals (NASDAQ:ACAD)‘s stock had its “buy” rating reissued by analysts at Needham & Company LLC in a research report issued to clients and investors on Thursday, Benzinga reports. They presently have a $30.00 price objective on the biopharmaceutical company’s stock. Needham & Company LLC’s target price points to a potential upside of 75.13% from the stock’s previous close.

Several other research analysts also recently commented on the stock. Robert W. Baird assumed coverage on shares of ACADIA Pharmaceuticals in a research report on Tuesday, January 30th. They set an “outperform” rating and a $40.00 price objective for the company. Oppenheimer reissued a “market perform” rating and set a $19.00 price target on shares of ACADIA Pharmaceuticals in a report on Monday. Morgan Stanley reduced their price objective on ACADIA Pharmaceuticals from $40.00 to $30.00 and set an “overweight” rating on the stock in a research note on Wednesday, March 13th. TheStreet raised ACADIA Pharmaceuticals from a “d” rating to a “c” rating in a research note on Tuesday, February 27th. Finally, JMP Securities restated a “market outperform” rating and issued a $42.00 price target on shares of ACADIA Pharmaceuticals in a research note on Wednesday, February 7th. Three research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $30.63.

ACADIA Pharmaceuticals Stock Performance

Shares of NASDAQ ACAD opened at $17.13 on Thursday. The stock has a market capitalization of $2.83 billion, a P/E ratio of -45.08 and a beta of 0.42. The stock’s fifty day moving average is $18.66 and its 200 day moving average is $23.21. ACADIA Pharmaceuticals has a 52 week low of $16.16 and a 52 week high of $33.99.

ACADIA Pharmaceuticals (NASDAQ:ACAD) last announced its quarterly earnings data on Tuesday, February 27th. The biopharmaceutical company reported $0.28 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.32 by ($0.04). The firm had revenue of $231.04 million for the quarter, compared to analyst estimates of $223.79 million. ACADIA Pharmaceuticals had a negative return on equity of 15.67% and a negative net margin of 8.44%. The company’s quarterly revenue was up 69.3% on a year-over-year basis. During the same quarter in the previous year, the company earned ($0.26) earnings per share. Equities research analysts forecast that ACADIA Pharmaceuticals will post 0.62 earnings per share for the current year.

Insider Activity

In related news, CFO Mark C. Schneyer sold 3,503 shares of the business’s stock in a transaction on Thursday, May 2nd. The shares were sold at an average price of $16.94, for a total value of $59,340.82. Following the sale, the chief financial officer now owns 32,053 shares of the company’s stock, valued at $542,977.82. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other ACADIA Pharmaceuticals news, COO Brendan Teehan sold 5,140 shares of the firm’s stock in a transaction that occurred on Wednesday, March 27th. The shares were sold at an average price of $17.90, for a total transaction of $92,006.00. Following the completion of the transaction, the chief operating officer now owns 36,340 shares in the company, valued at approximately $650,486. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Mark C. Schneyer sold 3,503 shares of the business’s stock in a transaction that occurred on Thursday, May 2nd. The stock was sold at an average price of $16.94, for a total transaction of $59,340.82. Following the completion of the transaction, the chief financial officer now owns 32,053 shares in the company, valued at approximately $542,977.82. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 89,116 shares of company stock valued at $1,625,639. Insiders own 27.50% of the company’s stock.

Hedge Funds Weigh In On ACADIA Pharmaceuticals

A number of hedge funds have recently bought and sold shares of the company. Mutual of America Capital Management LLC acquired a new stake in ACADIA Pharmaceuticals during the 4th quarter worth about $2,206,000. Qube Research & Technologies Ltd increased its holdings in ACADIA Pharmaceuticals by 757.2% in the third quarter. Qube Research & Technologies Ltd now owns 212,919 shares of the biopharmaceutical company’s stock worth $4,437,000 after purchasing an additional 188,080 shares in the last quarter. RTW Investments LP increased its holdings in ACADIA Pharmaceuticals by 18.3% in the third quarter. RTW Investments LP now owns 11,576,537 shares of the biopharmaceutical company’s stock worth $241,255,000 after purchasing an additional 1,793,288 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its stake in ACADIA Pharmaceuticals by 9.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,073,093 shares of the biopharmaceutical company’s stock valued at $22,363,000 after buying an additional 91,641 shares during the period. Finally, Northern Trust Corp boosted its holdings in shares of ACADIA Pharmaceuticals by 4.9% during the 3rd quarter. Northern Trust Corp now owns 1,220,677 shares of the biopharmaceutical company’s stock worth $25,439,000 after buying an additional 57,555 shares in the last quarter. 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.