Oppenheimer Reaffirms Market Perform Rating for ACADIA Pharmaceuticals (NASDAQ:ACAD)

Oppenheimer reaffirmed their market perform rating on shares of ACADIA Pharmaceuticals (NASDAQ:ACAD) in a report published on Monday, Benzinga reports. They currently have a $19.00 price target on the biopharmaceutical company’s stock.

Several other equities research analysts also recently commented on ACAD. TheStreet upgraded shares of ACADIA Pharmaceuticals from a d rating to a c rating in a research report on Tuesday, February 27th. Mizuho lowered ACADIA Pharmaceuticals from a buy rating to a neutral rating and dropped their price target for the company from $39.00 to $25.00 in a research report on Tuesday, March 12th. Royal Bank of Canada dropped their target price on ACADIA Pharmaceuticals from $36.00 to $35.00 and set an outperform rating on the stock in a report on Wednesday, February 28th. Cantor Fitzgerald reaffirmed an overweight rating and set a $37.00 price objective on shares of ACADIA Pharmaceuticals in a research report on Tuesday, April 30th. Finally, JMP Securities reissued a market outperform rating and set a $42.00 target price on shares of ACADIA Pharmaceuticals in a research note on Wednesday, February 7th. Three investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat, ACADIA Pharmaceuticals has a consensus rating of Moderate Buy and a consensus target price of $31.75.

ACADIA Pharmaceuticals Price Performance

ACAD opened at $17.13 on Monday. ACADIA Pharmaceuticals has a 1-year low of $16.16 and a 1-year high of $33.99. The business has a 50 day moving average price of $18.66 and a two-hundred day moving average price of $23.21. The company has a market capitalization of $2.83 billion, a price-to-earnings ratio of -45.08 and a beta of 0.42.

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

Insider Activity

In other ACADIA Pharmaceuticals news, CEO Stephen Davis sold 5,577 shares of ACADIA Pharmaceuticals stock in a transaction that occurred on Monday, February 26th. The stock was sold at an average price of $24.67, for a total transaction of $137,584.59. Following the sale, the chief executive officer now directly owns 101,890 shares of the company’s stock, valued at $2,513,626.30. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CFO Mark C. Schneyer sold 5,434 shares of ACADIA Pharmaceuticals stock in a transaction dated Wednesday, March 27th. The shares were sold at an average price of $17.90, for a total transaction of $97,268.60. Following the completion of the transaction, the chief financial officer now directly owns 26,183 shares of the company’s stock, valued at approximately $468,675.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Stephen Davis sold 5,577 shares of the company’s stock in a transaction dated Monday, February 26th. The stock was sold at an average price of $24.67, for a total transaction of $137,584.59. Following the sale, the chief executive officer now directly owns 101,890 shares in the company, valued at $2,513,626.30. The disclosure for this sale can be found here. In the last 90 days, insiders sold 89,116 shares of company stock worth $1,625,639. 27.50% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On ACADIA Pharmaceuticals

A number of hedge funds have recently added to or reduced their stakes in ACAD. RTW Investments LP increased its stake in shares of ACADIA Pharmaceuticals by 18.3% in the 3rd quarter. RTW Investments LP now owns 11,576,537 shares of the biopharmaceutical company’s stock valued at $241,255,000 after buying an additional 1,793,288 shares during the period. Fred Alger Management LLC boosted its holdings in ACADIA Pharmaceuticals by 38.7% in the third quarter. Fred Alger Management LLC now owns 3,108,883 shares of the biopharmaceutical company’s stock valued at $64,789,000 after acquiring an additional 867,818 shares during the last quarter. First Trust Advisors LP increased its position in ACADIA Pharmaceuticals by 9.1% in the fourth quarter. First Trust Advisors LP now owns 1,777,307 shares of the biopharmaceutical company’s stock worth $55,647,000 after purchasing an additional 148,526 shares during the period. Emerald Advisers LLC raised its holdings in ACADIA Pharmaceuticals by 4.0% during the 3rd quarter. Emerald Advisers LLC now owns 1,681,052 shares of the biopharmaceutical company’s stock worth $35,033,000 after purchasing an additional 64,100 shares during the last quarter. Finally, Norges Bank acquired a new position in ACADIA Pharmaceuticals during the 4th quarter valued at about $45,187,000. 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.