Morgan Stanley Trims ACADIA Pharmaceuticals (NASDAQ:ACAD) Target Price to $28.00

ACADIA Pharmaceuticals (NASDAQ:ACAD) had its price objective trimmed by Morgan Stanley from $30.00 to $28.00 in a research report sent to investors on Friday morning, Benzinga reports. The brokerage currently has an overweight rating on the biopharmaceutical company’s stock.

Other research analysts have also recently issued research reports about the stock. Oppenheimer reaffirmed a market perform rating and issued a $19.00 target price on shares of ACADIA Pharmaceuticals in a research report on Monday, May 6th. Needham & Company LLC reaffirmed a buy rating and issued a $30.00 target price on shares of ACADIA Pharmaceuticals in a report on Thursday, May 9th. BMO Capital Markets assumed coverage on shares of ACADIA Pharmaceuticals in a research note on Thursday, June 27th. They issued an outperform rating and a $31.00 price target on the stock. Citigroup cut their price objective on shares of ACADIA Pharmaceuticals from $30.19 to $30.00 and set a buy rating on the stock in a report on Thursday, May 9th. Finally, Stifel Nicolaus cut their price objective on shares of ACADIA Pharmaceuticals from $26.00 to $21.00 and set a hold rating on the stock in a report on Thursday, May 9th. Four analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, ACADIA Pharmaceuticals currently has an average rating of Moderate Buy and a consensus target price of $28.59.

ACADIA Pharmaceuticals Stock Up 0.7 %

ACADIA Pharmaceuticals stock opened at $17.77 on Friday. ACADIA Pharmaceuticals has a 52-week low of $14.55 and a 52-week high of $33.99. The company has a fifty day simple moving average of $15.59 and a 200-day simple moving average of $20.35. The firm has a market capitalization of $2.94 billion, a price-to-earnings ratio of -1,777.00 and a beta of 0.38.

ACADIA Pharmaceuticals (NASDAQ:ACAD) last announced its quarterly earnings data on Wednesday, May 8th. The biopharmaceutical company reported $0.10 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.04 by $0.06. ACADIA Pharmaceuticals had a negative net margin of 0.21% and a negative return on equity of 0.41%. The firm had revenue of $205.83 million during the quarter, compared to analyst estimates of $208.31 million. During the same quarter in the prior year, the firm posted ($0.27) earnings per share. ACADIA Pharmaceuticals’s quarterly revenue was up 73.8% on a year-over-year basis. On average, research analysts anticipate that ACADIA Pharmaceuticals will post 0.58 EPS for the current fiscal year.

Insiders Place Their Bets

In other ACADIA Pharmaceuticals 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 transaction of $59,340.82. Following the sale, the chief financial officer now directly owns 32,053 shares in the company, valued at approximately $542,977.82. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, COO Brendan Teehan sold 3,477 shares of the business’s stock in a transaction dated Thursday, May 2nd. The shares were sold at an average price of $16.94, for a total value of $58,900.38. Following the sale, the chief operating officer now directly owns 42,133 shares in the company, valued at approximately $713,733.02. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Mark C. Schneyer sold 3,503 shares of the business’s stock in a transaction dated 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 sale, the chief financial officer now owns 32,053 shares in the company, valued at $542,977.82. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 20,708 shares of company stock worth $348,697. Corporate insiders own 28.30% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Empire Life Investments Inc. lifted its holdings in ACADIA Pharmaceuticals by 0.3% in the 4th quarter. Empire Life Investments Inc. now owns 174,815 shares of the biopharmaceutical company’s stock valued at $5,473,000 after purchasing an additional 467 shares in the last quarter. Handelsbanken Fonder AB increased its stake in shares of ACADIA Pharmaceuticals by 2.3% during the 4th quarter. Handelsbanken Fonder AB now owns 31,633 shares of the biopharmaceutical company’s stock valued at $990,000 after acquiring an additional 700 shares during the last quarter. Swiss National Bank increased its position in ACADIA Pharmaceuticals by 0.4% during the 1st quarter. Swiss National Bank now owns 210,604 shares of the biopharmaceutical company’s stock worth $3,894,000 after purchasing an additional 800 shares in the last quarter. Franklin Resources Inc. increased its position in ACADIA Pharmaceuticals by 1.6% during the 4th quarter. Franklin Resources Inc. now owns 50,405 shares of the biopharmaceutical company’s stock worth $1,578,000 after purchasing an additional 803 shares in the last quarter. Finally, Covestor Ltd increased its position in ACADIA Pharmaceuticals by 70.5% during the 1st quarter. Covestor Ltd now owns 2,032 shares of the biopharmaceutical company’s stock worth $38,000 after purchasing an additional 840 shares in the last quarter. 96.71% of the stock is currently owned by hedge funds and other institutional investors.

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.