ACADIA Pharmaceuticals (NASDAQ:ACAD)‘s stock had its “hold” rating reiterated by equities researchers at Canaccord Genuity in a report released on Tuesday. They presently have a $26.00 price objective on the biopharmaceutical company’s stock, down from their previous price objective of $40.00. Canaccord Genuity’s price objective suggests a potential upside of 25.85% from the company’s current price.
A number of other research analysts have also weighed in on ACAD. Cantor Fitzgerald raised their price objective on ACADIA Pharmaceuticals from $33.00 to $45.00 and gave the company an “overweight” rating in a research report on Tuesday, April 6th. They noted that the move was a valuation call. Royal Bank of Canada dropped their price target on ACADIA Pharmaceuticals from $60.00 to $36.00 and set an “outperform” rating on the stock in a research note on Tuesday, March 9th. Mizuho cut ACADIA Pharmaceuticals from a “buy” rating to a “neutral” rating and decreased their price target for the company from $37.00 to $25.00 in a report on Tuesday, April 6th. HC Wainwright reissued a “neutral” rating and set a $18.00 price objective (down from $43.00) on shares of ACADIA Pharmaceuticals in a research note on Tuesday. Finally, Morgan Stanley lowered their price target on ACADIA Pharmaceuticals from $50.00 to $28.00 and set an “overweight” rating for the company in a report on Tuesday. One analyst has rated the stock with a sell rating, twelve have issued a hold rating and seven have given a buy rating to the stock. ACADIA Pharmaceuticals presently has a consensus rating of “Hold” and an average price target of $33.78.
Shares of NASDAQ ACAD traded up $0.23 during trading on Tuesday, reaching $20.66. 57,024 shares of the stock traded hands, compared to its average volume of 2,175,083. ACADIA Pharmaceuticals has a 52-week low of $20.12 and a 52-week high of $58.72. The stock has a market capitalization of $3.31 billion, a P/E ratio of -11.99 and a beta of 1.44. The company has a 50-day moving average of $32.76 and a 200-day moving average of $45.74.
In other news, CEO Stephen Davis sold 14,195 shares of the stock in a transaction dated Thursday, February 4th. The shares were sold at an average price of $50.61, for a total transaction of $718,408.95. Following the sale, the chief executive officer now directly owns 43,059 shares of the company’s stock, valued at approximately $2,179,215.99. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, President Srdjan R. Stankovic sold 8,429 shares of the stock in a transaction dated Thursday, February 4th. The stock was sold at an average price of $50.61, for a total transaction of $426,591.69. Following the sale, the president now directly owns 39,478 shares in the company, valued at $1,997,981.58. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 26,782 shares of company stock worth $1,355,437. 27.70% of the stock is owned by corporate insiders.
Institutional investors have recently modified their holdings of the stock. Swiss National Bank lifted its stake in ACADIA Pharmaceuticals by 1.7% in the 4th quarter. Swiss National Bank now owns 269,404 shares of the biopharmaceutical company’s stock valued at $14,402,000 after buying an additional 4,500 shares in the last quarter. Sei Investments Co. lifted its stake in ACADIA Pharmaceuticals by 30.4% in the 4th quarter. Sei Investments Co. now owns 107,697 shares of the biopharmaceutical company’s stock valued at $5,733,000 after buying an additional 25,096 shares in the last quarter. DNB Asset Management AS lifted its stake in ACADIA Pharmaceuticals by 144.4% in the 4th quarter. DNB Asset Management AS now owns 55,098 shares of the biopharmaceutical company’s stock valued at $2,946,000 after buying an additional 32,556 shares in the last quarter. Perigon Wealth Management LLC acquired a new stake in ACADIA Pharmaceuticals in the 4th quarter valued at about $86,000. Finally, Northern Trust Corp raised its holdings in ACADIA Pharmaceuticals by 1.6% in the 4th quarter. Northern Trust Corp now owns 597,373 shares of the biopharmaceutical company’s stock valued at $31,935,000 after acquiring an additional 9,490 shares during the last quarter. 93.54% 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 of small molecule drugs that address unmet medical needs in central nervous system disorders. The company offers NUPLAZID (pimavanserin) for the treatment of hallucinations and delusions associated with Parkinson's disease psychosis; Trofinetide, a novel synthetic analog for the treatment of Rett syndrome; ACP-044, a novel first-in-class orally administered non-opioid analgesic for treating acute and chronic pain; and ACP-319, a positive allosteric modulator of the muscarinic receptor for treating cognition and schizophrenia.
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