ACADIA Pharmaceuticals (NASDAQ:ACAD) Upgraded at Zacks Investment Research

Zacks Investment Research upgraded shares of ACADIA Pharmaceuticals (NASDAQ:ACAD) from a hold rating to a buy rating in a report released on Tuesday morning, Zacks.com reports. Zacks Investment Research currently has $24.00 price target on the biopharmaceutical company’s stock.

According to Zacks, “ACADIA’s sole marketed drug, Nuplazid, has recorded strong sales since its launch. It’s top line consists of only net product sales of Nuplazid. The drug’s label-expansion program looks promising, with several studies that are currently underway. The company plans to file for Nuplazid label expansion in first quarter 2022. If approved, not only will the drug’s eligible patient population be expanded, but will boost sales in days ahead. However, heavy dependence on Nuplazid for revenues remains a worry. Also, the regulatory setback, wherein the FDA issued a complete response letter for Nuplazid’s label expansion, hurt the stock severely. Stiff competition in the target market also remains a woe. Shares of the company have underperformed the industry in the past year.”

Other equities research analysts have also issued research reports about the company. Mizuho restated a hold rating on shares of ACADIA Pharmaceuticals in a research note on Tuesday, December 21st. Morgan Stanley lifted their target price on ACADIA Pharmaceuticals from $21.00 to $24.00 and gave the stock an equal weight rating in a research report on Tuesday, December 7th. Citigroup upgraded ACADIA Pharmaceuticals from a neutral rating to a buy rating and set a $30.00 target price for the company in a research report on Wednesday, January 5th. SVB Leerink reissued a buy rating on shares of ACADIA Pharmaceuticals in a report on Thursday, December 23rd. Finally, Guggenheim downgraded ACADIA Pharmaceuticals from a buy rating to a neutral rating and set a $28.00 price target on the stock. in a report on Tuesday, December 21st. Thirteen research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat.com, ACADIA Pharmaceuticals currently has a consensus rating of Hold and a consensus target price of $29.37.

ACADIA Pharmaceuticals stock opened at $23.05 on Tuesday. The stock’s 50-day moving average is $21.85 and its 200-day moving average is $20.03. The company has a market cap of $3.71 billion, a price-to-earnings ratio of -19.21 and a beta of 0.62. ACADIA Pharmaceuticals has a 12 month low of $15.68 and a 12 month high of $54.73.

ACADIA Pharmaceuticals (NASDAQ:ACAD) last announced its earnings results on Monday, November 8th. The biopharmaceutical company reported ($0.09) EPS for the quarter, beating the consensus estimate of ($0.26) by $0.17. The business had revenue of $131.61 million for the quarter, compared to the consensus estimate of $127.77 million. ACADIA Pharmaceuticals had a negative return on equity of 32.74% and a negative net margin of 40.38%. The company’s revenue was up 9.2% on a year-over-year basis. During the same period last year, the business posted ($0.54) EPS. Analysts expect that ACADIA Pharmaceuticals will post -1.03 EPS for the current fiscal year.

In other news, President Srdjan R. Stankovic sold 2,803 shares of ACADIA Pharmaceuticals stock in a transaction on Monday, November 22nd. The stock was sold at an average price of $19.01, for a total transaction of $53,285.03. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO Stephen Davis sold 2,963 shares of ACADIA Pharmaceuticals stock in a transaction on Monday, October 18th. The shares were sold at an average price of $17.41, for a total value of $51,585.83. The disclosure for this sale can be found here. Insiders sold a total of 7,104 shares of company stock worth $128,165 over the last 90 days. Insiders own 28.50% of the company’s stock.

Hedge funds have recently modified their holdings of the company. US Bancorp DE grew its stake in ACADIA Pharmaceuticals by 14.3% in the second quarter. US Bancorp DE now owns 4,553 shares of the biopharmaceutical company’s stock valued at $111,000 after purchasing an additional 569 shares in the last quarter. Voya Investment Management LLC grew its stake in ACADIA Pharmaceuticals by 1.4% in the third quarter. Voya Investment Management LLC now owns 47,779 shares of the biopharmaceutical company’s stock valued at $794,000 after purchasing an additional 644 shares in the last quarter. Principal Financial Group Inc. grew its stake in ACADIA Pharmaceuticals by 3.1% in the third quarter. Principal Financial Group Inc. now owns 57,843 shares of the biopharmaceutical company’s stock valued at $961,000 after purchasing an additional 1,759 shares in the last quarter. Two Sigma Investments LP grew its stake in ACADIA Pharmaceuticals by 13.8% in the third quarter. Two Sigma Investments LP now owns 15,700 shares of the biopharmaceutical company’s stock valued at $261,000 after purchasing an additional 1,900 shares in the last quarter. Finally, Hohimer Wealth Management LLC grew its stake in ACADIA Pharmaceuticals by 13.6% in the third quarter. Hohimer Wealth Management LLC now owns 16,515 shares of the biopharmaceutical company’s stock valued at $274,000 after purchasing an additional 1,980 shares in the last quarter. Institutional investors and hedge funds own 89.15% of the company’s stock.

About ACADIA Pharmaceuticals

ACADIA Pharmaceuticals, Inc operates as a biopharmaceutical company. It focuses on the development and commercialization of medicines to address unmet medical needs in central nervous system, or CNS, disorders. The firm’s products include Nuplazid, which is used for the treatment of hallucinations and delusions associated with Parkinson’s disease psychosis.

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