ACADIA Pharmaceuticals’ (ACAD) “Buy” Rating Reiterated at Needham & Company LLC

Needham & Company LLC restated their buy rating on shares of ACADIA Pharmaceuticals (NASDAQ:ACAD) in a research report report published on Monday,Benzinga reports. Needham & Company LLC currently has a $35.00 price target on the biopharmaceutical company’s stock.

A number of other equities research analysts have also issued reports on ACAD. Bank of America reiterated a “buy” rating and issued a $14.50 price target on shares of ACADIA Pharmaceuticals in a research note on Wednesday, July 29th. Royal Bank Of Canada lowered their price objective on ACADIA Pharmaceuticals from $37.00 to $36.00 and set an “outperform” rating on the stock in a research report on Thursday, October 8th. Weiss Ratings raised ACADIA Pharmaceuticals from a “hold (c)” rating to a “hold (c+)” rating in a research note on Wednesday, August 12th. UBS Group lowered ACADIA Pharmaceuticals from a “buy” rating to a “neutral” rating and dropped their price objective for the stock from $49.00 to $23.00 in a research note on Tuesday, October 13th. Finally, Morgan Stanley increased their target price on ACADIA Pharmaceuticals from $27.00 to $28.00 and gave the stock an “equal weight” rating in a research report on Tuesday, August 25th. Thirteen research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $31.34.

ACADIA Pharmaceuticals Price Performance

ACAD opened at $20.19 on Monday. The firm has a market cap of $3.48 billion, a P/E ratio of 9.09 and a beta of 0.88. ACADIA Pharmaceuticals has a 1-year low of $18.39 and a 1-year high of $30.96. The company has a 50 day simple moving average of $24.97 and a two-hundred day simple moving average of $24.00.

ACADIA Pharmaceuticals (NASDAQ:ACAD) last announced its quarterly earnings data on Tuesday, August 4th. The biopharmaceutical company reported $0.18 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.07 by $0.11. ACADIA Pharmaceuticals had a net margin of 33.42% and a return on equity of 9.03%. The firm had revenue of $308.00 million during the quarter, compared to analysts’ expectations of $296.55 million. During the same period in the prior year, the company posted $0.16 earnings per share. The company’s revenue for the quarter was up 16.4% compared to the same quarter last year. Equities analysts anticipate that ACADIA Pharmaceuticals will post 0.64 earnings per share for the current year.

Insiders Place Their Bets

In other ACADIA Pharmaceuticals news, EVP Elizabeth Thompson sold 16,558 shares of ACADIA Pharmaceuticals stock in a transaction on Thursday, July 30th. The shares were sold at an average price of $26.13, for a total value of $432,660.54. Following the sale, the executive vice president directly owned 18,994 shares in the company, valued at approximately $496,313.22. The trade was a 46.57% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Mark C. Schneyer sold 14,292 shares of ACADIA Pharmaceuticals stock in a transaction on Thursday, August 6th. The shares were sold at an average price of $29.22, for a total transaction of $417,612.24. Following the completion of the sale, the executive vice president owned 67,828 shares in the company, valued at approximately $1,981,934.16. This represents a 17.40% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 36,699 shares of company stock valued at $1,019,894. 26.20% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in ACAD. Rice Hall James & Associates LLC purchased a new stake in shares of ACADIA Pharmaceuticals during the 2nd quarter worth approximately $15,658,000. State of Wyoming bought a new stake in ACADIA Pharmaceuticals in the second quarter worth $1,234,000. Bank of America Corp DE increased its position in ACADIA Pharmaceuticals by 27.2% in the first quarter. Bank of America Corp DE now owns 1,553,770 shares of the biopharmaceutical company’s stock worth $34,587,000 after purchasing an additional 332,325 shares during the last quarter. Virtus Advisers LLC bought a new stake in ACADIA Pharmaceuticals in the second quarter worth $1,123,000. Finally, GSA Capital Partners LLP purchased a new stake in ACADIA Pharmaceuticals during the second quarter valued at $1,783,000. Institutional investors own 96.71% of the company’s stock.

About ACADIA Pharmaceuticals

ACADIA Pharmaceuticals Inc is a biopharmaceutical company focused on developing and commercializing medicines for central nervous system and neuropsychiatric disorders. The company’s research programs target conditions with significant unmet medical needs, including neurological and rare neurodevelopmental diseases.

ACADIA’s commercial products include NUPLAZID (pimavanserin), an atypical antipsychotic approved in the United States to treat hallucinations and delusions associated with Parkinson’s disease psychosis.