Oppenheimer Issues Positive Forecast for ACADIA Pharmaceuticals (NASDAQ:ACAD) Stock Price

ACADIA Pharmaceuticals (NASDAQ:ACAD) had its target price upped by Oppenheimer from $21.00 to $23.00 in a research note released on Friday,Benzinga reports. Oppenheimer currently has a market perform rating on the biopharmaceutical company’s stock.

ACAD has been the topic of a number of other research reports. Needham & Company LLC reissued a “buy” rating and set a $34.00 price target on shares of ACADIA Pharmaceuticals in a report on Monday, January 5th. HC Wainwright reaffirmed a “buy” rating and set a $37.00 price objective on shares of ACADIA Pharmaceuticals in a research report on Tuesday. Mizuho boosted their target price on ACADIA Pharmaceuticals from $24.00 to $29.00 and gave the company a “neutral” rating in a report on Tuesday, December 2nd. Piper Sandler set a $37.00 price target on ACADIA Pharmaceuticals in a research note on Tuesday, December 16th. Finally, Stifel Nicolaus set a $37.00 price objective on shares of ACADIA Pharmaceuticals in a research report on Tuesday, December 16th. One analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $31.30.

ACADIA Pharmaceuticals Trading Up 0.4%

ACAD stock opened at $23.56 on Friday. The company has a market capitalization of $3.99 billion, a P/E ratio of 15.20, a PEG ratio of 8.24 and a beta of 0.66. The business has a 50 day simple moving average of $26.47 and a 200-day simple moving average of $24.46. ACADIA Pharmaceuticals has a twelve month low of $13.40 and a twelve month high of $28.35.

ACADIA Pharmaceuticals (NASDAQ:ACAD) last released its quarterly earnings results on Wednesday, November 5th. The biopharmaceutical company reported $0.42 EPS for the quarter, beating the consensus estimate of $0.14 by $0.28. ACADIA Pharmaceuticals had a net margin of 24.94% and a return on equity of 14.61%. The firm had revenue of $278.63 million during the quarter, compared to the consensus estimate of $276.52 million. During the same quarter in the prior year, the firm earned $0.20 EPS. ACADIA Pharmaceuticals’s revenue for the quarter was up 11.3% on a year-over-year basis. Research analysts predict that ACADIA Pharmaceuticals will post 0.7 EPS for the current fiscal year.

Insider Buying and Selling at ACADIA Pharmaceuticals

In other news, EVP Mark C. Schneyer sold 10,262 shares of the stock in a transaction dated Tuesday, November 18th. The shares were sold at an average price of $23.69, for a total value of $243,106.78. Following the completion of the transaction, the executive vice president owned 53,338 shares in the company, valued at $1,263,577.22. This trade represents a 16.14% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider James Kihara sold 4,084 shares of the business’s stock in a transaction dated Tuesday, November 18th. The stock was sold at an average price of $23.69, for a total transaction of $96,749.96. Following the sale, the insider directly owned 25,058 shares in the company, valued at approximately $593,624.02. This represents a 14.01% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 44,346 shares of company stock valued at $1,010,957. 26.50% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. Braidwell LP purchased a new stake in shares of ACADIA Pharmaceuticals during the 3rd quarter worth approximately $50,760,000. Marshall Wace LLP boosted its position in ACADIA Pharmaceuticals by 496.2% during the second quarter. Marshall Wace LLP now owns 1,969,711 shares of the biopharmaceutical company’s stock worth $42,487,000 after purchasing an additional 1,639,315 shares in the last quarter. Norges Bank acquired a new stake in ACADIA Pharmaceuticals in the second quarter valued at $31,679,000. Millennium Management LLC increased its position in shares of ACADIA Pharmaceuticals by 2,052.1% in the third quarter. Millennium Management LLC now owns 1,483,235 shares of the biopharmaceutical company’s stock valued at $31,652,000 after buying an additional 1,414,315 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership raised its stake in shares of ACADIA Pharmaceuticals by 390.1% during the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 1,648,864 shares of the biopharmaceutical company’s stock worth $35,187,000 after buying an additional 1,312,426 shares during the last quarter. 96.71% of the stock is owned by hedge funds and other institutional investors.

ACADIA Pharmaceuticals Company Profile

ACADIA Pharmaceuticals Inc is a biopharmaceutical company focused on the development and commercialization of innovative therapies for central nervous system (CNS) disorders. Established in 1993 and headquartered in San Diego, California, ACADIA’s research centers concentrate on conditions with significant unmet medical needs, including Parkinson’s disease psychosis, Alzheimer’s disease psychosis, and schizophrenia. The company utilizes a range of scientific platforms, including selective receptor modulation and precision-targeted compounds, to advance its portfolio of small-molecule therapeutics.

The company’s flagship product, NUPLAZID® (pimavanserin), received U.S.