HC Wainwright Reiterates “Buy” Rating for ACADIA Pharmaceuticals (NASDAQ:ACAD)

ACADIA Pharmaceuticals (NASDAQ:ACAD)‘s stock had its “buy” rating reiterated by equities research analysts at HC Wainwright in a report released on Tuesday,Benzinga reports. They currently have a $37.00 price objective on the biopharmaceutical company’s stock. HC Wainwright’s price target would suggest a potential upside of 41.60% from the company’s previous close.

Several other equities research analysts also recently commented on the company. Wall Street Zen downgraded ACADIA Pharmaceuticals from a “buy” rating to a “hold” rating in a report on Saturday. JPMorgan Chase & Co. dropped their price target on shares of ACADIA Pharmaceuticals from $33.00 to $31.00 and set an “overweight” rating on the stock in a research note on Monday, November 17th. Royal Bank Of Canada cut their price objective on shares of ACADIA Pharmaceuticals from $34.00 to $32.00 and set an “outperform” rating on the stock in a research report on Thursday, November 6th. Needham & Company LLC reaffirmed a “buy” rating and issued a $34.00 target price on shares of ACADIA Pharmaceuticals in a report on Monday, January 5th. Finally, Piper Sandler set a $37.00 price target on shares of ACADIA Pharmaceuticals in a report on Tuesday, December 16th. One research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $31.16.

ACADIA Pharmaceuticals Stock Performance

Shares of ACAD opened at $26.13 on Tuesday. ACADIA Pharmaceuticals has a fifty-two week low of $13.40 and a fifty-two week high of $28.35. The firm’s 50-day simple moving average is $26.53 and its two-hundred day simple moving average is $24.44. The stock has a market cap of $4.42 billion, a PE ratio of 16.86, a price-to-earnings-growth ratio of 6.08 and a beta of 0.66.

ACADIA Pharmaceuticals (NASDAQ:ACAD) last issued its quarterly earnings results on Wednesday, November 5th. The biopharmaceutical company reported $0.42 EPS for the quarter, topping analysts’ consensus estimates of $0.14 by $0.28. The firm had revenue of $278.63 million for the quarter, compared to analysts’ expectations of $276.52 million. ACADIA Pharmaceuticals had a return on equity of 14.61% and a net margin of 24.94%.The business’s revenue for the quarter was up 11.3% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.20 EPS. Equities research analysts predict that ACADIA Pharmaceuticals will post 0.7 EPS for the current year.

Insider Activity

In other news, Director James M. Daly sold 30,000 shares of the firm’s stock in a transaction dated Monday, November 10th. The shares were sold at an average price of $22.37, for a total transaction of $671,100.00. Following the sale, the director owned 4,041 shares of the company’s stock, valued at $90,397.17. This trade represents a 88.13% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Mark C. Schneyer sold 10,262 shares of the business’s stock in a transaction that occurred on Tuesday, November 18th. The shares were sold at an average price of $23.69, for a total transaction of $243,106.78. Following the transaction, the executive vice president directly owned 53,338 shares of the company’s stock, valued at $1,263,577.22. The trade was a 16.14% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 44,346 shares of company stock valued at $1,010,957 in the last 90 days. 28.30% of the stock is currently owned by insiders.

Hedge Funds Weigh In On ACADIA Pharmaceuticals

Several hedge funds and other institutional investors have recently modified their holdings of ACAD. Geode Capital Management LLC boosted its stake in shares of ACADIA Pharmaceuticals by 2.4% in the 2nd quarter. Geode Capital Management LLC now owns 3,024,097 shares of the biopharmaceutical company’s stock worth $65,238,000 after buying an additional 69,584 shares during the last quarter. Dimensional Fund Advisors LP increased its position in ACADIA Pharmaceuticals by 16.8% during the third quarter. Dimensional Fund Advisors LP now owns 2,798,134 shares of the biopharmaceutical company’s stock valued at $59,712,000 after acquiring an additional 402,534 shares during the last quarter. First Trust Advisors LP lifted its holdings in ACADIA Pharmaceuticals by 2.8% in the second quarter. First Trust Advisors LP now owns 2,434,376 shares of the biopharmaceutical company’s stock valued at $52,509,000 after acquiring an additional 65,914 shares during the period. Braidwell LP purchased a new position in ACADIA Pharmaceuticals in the third quarter worth about $50,760,000. Finally, Marshall Wace LLP boosted its position in ACADIA Pharmaceuticals by 19.8% in the third quarter. Marshall Wace LLP now owns 2,358,881 shares of the biopharmaceutical company’s stock worth $50,339,000 after purchasing an additional 389,170 shares during the last quarter. 96.71% of the stock is owned by institutional investors.

About ACADIA Pharmaceuticals

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.