Wolfe Research Upgrades ACADIA Pharmaceuticals (NASDAQ:ACAD) to “Strong-Buy”

ACADIA Pharmaceuticals (NASDAQ:ACAD) was upgraded by equities research analysts at Wolfe Research to a “strong-buy” rating in a research note issued on Monday,Zacks.com reports.

Several other research analysts have also recently issued reports on the stock. Needham & Company LLC reiterated a “buy” rating and issued a $34.00 price objective on shares of ACADIA Pharmaceuticals in a report on Monday, January 5th. Mizuho upgraded ACADIA Pharmaceuticals from a “neutral” rating to an “outperform” rating and upped their target price for the stock from $29.00 to $35.00 in a research report on Monday. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of ACADIA Pharmaceuticals in a research note on Monday, December 29th. Citigroup lifted their price target on ACADIA Pharmaceuticals from $33.00 to $36.00 and gave the company a “buy” rating in a research report on Tuesday, January 6th. Finally, HC Wainwright restated a “buy” rating and issued a $37.00 price objective on shares of ACADIA Pharmaceuticals in a report on Tuesday, February 3rd. Two investment analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $31.35.

ACADIA Pharmaceuticals Stock Down 0.6%

ACAD stock opened at $24.59 on Monday. The company has a 50-day simple moving average of $25.66 and a 200 day simple moving average of $24.44. The company has a market capitalization of $4.16 billion, a P/E ratio of 15.86, a PEG ratio of 8.68 and a beta of 0.66. ACADIA Pharmaceuticals has a fifty-two week low of $13.40 and a fifty-two week high of $28.35.

Insider Activity at ACADIA Pharmaceuticals

In other news, EVP Jennifer J. Rhodes sold 6,950 shares of the stock in a transaction on Monday, February 9th. The stock was sold at an average price of $23.38, for a total transaction of $162,491.00. Following the completion of the sale, the executive vice president owned 7,609 shares in the company, valued at approximately $177,898.42. This represents a 47.74% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 28.30% of the company’s stock.

Institutional Investors Weigh In On ACADIA Pharmaceuticals

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Invesco Ltd. lifted its holdings in shares of ACADIA Pharmaceuticals by 14.5% during the fourth quarter. Invesco Ltd. now owns 847,961 shares of the biopharmaceutical company’s stock valued at $22,649,000 after purchasing an additional 107,386 shares during the last quarter. Mercer Global Advisors Inc. ADV acquired a new stake in ACADIA Pharmaceuticals during the 4th quarter worth about $257,000. Mackenzie Financial Corp raised its holdings in ACADIA Pharmaceuticals by 7.3% during the 4th quarter. Mackenzie Financial Corp now owns 57,274 shares of the biopharmaceutical company’s stock worth $1,526,000 after buying an additional 3,917 shares during the period. Virtus Investment Advisers LLC lifted its stake in ACADIA Pharmaceuticals by 23.1% during the fourth quarter. Virtus Investment Advisers LLC now owns 25,170 shares of the biopharmaceutical company’s stock valued at $672,000 after buying an additional 4,729 shares in the last quarter. Finally, Sphera Funds Management LTD. boosted its holdings in shares of ACADIA Pharmaceuticals by 42.5% in the fourth quarter. Sphera Funds Management LTD. now owns 212,202 shares of the biopharmaceutical company’s stock worth $5,668,000 after buying an additional 63,302 shares during the period. 96.71% of the stock is owned by institutional investors and hedge funds.

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.