ACADIA Pharmaceuticals (NASDAQ:ACAD) Stock Rating Reaffirmed by Needham & Company LLC

Needham & Company LLC reiterated their buy rating on shares of ACADIA Pharmaceuticals (NASDAQ:ACAD) in a report issued on Thursday morning, Benzinga reports. The firm currently has a $30.00 target price on the biopharmaceutical company’s stock.

Several other analysts have also recently commented on the company. TheStreet upgraded ACADIA Pharmaceuticals from a d rating to a c rating in a report on Tuesday, February 27th. Mizuho cut their price target on ACADIA Pharmaceuticals from $25.00 to $21.00 and set a neutral rating on the stock in a research note on Thursday. Royal Bank of Canada cut their price target on ACADIA Pharmaceuticals from $36.00 to $35.00 and set an outperform rating on the stock in a research note on Wednesday, February 28th. Oppenheimer reaffirmed a market perform rating and set a $19.00 price target on shares of ACADIA Pharmaceuticals in a research note on Monday, May 6th. Finally, StockNews.com raised ACADIA Pharmaceuticals from a hold rating to a buy rating in a research note on Tuesday, January 30th. Four analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of Moderate Buy and a consensus price target of $28.94.

ACADIA Pharmaceuticals Stock Performance

NASDAQ:ACAD traded up $0.04 during trading hours on Thursday, reaching $15.25. The company had a trading volume of 2,310,110 shares, compared to its average volume of 1,704,760. The stock has a 50-day moving average of $18.32 and a two-hundred day moving average of $23.11. ACADIA Pharmaceuticals has a one year low of $15.11 and a one year high of $33.99.

ACADIA Pharmaceuticals (NASDAQ:ACAD) last announced its earnings results on Wednesday, May 8th. The biopharmaceutical company reported $0.10 EPS for the quarter, topping the consensus estimate of $0.04 by $0.06. The company had revenue of $205.83 million for the quarter, compared to analysts’ expectations of $208.31 million. ACADIA Pharmaceuticals had a negative return on equity of 0.43% and a negative net margin of 0.21%. The business’s revenue for the quarter was up 73.8% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.27) earnings per share. As a group, analysts predict that ACADIA Pharmaceuticals will post 0.6 EPS for the current fiscal year.

Insider Transactions at ACADIA Pharmaceuticals

In related news, CEO Stephen Davis sold 5,577 shares of the stock in a transaction dated Monday, February 26th. The stock was sold at an average price of $24.67, for a total transaction of $137,584.59. Following the completion of the transaction, the chief executive officer now directly owns 101,890 shares in the company, valued at $2,513,626.30. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In other ACADIA Pharmaceuticals news, COO Brendan Teehan sold 3,477 shares of the business’s stock in a transaction that occurred on Thursday, May 2nd. The stock was sold at an average price of $16.94, for a total transaction of $58,900.38. Following the transaction, the chief operating officer now owns 42,133 shares of the company’s stock, valued at approximately $713,733.02. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Stephen Davis sold 5,577 shares of the business’s stock in a transaction that occurred on Monday, February 26th. The stock was sold at an average price of $24.67, for a total value of $137,584.59. Following the transaction, the chief executive officer now directly owns 101,890 shares in the company, valued at approximately $2,513,626.30. The disclosure for this sale can be found here. Insiders have sold a total of 89,116 shares of company stock valued at $1,625,639 over the last 90 days. 27.50% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the stock. Empire Life Investments Inc. increased its holdings in shares of ACADIA Pharmaceuticals by 0.3% during the 4th quarter. Empire Life Investments Inc. now owns 174,815 shares of the biopharmaceutical company’s stock worth $5,473,000 after acquiring an additional 467 shares during the last quarter. Handelsbanken Fonder AB increased its holdings in shares of ACADIA Pharmaceuticals by 2.3% during the 4th quarter. Handelsbanken Fonder AB now owns 31,633 shares of the biopharmaceutical company’s stock worth $990,000 after acquiring an additional 700 shares during the last quarter. Swiss National Bank increased its holdings in shares of ACADIA Pharmaceuticals by 0.4% during the 1st quarter. Swiss National Bank now owns 210,604 shares of the biopharmaceutical company’s stock worth $3,894,000 after acquiring an additional 800 shares during the last quarter. Franklin Resources Inc. increased its holdings in shares of ACADIA Pharmaceuticals by 1.6% during the 4th quarter. Franklin Resources Inc. now owns 50,405 shares of the biopharmaceutical company’s stock worth $1,578,000 after acquiring an additional 803 shares during the last quarter. Finally, Covestor Ltd increased its holdings in shares of ACADIA Pharmaceuticals by 70.5% during the 1st quarter. Covestor Ltd now owns 2,032 shares of the biopharmaceutical company’s stock worth $38,000 after acquiring an additional 840 shares during the last quarter. Institutional investors and hedge funds own 96.71% of the company’s stock.

About ACADIA Pharmaceuticals

ACADIA Pharmaceuticals Inc, a biopharmaceutical company, focuses on the development and commercialization innovative medicines that address unmet medical needs in central nervous system (CNS) disorders and rare diseases in the United States. The company offers NUPLAZID (pimavanserin) for the treatment of hallucinations and delusions associated with Parkinson's disease psychosis; and DAYBUE, a novel synthetic analog of the amino-terminal tripeptide of insulin-like growth factor 1 for treatment of Rett Syndrome.