ACADIA Pharmaceuticals (NASDAQ:ACAD) Given Buy Rating at Cowen

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ACADIA Pharmaceuticals (NASDAQ:ACAD)‘s stock had its “buy” rating reaffirmed by stock analysts at Cowen in a note issued to investors on Monday, AnalystRatings.com reports. They currently have a $66.00 price target on the biopharmaceutical company’s stock. Cowen’s target price indicates a potential upside of 60.12% from the company’s previous close.

Several other analysts have also recently issued reports on the stock. Zacks Investment Research raised shares of ACADIA Pharmaceuticals from a “hold” rating to a “buy” rating and set a $26.00 price objective for the company in a research note on Thursday, July 25th. BidaskClub lowered ACADIA Pharmaceuticals from a “buy” rating to a “hold” rating in a research report on Thursday, September 5th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $40.00 target price (up from $30.00) on shares of ACADIA Pharmaceuticals in a research report on Tuesday, August 27th. Bank of America set a $31.00 target price on ACADIA Pharmaceuticals and gave the company a “buy” rating in a report on Wednesday, July 31st. Finally, HC Wainwright reissued a “buy” rating on shares of ACADIA Pharmaceuticals in a research report on Thursday, August 1st. Four investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the stock. ACADIA Pharmaceuticals currently has a consensus rating of “Buy” and a consensus price target of $42.46.

ACAD opened at $41.22 on Monday. ACADIA Pharmaceuticals has a 1 year low of $13.17 and a 1 year high of $43.98. The company’s 50 day simple moving average is $27.72 and its 200 day simple moving average is $26.31. The stock has a market capitalization of $3.44 billion, a PE ratio of -21.25 and a beta of 2.74. The company has a debt-to-equity ratio of 0.02, a quick ratio of 6.79 and a current ratio of 6.85.

ACADIA Pharmaceuticals (NASDAQ:ACAD) last issued its quarterly earnings results on Wednesday, July 31st. The biopharmaceutical company reported ($0.38) EPS for the quarter, topping the consensus estimate of ($0.46) by $0.08. The firm had revenue of $83.21 million during the quarter, compared to analyst estimates of $72.50 million. ACADIA Pharmaceuticals had a negative net margin of 101.45% and a negative return on equity of 70.97%. ACADIA Pharmaceuticals’s revenue for the quarter was up 45.8% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.51) earnings per share. As a group, sell-side analysts expect that ACADIA Pharmaceuticals will post -1.77 earnings per share for the current fiscal year.

Institutional investors have recently added to or reduced their stakes in the company. Clearbridge Investments LLC acquired a new stake in ACADIA Pharmaceuticals in the 1st quarter valued at $27,000. Twin Tree Management LP acquired a new stake in ACADIA Pharmaceuticals during the 1st quarter valued at $29,000. Steward Partners Investment Advisory LLC purchased a new stake in ACADIA Pharmaceuticals during the 2nd quarter worth $42,000. Quantamental Technologies LLC purchased a new stake in ACADIA Pharmaceuticals during the 2nd quarter worth $57,000. Finally, State Board of Administration of Florida Retirement System increased its stake in ACADIA Pharmaceuticals by 5.1% during the 2nd quarter. State Board of Administration of Florida Retirement System now owns 60,327 shares of the biopharmaceutical company’s stock worth $1,613,000 after buying an additional 2,930 shares during the period. 97.38% of the stock is owned by institutional investors.

About ACADIA Pharmaceuticals

ACADIA Pharmaceuticals Inc, a biopharmaceutical company, focuses on the development and commercialization of small molecule drugs that address unmet medical needs in central nervous system disorders. The company offers NUPLAZID (pimavanserin) for the treatment of hallucinations and delusions associated with Parkinson's disease psychosis.

See Also: Diversification

Analyst Recommendations for ACADIA Pharmaceuticals (NASDAQ:ACAD)

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