ACADIA Pharmaceuticals (NASDAQ:ACAD) Given Market Outperform Rating at JMP Securities

JMP Securities reiterated their market outperform rating on shares of ACADIA Pharmaceuticals (NASDAQ:ACAD) in a report released on Thursday morning,Benzinga reports. They currently have a $37.00 target price on the biopharmaceutical company’s stock.

Other analysts also recently issued reports about the company. HC Wainwright restated a “buy” rating and issued a $32.00 price target on shares of ACADIA Pharmaceuticals in a research note on Thursday. Wall Street Zen raised ACADIA Pharmaceuticals from a “hold” rating to a “buy” rating in a report on Wednesday, May 21st. JPMorgan Chase & Co. boosted their target price on shares of ACADIA Pharmaceuticals from $26.00 to $30.00 and gave the company an “overweight” rating in a research report on Friday, June 6th. Royal Bank Of Canada upped their price target on shares of ACADIA Pharmaceuticals from $26.00 to $38.00 and gave the company an “outperform” rating in a research note on Monday. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $30.00 price objective on shares of ACADIA Pharmaceuticals in a research note on Thursday. Six investment analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $27.88.

ACADIA Pharmaceuticals Stock Performance

NASDAQ ACAD opened at $22.21 on Thursday. The stock has a market cap of $3.72 billion, a PE ratio of 16.21, a P/E/G ratio of 4.80 and a beta of 0.65. The firm has a 50-day moving average of $19.45 and a 200-day moving average of $18.19. ACADIA Pharmaceuticals has a 52-week low of $13.40 and a 52-week high of $25.23.

ACADIA Pharmaceuticals (NASDAQ:ACAD) last released its quarterly earnings results on Wednesday, May 7th. The biopharmaceutical company reported $0.11 earnings per share for the quarter, beating the consensus estimate of $0.10 by $0.01. ACADIA Pharmaceuticals had a net margin of 22.97% and a return on equity of 17.46%. The firm had revenue of $244.32 million for the quarter, compared to analysts’ expectations of $239.32 million. During the same period in the prior year, the firm earned $0.10 EPS. The business’s revenue was up 18.7% on a year-over-year basis. As a group, analysts predict that ACADIA Pharmaceuticals will post 0.7 EPS for the current fiscal year.

Insider Buying and Selling

In other ACADIA Pharmaceuticals news, insider James Kihara sold 4,000 shares of the business’s stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $22.50, for a total transaction of $90,000.00. Following the completion of the transaction, the insider now owns 20,395 shares of the company’s stock, valued at approximately $458,887.50. The trade was a 16.40% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Mark C. Schneyer sold 3,498 shares of the stock in a transaction dated Friday, May 2nd. The stock was sold at an average price of $14.60, for a total transaction of $51,070.80. Following the completion of the transaction, the executive vice president now directly owns 62,773 shares of the company’s stock, valued at $916,485.80. This trade represents a 5.28% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 29,007 shares of company stock worth $580,446. Corporate insiders own 26.50% of the company’s stock.

Hedge Funds Weigh In On ACADIA Pharmaceuticals

Institutional investors have recently added to or reduced their stakes in the stock. GF Fund Management CO. LTD. raised its stake in shares of ACADIA Pharmaceuticals by 21.9% during the first quarter. GF Fund Management CO. LTD. now owns 4,260 shares of the biopharmaceutical company’s stock valued at $71,000 after acquiring an additional 766 shares during the last quarter. Summit Investment Advisors Inc. increased its holdings in ACADIA Pharmaceuticals by 6.8% in the fourth quarter. Summit Investment Advisors Inc. now owns 12,519 shares of the biopharmaceutical company’s stock valued at $230,000 after purchasing an additional 795 shares during the period. Xponance Inc. raised its position in ACADIA Pharmaceuticals by 14.1% during the 1st quarter. Xponance Inc. now owns 11,585 shares of the biopharmaceutical company’s stock worth $192,000 after purchasing an additional 1,434 shares during the last quarter. Federated Hermes Inc. grew its position in shares of ACADIA Pharmaceuticals by 231.5% in the 1st quarter. Federated Hermes Inc. now owns 2,317 shares of the biopharmaceutical company’s stock valued at $38,000 after buying an additional 1,618 shares during the last quarter. Finally, Exchange Traded Concepts LLC bought a new stake in shares of ACADIA Pharmaceuticals in the 1st quarter valued at about $29,000. 96.71% of the stock is currently owned by institutional investors and hedge funds.

ACADIA Pharmaceuticals Company Profile

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.