Needham & Company LLC Reaffirms “Buy” Rating for ACADIA Pharmaceuticals (NASDAQ:ACAD)

ACADIA Pharmaceuticals (NASDAQ:ACAD)‘s stock had its “buy” rating reaffirmed by research analysts at Needham & Company LLC in a research report issued to clients and investors on Tuesday,Benzinga reports. They presently have a $28.00 price target on the biopharmaceutical company’s stock. Needham & Company LLC’s price objective indicates a potential upside of 87.17% from the company’s current price.

Other equities analysts have also recently issued reports about the company. Deutsche Bank Aktiengesellschaft started coverage on ACADIA Pharmaceuticals in a research note on Tuesday, February 11th. They set a “hold” rating and a $22.00 target price for the company. Guggenheim lowered shares of ACADIA Pharmaceuticals from a “buy” rating to a “neutral” rating and decreased their price objective for the stock from $23.00 to $20.00 in a report on Friday, January 3rd. Cantor Fitzgerald restated an “overweight” rating and issued a $28.00 target price on shares of ACADIA Pharmaceuticals in a research note on Thursday, February 27th. StockNews.com raised ACADIA Pharmaceuticals from a “hold” rating to a “buy” rating in a report on Saturday, March 8th. Finally, Morgan Stanley reaffirmed an “equal weight” rating and issued a $20.00 price objective on shares of ACADIA Pharmaceuticals in a report on Friday, March 7th. Eight investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat.com, ACADIA Pharmaceuticals presently has a consensus rating of “Moderate Buy” and an average price target of $23.93.

ACADIA Pharmaceuticals Price Performance

Shares of ACADIA Pharmaceuticals stock opened at $14.96 on Tuesday. ACADIA Pharmaceuticals has a 1-year low of $13.40 and a 1-year high of $20.68. The business has a 50-day moving average of $17.74 and a 200-day moving average of $16.98. The company has a market capitalization of $2.50 billion, a PE ratio of 19.18 and a beta of 0.54.

Insiders Place Their Bets

In other ACADIA Pharmaceuticals news, Director Elizabeth A. Garofalo sold 4,919 shares of ACADIA Pharmaceuticals stock in a transaction on Wednesday, March 5th. The stock was sold at an average price of $18.23, for a total transaction of $89,673.37. Following the sale, the director now owns 17,595 shares of the company’s stock, valued at $320,756.85. The trade was a 21.85 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Mark C. Schneyer sold 2,708 shares of the stock in a transaction on Tuesday, April 8th. The stock was sold at an average price of $14.82, for a total value of $40,132.56. Following the completion of the transaction, the executive vice president now directly owns 59,456 shares of the company’s stock, valued at approximately $881,137.92. The trade was a 4.36 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 14,169 shares of company stock worth $242,686. Insiders own 28.30% of the company’s stock.

Institutional Trading of ACADIA Pharmaceuticals

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Virtus Fund Advisers LLC acquired a new position in shares of ACADIA Pharmaceuticals during the fourth quarter valued at approximately $39,000. R Squared Ltd acquired a new position in shares of ACADIA Pharmaceuticals during the 4th quarter valued at $47,000. GF Fund Management CO. LTD. bought a new stake in shares of ACADIA Pharmaceuticals in the 4th quarter worth $64,000. KBC Group NV raised its stake in shares of ACADIA Pharmaceuticals by 67.0% in the 4th quarter. KBC Group NV now owns 5,093 shares of the biopharmaceutical company’s stock worth $93,000 after buying an additional 2,044 shares in the last quarter. Finally, Globeflex Capital L P acquired a new stake in shares of ACADIA Pharmaceuticals in the fourth quarter valued at $168,000. 96.71% of the stock is currently owned by institutional investors.

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.