HC Wainwright reaffirmed their buy rating on shares of ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD) in a research report released on Thursday morning. HC Wainwright currently has a $60.00 target price on the biopharmaceutical company’s stock.
“HARMONY Study Initiation: Killing Multiple” Birds With One Stone? Reit Buy and $60 PT Initiation of the Ph3 HARMONY study is one step forward with our bull thesis. With the initiation of HARMONY study in dementia-related psychosis (DRP) and discontinuation of SEREN study in AD agitation, we applaud what we view as a smart move by Acadia of pursuing a broader indication for pimavanserin, and more importantly, doing so with a solid clinical plan moving forward. At first glance, the seemingly bold move into DRP from ADP may appear over-ambitious (killing multiple” birds with one stone). However, we note that a psychosis focus/approach may prove to be a smart play from both the commercial point of view and also from the mechanistic perspective. The blessing from the FDA with a Breakthrough Designation further elevates our sanguine outlook for the program. We highlight the significant upside coming with the DRP expansion as the target market is potentially bigger than ADP alone (if we assume ADP comprises 70% of the DRP).”,” HC Wainwright’s analyst wrote.
ACAD has been the topic of several other research reports. Zacks Investment Research lowered ACADIA Pharmaceuticals from a buy rating to a sell rating in a report on Monday, July 17th. Ladenburg Thalmann Financial Services reissued a buy rating and issued a $50.00 target price (up previously from $48.00) on shares of ACADIA Pharmaceuticals in a report on Monday, October 2nd. BidaskClub raised ACADIA Pharmaceuticals from a sell rating to a hold rating in a report on Monday, July 24th. ValuEngine raised ACADIA Pharmaceuticals from a strong sell rating to a sell rating in a report on Thursday, August 10th. Finally, Needham & Company LLC reissued a buy rating and issued a $49.00 target price on shares of ACADIA Pharmaceuticals in a report on Sunday, September 17th. Six equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. ACADIA Pharmaceuticals presently has an average rating of Buy and an average target price of $46.21.
Shares of ACADIA Pharmaceuticals (ACAD) opened at 38.54 on Thursday. ACADIA Pharmaceuticals has a 52-week low of $20.68 and a 52-week high of $41.20. The stock has a 50 day moving average price of $36.00 and a 200-day moving average price of $31.68. The firm’s market cap is $4.72 billion.
ACADIA Pharmaceuticals (NASDAQ:ACAD) last posted its earnings results on Tuesday, August 8th. The biopharmaceutical company reported ($0.55) EPS for the quarter, beating the consensus estimate of ($0.72) by $0.17. The firm had revenue of $30.50 million for the quarter, compared to analyst estimates of $20.02 million. ACADIA Pharmaceuticals had a negative return on equity of 62.08% and a negative net margin of 485.14%. ACADIA Pharmaceuticals’s revenue for the quarter was up 30400.0% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.63) earnings per share. On average, equities analysts anticipate that ACADIA Pharmaceuticals will post ($2.53) EPS for the current fiscal year.
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In other ACADIA Pharmaceuticals news, EVP Glenn Baity sold 14,322 shares of the firm’s stock in a transaction dated Wednesday, August 9th. The stock was sold at an average price of $34.88, for a total transaction of $499,551.36. Following the transaction, the executive vice president now owns 78,578 shares of the company’s stock, valued at $2,740,800.64. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In the last ninety days, insiders have sold 116,426 shares of company stock worth $4,100,885. Corporate insiders own 22.25% of the company’s stock.
Several hedge funds have recently modified their holdings of ACAD. BlackRock Inc. grew its holdings in shares of ACADIA Pharmaceuticals by 5,422.8% during the first quarter. BlackRock Inc. now owns 5,433,209 shares of the biopharmaceutical company’s stock worth $186,791,000 after purchasing an additional 5,334,832 shares during the last quarter. Janus Henderson Group PLC purchased a new position in shares of ACADIA Pharmaceuticals during the second quarter worth about $102,152,000. Goldman Sachs Group Inc. grew its holdings in shares of ACADIA Pharmaceuticals by 69.9% during the second quarter. Goldman Sachs Group Inc. now owns 1,908,251 shares of the biopharmaceutical company’s stock worth $53,222,000 after purchasing an additional 785,352 shares during the last quarter. Elliott Management Corp purchased a new position in shares of ACADIA Pharmaceuticals during the first quarter worth about $26,726,000. Finally, Point72 Asset Management L.P. grew its holdings in shares of ACADIA Pharmaceuticals by 57.6% during the first quarter. Point72 Asset Management L.P. now owns 1,931,200 shares of the biopharmaceutical company’s stock worth $66,395,000 after purchasing an additional 706,200 shares during the last quarter. 97.10% of the stock is currently owned by institutional investors.
About ACADIA Pharmaceuticals
ACADIA Pharmaceuticals Inc is a biopharmaceutical company. The Company is focused on the development and commercialization of medicines for central nervous system (CNS) disorders. Its lead drug candidate, NUPLAZID (pimavanserin), is used for the treatment of hallucinations and delusions associated with Parkinson’s disease psychosis (PD Psychosis).
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