ACADIA Pharmaceuticals’ (ACAD) “Buy” Rating Reaffirmed at Needham & Company LLC

ACADIA Pharmaceuticals (NASDAQ:ACAD)‘s stock had its “buy” rating reissued by equities researchers at Needham & Company LLC in a note issued to investors on Tuesday,Benzinga reports. They presently have a $28.00 target price on the biopharmaceutical company’s stock. Needham & Company LLC’s target price suggests a potential upside of 91.65% from the stock’s current price.

A number of other brokerages have also recently weighed in on ACAD. Guggenheim cut shares of ACADIA Pharmaceuticals from a “buy” rating to a “neutral” rating and cut their price objective for the stock from $23.00 to $20.00 in a report on Friday, January 3rd. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $28.00 price target on shares of ACADIA Pharmaceuticals in a research report on Thursday, February 27th. Morgan Stanley reiterated an “equal weight” rating and issued a $20.00 target price on shares of ACADIA Pharmaceuticals in a research note on Friday, March 7th. Deutsche Bank Aktiengesellschaft initiated coverage on shares of ACADIA Pharmaceuticals in a report on Tuesday, February 11th. They issued a “hold” rating and a $22.00 price objective for the company. Finally, HC Wainwright reissued a “buy” rating and issued a $27.00 target price on shares of ACADIA Pharmaceuticals in a research report on Thursday, February 27th. Eight investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $23.93.

ACADIA Pharmaceuticals Stock Down 5.0 %

NASDAQ ACAD opened at $14.61 on Tuesday. ACADIA Pharmaceuticals has a twelve month low of $14.15 and a twelve month high of $20.68. The firm has a market capitalization of $2.44 billion, a PE ratio of 18.73 and a beta of 0.54. The stock’s 50 day moving average is $18.06 and its 200 day moving average is $17.04.

Insider Transactions at ACADIA Pharmaceuticals

In other ACADIA Pharmaceuticals news, EVP Mark C. Schneyer sold 3,171 shares of the firm’s stock in a transaction dated Wednesday, March 26th. The stock was sold at an average price of $17.05, for a total transaction of $54,065.55. Following the sale, the executive vice president now directly owns 56,889 shares of the company’s stock, valued at $969,957.45. This trade represents a 5.28 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Elizabeth A. Garofalo sold 4,919 shares of ACADIA Pharmaceuticals stock in a transaction that occurred on Wednesday, March 5th. The shares were sold at an average price of $18.23, for a total value of $89,673.37. Following the sale, the director now directly owns 17,595 shares in the company, valued at $320,756.85. This trade represents a 21.85 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 10,433 shares of company stock worth $187,319 in the last three months. Corporate insiders own 28.30% of the company’s stock.

Hedge Funds Weigh In On ACADIA Pharmaceuticals

Several institutional investors have recently bought and sold shares of the stock. State Street Corp increased its stake in ACADIA Pharmaceuticals by 3.0% in the 3rd quarter. State Street Corp now owns 5,973,874 shares of the biopharmaceutical company’s stock worth $91,878,000 after acquiring an additional 173,084 shares during the last quarter. Barclays PLC increased its stake in ACADIA Pharmaceuticals by 126.2% during the third quarter. Barclays PLC now owns 277,565 shares of the biopharmaceutical company’s stock worth $4,269,000 after acquiring an additional 154,854 shares during the last quarter. Geode Capital Management LLC lifted its stake in shares of ACADIA Pharmaceuticals by 1.1% in the 3rd quarter. Geode Capital Management LLC now owns 2,875,540 shares of the biopharmaceutical company’s stock valued at $44,234,000 after purchasing an additional 30,826 shares during the last quarter. Principal Financial Group Inc. boosted its holdings in shares of ACADIA Pharmaceuticals by 67.8% in the 3rd quarter. Principal Financial Group Inc. now owns 129,551 shares of the biopharmaceutical company’s stock worth $1,992,000 after purchasing an additional 52,340 shares during the period. Finally, Nordea Investment Management AB increased its position in shares of ACADIA Pharmaceuticals by 1.3% during the 4th quarter. Nordea Investment Management AB now owns 264,031 shares of the biopharmaceutical company’s stock valued at $4,952,000 after purchasing an additional 3,516 shares during the last quarter. 96.71% of the stock is owned by hedge funds and other institutional investors.

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.