ACADIA Pharmaceuticals (NASDAQ:ACAD) Price Target Raised to $31.00 at Robert W. Baird

ACADIA Pharmaceuticals (NASDAQ:ACAD) had its target price hoisted by Robert W. Baird from $28.00 to $31.00 in a report issued on Monday morning,Benzinga reports. Robert W. Baird currently has an outperform rating on the biopharmaceutical company’s stock.

Several other brokerages have also recently issued reports on ACAD. Deutsche Bank Aktiengesellschaft initiated coverage on shares of ACADIA Pharmaceuticals in a research note on Tuesday, February 11th. They issued a “hold” rating and a $22.00 price objective on the stock. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $28.00 target price on shares of ACADIA Pharmaceuticals in a report on Thursday, February 27th. Oppenheimer reissued a “market perform” rating on shares of ACADIA Pharmaceuticals in a report on Friday, May 16th. BMO Capital Markets raised their price objective on shares of ACADIA Pharmaceuticals from $24.00 to $28.00 and gave the company an “outperform” rating in a research report on Monday. Finally, StockNews.com lowered ACADIA Pharmaceuticals from a “buy” rating to a “hold” rating in a report on Monday, May 12th. Five research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat, ACADIA Pharmaceuticals presently has a consensus rating of “Moderate Buy” and a consensus target price of $26.83.

ACADIA Pharmaceuticals Stock Up 0.7%

Shares of ACAD stock opened at $21.85 on Monday. The stock’s 50-day moving average price is $16.20 and its 200 day moving average price is $17.22. The stock has a market capitalization of $3.66 billion, a PE ratio of 28.01 and a beta of 0.47. ACADIA Pharmaceuticals has a 52-week low of $13.40 and a 52-week high of $25.23.

ACADIA Pharmaceuticals (NASDAQ:ACAD) last announced its 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 return on equity of 25.83% and a net margin of 13.83%. The company had revenue of $244.32 million for the quarter, compared to the consensus estimate of $239.32 million. During the same period last year, the business posted $0.10 EPS. The company’s revenue was up 18.7% on a year-over-year basis. Analysts expect that ACADIA Pharmaceuticals will post 0.7 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other 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 completion of the transaction, 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 transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, EVP Mark C. Schneyer sold 3,498 shares of the business’s 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 sale, the executive vice president now owns 62,773 shares in the company, valued at $916,485.80. This represents a 5.28% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 24,994 shares of company stock worth $453,131. 26.50% of the stock is owned by company insiders.

Hedge Funds Weigh In On ACADIA Pharmaceuticals

Several hedge funds have recently added to or reduced their stakes in the business. Barclays PLC lifted its holdings in shares of ACADIA Pharmaceuticals by 126.2% in the third quarter. Barclays PLC now owns 277,565 shares of the biopharmaceutical company’s stock valued at $4,269,000 after purchasing an additional 154,854 shares in the last quarter. SG Americas Securities LLC raised its position in shares of ACADIA Pharmaceuticals by 380.3% during the 4th quarter. SG Americas Securities LLC now owns 2,483,731 shares of the biopharmaceutical company’s stock worth $45,576,000 after purchasing an additional 1,966,607 shares during the last quarter. KBC Group NV lifted its stake in ACADIA Pharmaceuticals by 67.0% in the 4th quarter. KBC Group NV now owns 5,093 shares of the biopharmaceutical company’s stock valued at $93,000 after buying an additional 2,044 shares in the last quarter. R Squared Ltd purchased a new stake in ACADIA Pharmaceuticals in the 4th quarter valued at approximately $47,000. Finally, China Universal Asset Management Co. Ltd. increased its position in ACADIA Pharmaceuticals by 10.6% during the fourth quarter. China Universal Asset Management Co. Ltd. now owns 35,281 shares of the biopharmaceutical company’s stock worth $647,000 after buying an additional 3,378 shares in the last quarter. 96.71% of the stock is currently owned by hedge funds and other 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.