ACADIA Pharmaceuticals (NASDAQ:ACAD) Price Target Raised to $30.00

ACADIA Pharmaceuticals (NASDAQ:ACAD) had its target price raised by JPMorgan Chase & Co. from $26.00 to $30.00 in a research report report published on Friday,Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the biopharmaceutical company’s stock.

A number of other analysts have also recently weighed in on ACAD. Morgan Stanley set a $24.00 price objective on shares of ACADIA Pharmaceuticals and gave the stock an “equal weight” rating in a report on Tuesday, May 20th. Robert W. Baird raised their price objective on shares of ACADIA Pharmaceuticals from $28.00 to $31.00 and gave the stock an “outperform” rating in a report on Monday, May 19th. Deutsche Bank Aktiengesellschaft raised shares of ACADIA Pharmaceuticals from a “hold” rating to a “buy” rating and raised their price objective for the stock from $20.00 to $35.00 in a report on Wednesday, May 21st. Needham & Company LLC raised their price objective on shares of ACADIA Pharmaceuticals from $27.00 to $30.00 and gave the stock a “buy” rating in a report on Monday, May 19th. Finally, Oppenheimer reissued a “market perform” rating on shares of ACADIA Pharmaceuticals in a report on Friday, May 16th. Six equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, ACADIA Pharmaceuticals currently has an average rating of “Moderate Buy” and a consensus price target of $26.79.

ACADIA Pharmaceuticals Stock Up 3.0%

Shares of NASDAQ:ACAD opened at $21.98 on Friday. The firm’s 50 day moving average price is $17.36 and its 200 day moving average price is $17.66. The stock has a market cap of $3.68 billion, a price-to-earnings ratio of 28.18 and a beta of 0.65. ACADIA Pharmaceuticals has a fifty-two week low of $13.40 and a fifty-two week high of $25.23.

ACADIA Pharmaceuticals (NASDAQ:ACAD) last issued 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 net margin of 13.83% and a return on equity of 25.83%. The firm had revenue of $244.32 million for the quarter, compared to analysts’ expectations of $239.32 million. During the same quarter last year, the company earned $0.10 earnings per share. The firm’s revenue was up 18.7% compared to the same quarter last year. On average, equities analysts anticipate that ACADIA Pharmaceuticals will post 0.7 EPS for the current year.

Insider Transactions at ACADIA Pharmaceuticals

In related news, EVP Mark C. Schneyer sold 3,498 shares of ACADIA Pharmaceuticals stock in a transaction on Friday, May 2nd. The shares were sold at an average price of $14.60, for a total value of $51,070.80. Following the transaction, the executive vice president now directly owns 62,773 shares in the company, valued at $916,485.80. This trade represents a 5.28% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Laura Brege sold 14,446 shares of ACADIA Pharmaceuticals stock in a transaction on Wednesday, June 4th. The shares were sold at an average price of $21.78, for a total transaction of $314,633.88. Following the completion of the transaction, the director now owns 15,095 shares in the company, valued at approximately $328,769.10. This trade represents a 48.90% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 33,273 shares of company stock worth $653,182. Insiders own 26.50% of the company’s stock.

Hedge Funds Weigh In On ACADIA Pharmaceuticals

Hedge funds and other institutional investors have recently bought and sold shares of the company. Exchange Traded Concepts LLC purchased a new stake in shares of ACADIA Pharmaceuticals during the 1st quarter worth $29,000. Picton Mahoney Asset Management purchased a new stake in shares of ACADIA Pharmaceuticals during the 1st quarter worth $32,000. Banque Transatlantique SA purchased a new stake in shares of ACADIA Pharmaceuticals during the 1st quarter worth $31,000. Virtus Fund Advisers LLC purchased a new stake in shares of ACADIA Pharmaceuticals during the 4th quarter worth $39,000. Finally, Federated Hermes Inc. boosted its position in shares of ACADIA Pharmaceuticals by 231.5% during the 1st quarter. Federated Hermes Inc. now owns 2,317 shares of the biopharmaceutical company’s stock worth $38,000 after purchasing an additional 1,618 shares in the last quarter. 96.71% of the stock is currently 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.