ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD) Stock Has Average Price Target of $34.36

Shares of ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD) have been given an average recommendation of “Moderate Buy” by the eighteen analysts that are covering the company, MarketBeat.com reports. Four analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. The average 12-month price objective among analysts that have updated their coverage on the stock in the last year is $32.75.

A number of brokerages recently issued reports on ACAD. Weiss Ratings upgraded ACADIA Pharmaceuticals from a “hold (c)” rating to a “hold (c+)” rating in a research note on Wednesday, August 12th. Citigroup reiterated a “buy” rating and set a $33.00 target price (down from $40.00) on shares of ACADIA Pharmaceuticals in a research report on Friday. Canaccord Genuity Group lifted their target price on shares of ACADIA Pharmaceuticals from $32.00 to $36.00 and gave the stock a “buy” rating in a research note on Monday, June 29th. Needham & Company LLC lowered their price target on shares of ACADIA Pharmaceuticals from $41.00 to $35.00 and set a “buy” rating on the stock in a research report on Friday. Finally, TD Cowen restated a “buy” rating on shares of ACADIA Pharmaceuticals in a research note on Thursday.

Key Headlines Impacting ACADIA Pharmaceuticals

Here are the key news stories impacting ACADIA Pharmaceuticals this week:

• Positive Sentiment: The once-daily 60 mg dose reduced hallucinations and delusions more than placebo and produced results that were directionally supportive, despite narrowly missing statistical significance on the primary endpoint. ACADIA said the findings are sufficient to justify Phase 3 testing. ACAD Stock Down 13% as Phase II Alzheimer’s Study Misses Primary Goal
• Positive Sentiment: Analysts maintained bullish ratings, though they reduced price targets to reflect the clinical risk. HC Wainwright and Citizens lowered targets to $33 while retaining “buy” and “market outperform” ratings, respectively. Needham also reaffirmed its “buy” rating with a $41 target.
• Neutral Sentiment: ACADIA’s reported safety profile for remlifanserin was viewed as clean, but the company must demonstrate a larger and more reliable treatment effect in Phase 3. Acadia chugs on with Alzheimer’s psychosis programme despite Phase II miss
• Neutral Sentiment: Unusually high call-option activity indicates increased trading interest and potentially bullish positioning, but it does not establish a fundamental change in the company’s outlook.
• Neutral Sentiment: Construction was completed on ACADIA’s Princeton office, an operational update with limited near-term financial significance. Construction finished on Acadia Pharmaceuticals’ Princeton office
• Negative Sentiment: Remlifanserin missed the RADIANT Phase 2 study’s primary endpoint because the 60 mg benefit did not reach statistical significance at six weeks. The miss undermines confidence in the drug’s efficacy and increases the risk that Phase 3 testing could fail. Acadia’s Alzheimer’s psychosis drug misses main goal
• Negative Sentiment: Analysts cut success expectations and price targets following the data. Citi reportedly reduced its estimated probability of Phase 3 success to 20%, while other commentary cited a modest effect size and concerns about replicability and clinical utility.

ACADIA Pharmaceuticals Trading Down 6.8%

NASDAQ:ACAD opened at $20.68 on Friday. The stock has a market capitalization of $3.56 billion, a PE ratio of 9.32 and a beta of 0.86. The firm’s 50 day moving average is $27.50 and its 200 day moving average is $24.18. ACADIA Pharmaceuticals has a 12 month low of $19.69 and a 12 month high of $30.96.

ACADIA Pharmaceuticals (NASDAQ:ACAD) last announced its quarterly earnings data on Tuesday, August 4th. The biopharmaceutical company reported $0.18 earnings per share for the quarter, beating the consensus estimate of $0.07 by $0.11. The business had revenue of $308.00 million during the quarter, compared to analyst estimates of $296.55 million. ACADIA Pharmaceuticals had a return on equity of 9.03% and a net margin of 33.42%.ACADIA Pharmaceuticals’s revenue was up 16.4% compared to the same quarter last year. During the same period in the prior year, the company earned $0.16 earnings per share. Research analysts predict that ACADIA Pharmaceuticals will post 0.64 earnings per share for the current year.

Insider Buying and Selling

In other news, EVP Mark C. Schneyer sold 14,292 shares of the firm’s stock in a transaction on Thursday, August 6th. The stock was sold at an average price of $29.22, for a total value of $417,612.24. Following the completion of the transaction, the executive vice president directly owned 67,828 shares of the company’s stock, valued at $1,981,934.16. This trade represents a 17.40% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Elizabeth Thompson sold 16,558 shares of the firm’s stock in a transaction on Thursday, July 30th. The stock was sold at an average price of $26.13, for a total value of $432,660.54. Following the completion of the transaction, the executive vice president directly owned 18,994 shares of the company’s stock, valued at $496,313.22. The trade was a 46.57% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 36,699 shares of company stock valued at $1,019,894 over the last quarter. 26.20% of the stock is owned by company insiders.

Institutional Trading of ACADIA Pharmaceuticals

A number of institutional investors have recently added to or reduced their stakes in ACAD. BlackRock Inc. purchased a new position in ACADIA Pharmaceuticals during the 2nd quarter valued at about $569,634,000. First Trust Advisors LP lifted its holdings in shares of ACADIA Pharmaceuticals by 47.3% in the first quarter. First Trust Advisors LP now owns 3,343,868 shares of the biopharmaceutical company’s stock worth $74,435,000 after buying an additional 1,073,834 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of ACADIA Pharmaceuticals by 3.4% in the fourth quarter. Geode Capital Management LLC now owns 3,239,451 shares of the biopharmaceutical company’s stock worth $86,539,000 after buying an additional 106,807 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in shares of ACADIA Pharmaceuticals by 8.0% in the first quarter. Dimensional Fund Advisors LP now owns 3,155,160 shares of the biopharmaceutical company’s stock valued at $70,222,000 after acquiring an additional 234,186 shares during the period. Finally, Palo Alto Investors LP bought a new position in shares of ACADIA Pharmaceuticals in the second quarter valued at approximately $72,461,629. Hedge funds and other institutional investors own 96.71% of the company’s stock.

About ACADIA Pharmaceuticals

ACADIA Pharmaceuticals Inc is a biopharmaceutical company focused on developing and commercializing medicines for neurological and psychiatric disorders. The company is headquartered in San Diego, California, and conducts research and commercial activities primarily in the United States.

ACADIA’s marketed products include NUPLAZID (pimavanserin), an atypical antipsychotic approved for the treatment of hallucinations and delusions associated with Parkinson’s disease psychosis. The company also markets DAYBUE (trofinetide), a therapy for Rett syndrome, a rare neurodevelopmental disorder.

Founded in 1993, ACADIA continues to advance a pipeline of therapies for central nervous system conditions, including additional neurological and psychiatric disorders.