Citizens Jmp Cuts ACADIA Pharmaceuticals (NASDAQ:ACAD) Price Target to $33.00

ACADIA Pharmaceuticals (NASDAQ:ACAD) had its target price cut by Citizens Jmp from $36.00 to $33.00 in a research note issued to investors on Friday morning,Benzinga reports. They currently have a market outperform rating on the biopharmaceutical company’s stock.

A number of other research analysts have also weighed in on the stock. Morgan Stanley lifted their price objective on shares of ACADIA Pharmaceuticals from $27.00 to $28.00 and gave the company an “equal weight” rating in a research note on Tuesday, August 25th. HC Wainwright reaffirmed a “buy” rating on shares of ACADIA Pharmaceuticals in a report on Thursday, August 6th. Canaccord Genuity Group lifted their price target on ACADIA Pharmaceuticals from $32.00 to $36.00 and gave the company a “buy” rating in a research report on Monday, June 29th. BMO Capital Markets decreased their price objective on ACADIA Pharmaceuticals from $36.00 to $34.00 and set an “outperform” rating on the stock in a research note on Thursday. Finally, Royal Bank Of Canada increased their price objective on ACADIA Pharmaceuticals from $36.00 to $37.00 and gave the stock an “outperform” rating in a report on Wednesday, August 5th. Fourteen equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $32.75.

ACADIA Pharmaceuticals Price Performance

Shares of ACAD stock opened at $20.68 on Friday. The firm has a market cap of $3.56 billion, a P/E ratio of 9.32 and a beta of 0.86. The company has a 50 day moving average of $27.50 and a 200-day moving average of $24.20. ACADIA Pharmaceuticals has a 12-month low of $19.69 and a 12-month high of $30.96.

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

Insider Buying and Selling at ACADIA Pharmaceuticals

In other news, EVP Elizabeth Thompson sold 16,558 shares of ACADIA Pharmaceuticals stock in a transaction on Thursday, July 30th. The shares were sold at an average price of $26.13, for a total transaction of $432,660.54. Following the completion of the sale, the executive vice president directly owned 18,994 shares of the company’s stock, valued at approximately $496,313.22. The trade was a 46.57% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Mark Schneyer sold 14,292 shares of the company’s stock in a transaction on Thursday, August 6th. The stock was sold at an average price of $29.22, for a total transaction of $417,612.24. Following the completion of the transaction, the executive vice president 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 disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 36,699 shares of company stock worth $1,019,894. Corporate insiders own 26.20% of the company’s stock.

Hedge Funds Weigh In On ACADIA Pharmaceuticals

Several institutional investors have recently modified their holdings of the company. Rice Hall James & Associates LLC bought a new stake in ACADIA Pharmaceuticals during the 2nd quarter valued at $15,658,000. State of Wyoming purchased a new stake in ACADIA Pharmaceuticals during the 2nd quarter valued at $1,234,000. Bank of America Corp DE grew its holdings in ACADIA Pharmaceuticals by 27.2% in the 1st quarter. Bank of America Corp DE now owns 1,553,770 shares of the biopharmaceutical company’s stock worth $34,587,000 after acquiring an additional 332,325 shares during the last quarter. Virtus Advisers LLC purchased a new position in shares of ACADIA Pharmaceuticals in the second quarter valued at about $1,123,000. Finally, GSA Capital Partners LLP purchased a new position in shares of ACADIA Pharmaceuticals in the second quarter valued at about $1,783,000. 96.71% of the stock is currently owned by institutional investors.

ACADIA Pharmaceuticals News Roundup

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.

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.