ACADIA Pharmaceuticals (NASDAQ:ACAD) Receives New Coverage from Analysts at BMO Capital Markets

BMO Capital Markets initiated coverage on shares of ACADIA Pharmaceuticals (NASDAQ:ACAD) in a research note published on Thursday morning, MarketBeat Ratings reports. The brokerage issued an outperform rating and a $31.00 price objective on the biopharmaceutical company’s stock.

A number of other research firms also recently commented on ACAD. JPMorgan Chase & Co. dropped their price objective on ACADIA Pharmaceuticals from $29.00 to $25.00 and set an overweight rating on the stock in a report on Monday, March 25th. Citigroup cut their price target on ACADIA Pharmaceuticals from $30.19 to $30.00 and set a buy rating for the company in a report on Thursday, May 9th. Needham & Company LLC restated a buy rating and set a $30.00 target price on shares of ACADIA Pharmaceuticals in a research report on Thursday, May 9th. Morgan Stanley cut their price objective on ACADIA Pharmaceuticals from $40.00 to $30.00 and set an overweight rating on the stock in a report on Wednesday, March 13th. Finally, Stifel Nicolaus cut their target price on ACADIA Pharmaceuticals from $26.00 to $21.00 and set a hold rating on the stock in a research note on Thursday, May 9th. Four equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to MarketBeat, the company has a consensus rating of Moderate Buy and a consensus target price of $28.71.

ACADIA Pharmaceuticals Stock Performance

ACADIA Pharmaceuticals stock opened at $16.25 on Thursday. ACADIA Pharmaceuticals has a 1 year low of $14.55 and a 1 year high of $33.99. The firm has a 50 day moving average price of $15.65 and a 200 day moving average price of $21.35. The company has a market cap of $2.68 billion, a price-to-earnings ratio of -1,623.38 and a beta of 0.40.

ACADIA Pharmaceuticals (NASDAQ:ACAD) last posted its earnings results on Wednesday, May 8th. The biopharmaceutical company reported $0.10 EPS for the quarter, topping analysts’ consensus estimates of $0.04 by $0.06. The business had revenue of $205.83 million for the quarter, compared to analysts’ expectations of $208.31 million. ACADIA Pharmaceuticals had a negative net margin of 0.21% and a negative return on equity of 0.41%. The business’s revenue for the quarter was up 73.8% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.27) earnings per share. Sell-side analysts predict that ACADIA Pharmaceuticals will post 0.58 EPS for the current year.

Insider Transactions at ACADIA Pharmaceuticals

In related news, COO Brendan Teehan sold 2,568 shares of the company’s stock in a transaction that occurred on Monday, April 8th. The stock was sold at an average price of $17.87, for a total value of $45,890.16. Following the sale, the chief operating officer now owns 38,796 shares in the company, valued at $693,284.52. The sale was disclosed in a legal filing with the SEC, which is available through this link. In related news, COO Brendan Teehan sold 2,568 shares of the stock in a transaction on Monday, April 8th. The stock was sold at an average price of $17.87, for a total value of $45,890.16. Following the completion of the transaction, the chief operating officer now directly owns 38,796 shares of the company’s stock, valued at approximately $693,284.52. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Stephen Davis sold 26,574 shares of the firm’s stock in a transaction on Monday, April 8th. The stock was sold at an average price of $17.87, for a total value of $474,877.38. Following the completion of the sale, the chief executive officer now directly owns 144,267 shares of the company’s stock, valued at $2,578,051.29. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 54,356 shares of company stock worth $949,987. Insiders own 28.30% of the company’s stock.

Hedge Funds Weigh In On ACADIA Pharmaceuticals

A number of hedge funds and other institutional investors have recently bought and sold shares of ACAD. RTW Investments LP raised its position in shares of ACADIA Pharmaceuticals by 18.3% during the 3rd quarter. RTW Investments LP now owns 11,576,537 shares of the biopharmaceutical company’s stock worth $241,255,000 after acquiring an additional 1,793,288 shares in the last quarter. Norges Bank acquired a new position in ACADIA Pharmaceuticals during the fourth quarter worth approximately $45,187,000. Eventide Asset Management LLC purchased a new position in shares of ACADIA Pharmaceuticals in the 4th quarter valued at approximately $25,342,000. M&G Investment Management Ltd. purchased a new position in shares of ACADIA Pharmaceuticals in the 4th quarter valued at approximately $10,349,000. Finally, M&G Plc purchased a new stake in shares of ACADIA Pharmaceuticals in the first quarter valued at approximately $5,622,000. 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.