Citigroup Cuts ACADIA Pharmaceuticals (NASDAQ:ACAD) Price Target to $23.00

ACADIA Pharmaceuticals (NASDAQ:ACAD) had its price target decreased by Citigroup from $30.00 to $23.00 in a research report released on Thursday, Benzinga reports. Citigroup currently has a buy rating on the biopharmaceutical company’s stock.

Other analysts also recently issued reports about the company. UBS Group lowered their target price on ACADIA Pharmaceuticals from $25.00 to $23.00 and set a buy rating for the company in a research note on Thursday. BMO Capital Markets started coverage on ACADIA Pharmaceuticals in a research note on Thursday, June 27th. They set an outperform rating and a $31.00 price objective for the company. Stifel Nicolaus reduced their target price on ACADIA Pharmaceuticals from $26.00 to $21.00 and set a hold rating for the company in a research note on Thursday, May 9th. HC Wainwright restated a buy rating and issued a $27.00 price target on shares of ACADIA Pharmaceuticals in a research note on Thursday. Finally, Cantor Fitzgerald decreased their price objective on shares of ACADIA Pharmaceuticals from $37.00 to $28.00 and set an overweight rating for the company in a report on Wednesday, August 7th. Five analysts have rated the stock with a hold rating and twelve have given 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 $25.56.

ACADIA Pharmaceuticals Stock Performance

ACAD stock opened at $15.63 on Thursday. The firm has a market cap of $2.58 billion, a P/E ratio of -1,563.00 and a beta of 0.38. ACADIA Pharmaceuticals has a 1 year low of $14.55 and a 1 year high of $32.59. The stock has a 50-day simple moving average of $16.64 and a 200-day simple moving average of $18.77.

ACADIA Pharmaceuticals (NASDAQ:ACAD) last posted its quarterly earnings data on Tuesday, August 6th. The biopharmaceutical company reported $0.20 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.18 by $0.02. The company had revenue of $241.96 million for the quarter, compared to analyst estimates of $235.95 million. ACADIA Pharmaceuticals had a negative net margin of 0.21% and a negative return on equity of 0.41%. The business’s quarterly revenue was up 46.4% on a year-over-year basis. During the same quarter last year, the firm posted $0.01 earnings per share. On average, equities research analysts predict that ACADIA Pharmaceuticals will post 0.58 EPS for the current year.

Hedge Funds Weigh In On ACADIA Pharmaceuticals

Several institutional investors have recently made changes to their positions in the stock. Edgestream Partners L.P. lifted its holdings in shares of ACADIA Pharmaceuticals by 46.9% in the 2nd quarter. Edgestream Partners L.P. now owns 90,957 shares of the biopharmaceutical company’s stock worth $1,478,000 after purchasing an additional 29,051 shares during the last quarter. Dimensional Fund Advisors LP bought a new position in ACADIA Pharmaceuticals during the 2nd quarter worth $10,550,000. Massachusetts Financial Services Co. MA increased its position in ACADIA Pharmaceuticals by 3.5% in the second quarter. Massachusetts Financial Services Co. MA now owns 62,530 shares of the biopharmaceutical company’s stock worth $1,016,000 after buying an additional 2,100 shares during the period. Envestnet Asset Management Inc. lifted its stake in ACADIA Pharmaceuticals by 1.9% in the second quarter. Envestnet Asset Management Inc. now owns 107,543 shares of the biopharmaceutical company’s stock valued at $1,748,000 after buying an additional 1,964 shares during the last quarter. Finally, Oppenheimer Asset Management Inc. boosted its holdings in shares of ACADIA Pharmaceuticals by 10.6% during the second quarter. Oppenheimer Asset Management Inc. now owns 29,557 shares of the biopharmaceutical company’s stock valued at $480,000 after acquiring an additional 2,842 shares during the period. 96.71% of the stock is owned by 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.