ACADIA Pharmaceuticals (NASDAQ:ACAD) Upgraded to “Strong-Buy” at Wolfe Research

ACADIA Pharmaceuticals (NASDAQ:ACAD) was upgraded by equities researchers at Wolfe Research to a “strong-buy” rating in a note issued to investors on Monday,Zacks.com reports.

A number of other brokerages also recently weighed in on ACAD. HC Wainwright reiterated a “buy” rating and set a $37.00 price target on shares of ACADIA Pharmaceuticals in a report on Tuesday, February 3rd. UBS Group upped their target price on ACADIA Pharmaceuticals from $35.00 to $40.00 and gave the company a “buy” rating in a report on Tuesday, January 6th. Wall Street Zen cut shares of ACADIA Pharmaceuticals from a “buy” rating to a “hold” rating in a report on Saturday, January 31st. Stifel Nicolaus set a $37.00 price objective on shares of ACADIA Pharmaceuticals in a research note on Tuesday, December 16th. Finally, JPMorgan Chase & Co. cut their target price on shares of ACADIA Pharmaceuticals from $33.00 to $31.00 and set an “overweight” rating for the company in a research report on Monday, November 17th. Two research analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $31.35.

ACADIA Pharmaceuticals Stock Down 0.6%

Shares of NASDAQ:ACAD opened at $24.59 on Monday. The company’s fifty day moving average is $25.66 and its two-hundred day moving average is $24.44. ACADIA Pharmaceuticals has a 12-month low of $13.40 and a 12-month high of $28.35. The company has a market cap of $4.16 billion, a P/E ratio of 15.86, a price-to-earnings-growth ratio of 8.68 and a beta of 0.66.

Insiders Place Their Bets

In related news, EVP Jennifer J. Rhodes sold 6,950 shares of the firm’s stock in a transaction that occurred on Monday, February 9th. The shares were sold at an average price of $23.38, for a total transaction of $162,491.00. Following the transaction, the executive vice president owned 7,609 shares of the company’s stock, valued at approximately $177,898.42. This trade represents a 47.74% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 28.30% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. Farther Finance Advisors LLC raised its holdings in shares of ACADIA Pharmaceuticals by 67.5% during the 4th quarter. Farther Finance Advisors LLC now owns 958 shares of the biopharmaceutical company’s stock valued at $26,000 after purchasing an additional 386 shares in the last quarter. Meeder Asset Management Inc. acquired a new position in ACADIA Pharmaceuticals during the fourth quarter worth $26,000. Transamerica Financial Advisors LLC increased its position in ACADIA Pharmaceuticals by 304.5% during the fourth quarter. Transamerica Financial Advisors LLC now owns 1,335 shares of the biopharmaceutical company’s stock worth $36,000 after buying an additional 1,005 shares during the last quarter. Geneos Wealth Management Inc. raised its holdings in ACADIA Pharmaceuticals by 113.0% during the third quarter. Geneos Wealth Management Inc. now owns 1,425 shares of the biopharmaceutical company’s stock valued at $30,000 after buying an additional 756 shares in the last quarter. Finally, Federated Hermes Inc. lifted its position in shares of ACADIA Pharmaceuticals by 277.5% in the fourth quarter. Federated Hermes Inc. now owns 1,612 shares of the biopharmaceutical company’s stock worth $43,000 after buying an additional 1,185 shares during the last quarter. Institutional investors and hedge funds own 96.71% of the company’s stock.

About ACADIA Pharmaceuticals

ACADIA Pharmaceuticals Inc is a biopharmaceutical company focused on the development and commercialization of innovative therapies for central nervous system (CNS) disorders. Established in 1993 and headquartered in San Diego, California, ACADIA’s research centers concentrate on conditions with significant unmet medical needs, including Parkinson’s disease psychosis, Alzheimer’s disease psychosis, and schizophrenia. The company utilizes a range of scientific platforms, including selective receptor modulation and precision-targeted compounds, to advance its portfolio of small-molecule therapeutics.

The company’s flagship product, NUPLAZID® (pimavanserin), received U.S.