Piper Jaffray Companies Upgrades ACADIA Pharmaceuticals (ACAD) to Overweight
ACADIA Pharmaceuticals (NASDAQ:ACAD) was upgraded by stock analysts at Piper Jaffray Companies from a “neutral” rating to an “overweight” rating in a report issued on Thursday, MarketBeat Ratings reports. The brokerage currently has a $25.00 target price on the biopharmaceutical company’s stock. Piper Jaffray Companies’ target price would suggest a potential upside of 23.95% from the stock’s previous close.
A number of other brokerages also recently issued reports on ACAD. Zacks Investment Research upgraded ACADIA Pharmaceuticals from a “sell” rating to a “hold” rating in a report on Wednesday, August 22nd. Stifel Nicolaus started coverage on ACADIA Pharmaceuticals in a report on Tuesday, August 7th. They issued a “hold” rating and a $17.00 price target on the stock. BidaskClub downgraded ACADIA Pharmaceuticals from a “buy” rating to a “hold” rating in a report on Thursday, May 24th. Cantor Fitzgerald started coverage on ACADIA Pharmaceuticals in a report on Thursday, August 23rd. They issued an “overweight” rating and a $25.00 price target on the stock. Finally, JPMorgan Chase & Co. set a $50.00 price target on ACADIA Pharmaceuticals and gave the company a “buy” rating in a report on Sunday, July 1st. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and nine have assigned a buy rating to the stock. ACADIA Pharmaceuticals presently has an average rating of “Hold” and a consensus target price of $38.00.
ACAD traded up $1.06 during trading on Thursday, hitting $20.17. 14,721,230 shares of the stock were exchanged, compared to its average volume of 1,955,910. ACADIA Pharmaceuticals has a 1 year low of $12.77 and a 1 year high of $41.20.
Several institutional investors have recently bought and sold shares of ACAD. Point72 Asia Hong Kong Ltd boosted its position in shares of ACADIA Pharmaceuticals by 822.9% in the 1st quarter. Point72 Asia Hong Kong Ltd now owns 4,439 shares of the biopharmaceutical company’s stock worth $100,000 after purchasing an additional 3,958 shares in the last quarter. Verition Fund Management LLC acquired a new stake in shares of ACADIA Pharmaceuticals in the 2nd quarter worth $163,000. Centaurus Financial Inc. acquired a new stake in shares of ACADIA Pharmaceuticals in the 2nd quarter worth $169,000. Flagship Harbor Advisors LLC acquired a new stake in shares of ACADIA Pharmaceuticals in the 2nd quarter worth $179,000. Finally, NumerixS Investment Technologies Inc boosted its position in shares of ACADIA Pharmaceuticals by 70.9% in the 2nd quarter. NumerixS Investment Technologies Inc now owns 13,500 shares of the biopharmaceutical company’s stock worth $203,000 after purchasing an additional 5,600 shares in the last quarter. 92.94% of the stock is owned by hedge funds and other institutional investors.
About ACADIA Pharmaceuticals
ACADIA Pharmaceuticals Inc, a biopharmaceutical company, focuses on the development and commercialization of small molecule drugs that address unmet medical needs in central nervous system disorders. The company offers NUPLAZID (pimavanserin) for the treatment of hallucinations and delusions associated with Parkinson's disease psychosis.
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