ACADIA Pharmaceuticals (NASDAQ:ACAD) Downgraded to Hold at Zacks Investment Research
According to Zacks, “Acadia Pharmaceuticals is a biopharmaceutical company focused on the discovery, development and commercialization of small molecule drugs for the treatment of central nervous system disorders. Their three clinical programs are ACP-103 for treatment-induced dysfunction in Parkinson’s disease, and ACP-104 and ACP-103, both for the treatment of schizophrenia. “
Other research analysts also recently issued research reports about the company. ValuEngine upgraded ACADIA Pharmaceuticals from a “hold” rating to a “buy” rating in a research note on Tuesday. Canaccord Genuity raised ACADIA Pharmaceuticals from a “hold” rating to a “buy” rating and lifted their target price for the company from $29.00 to $50.00 in a report on Tuesday. BidaskClub cut ACADIA Pharmaceuticals from a “buy” rating to a “hold” rating in a research report on Thursday, September 5th. Bank of America set a $31.00 price target on shares of ACADIA Pharmaceuticals and gave the stock a “buy” rating in a report on Wednesday, July 31st. Finally, Stifel Nicolaus raised their price objective on shares of ACADIA Pharmaceuticals from $24.00 to $28.00 and gave the company a “hold” rating in a research report on Tuesday, September 3rd. Five analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus target price of $42.46.
ACADIA Pharmaceuticals (NASDAQ:ACAD) last posted its earnings results on Wednesday, July 31st. The biopharmaceutical company reported ($0.38) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.46) by $0.08. The firm had revenue of $83.21 million for the quarter, compared to the consensus estimate of $72.50 million. ACADIA Pharmaceuticals had a negative return on equity of 70.97% and a negative net margin of 101.45%. The business’s quarterly revenue was up 45.8% on a year-over-year basis. During the same quarter in the prior year, the business posted ($0.51) earnings per share. On average, research analysts predict that ACADIA Pharmaceuticals will post -1.77 EPS for the current fiscal year.
A number of institutional investors and hedge funds have recently made changes to their positions in the stock. BlackRock Inc. increased its stake in ACADIA Pharmaceuticals by 5.8% in the first quarter. BlackRock Inc. now owns 10,718,708 shares of the biopharmaceutical company’s stock valued at $287,799,000 after acquiring an additional 585,242 shares during the last quarter. Price T Rowe Associates Inc. MD increased its position in shares of ACADIA Pharmaceuticals by 2.4% during the 2nd quarter. Price T Rowe Associates Inc. MD now owns 7,537,393 shares of the biopharmaceutical company’s stock valued at $201,475,000 after purchasing an additional 179,737 shares during the last quarter. First Trust Advisors LP raised its holdings in shares of ACADIA Pharmaceuticals by 16.4% during the 1st quarter. First Trust Advisors LP now owns 4,815,776 shares of the biopharmaceutical company’s stock valued at $129,304,000 after buying an additional 677,051 shares in the last quarter. Invesco Ltd. raised its holdings in shares of ACADIA Pharmaceuticals by 950.3% during the 2nd quarter. Invesco Ltd. now owns 4,015,482 shares of the biopharmaceutical company’s stock valued at $107,334,000 after buying an additional 3,633,171 shares in the last quarter. Finally, OppenheimerFunds Inc. lifted its position in ACADIA Pharmaceuticals by 0.4% in the 1st quarter. OppenheimerFunds Inc. now owns 3,644,406 shares of the biopharmaceutical company’s stock worth $97,852,000 after buying an additional 15,830 shares during the last quarter. 97.38% of the stock is currently owned by institutional investors and hedge funds.
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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