ACADIA Pharmaceuticals (NASDAQ:ACAD) Raised to “Buy” at Bank of America

ACADIA Pharmaceuticals (NASDAQ:ACAD) was upgraded by equities research analysts at Bank of America from a “neutral” rating to a “buy” rating in a report issued on Wednesday,Finviz reports. The brokerage presently has a $29.00 price objective on the biopharmaceutical company’s stock. Bank of America‘s price target indicates a potential upside of 38.36% from the company’s current price.

A number of other brokerages have also commented on ACAD. JPMorgan Chase & Co. boosted their price target on shares of ACADIA Pharmaceuticals from $31.00 to $34.00 and gave the company an “overweight” rating in a research note on Wednesday, March 4th. Oppenheimer reiterated a “market perform” rating on shares of ACADIA Pharmaceuticals in a report on Friday, February 6th. Citizens Jmp boosted their target price on shares of ACADIA Pharmaceuticals from $34.00 to $35.00 and gave the company a “market outperform” rating in a research note on Thursday, February 26th. Mizuho upgraded ACADIA Pharmaceuticals from a “neutral” rating to an “outperform” rating and increased their price target for the stock from $29.00 to $35.00 in a research note on Monday, February 23rd. Finally, Wall Street Zen downgraded shares of ACADIA Pharmaceuticals from a “buy” rating to a “hold” rating in a report on Saturday, January 31st. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $31.21.

ACADIA Pharmaceuticals Price Performance

Shares of ACADIA Pharmaceuticals stock opened at $20.96 on Wednesday. The firm has a market cap of $3.57 billion, a price-to-earnings ratio of 9.15, a PEG ratio of 20.87 and a beta of 0.66. ACADIA Pharmaceuticals has a one year low of $13.40 and a one year high of $28.35. The stock’s 50-day moving average is $23.69 and its 200 day moving average is $23.98.

ACADIA Pharmaceuticals (NASDAQ:ACAD) last released its quarterly earnings data on Thursday, February 26th. The biopharmaceutical company reported $1.60 earnings per share for the quarter, beating the consensus estimate of $0.12 by $1.48. ACADIA Pharmaceuticals had a net margin of 36.49% and a return on equity of 12.49%. The company had revenue of $298.00 million during the quarter, compared to analyst estimates of $292.54 million. During the same quarter in the previous year, the business posted $0.86 EPS. ACADIA Pharmaceuticals’s revenue for the quarter was up 9.4% compared to the same quarter last year. On average, sell-side analysts expect that ACADIA Pharmaceuticals will post 0.7 EPS for the current fiscal year.

Insider Transactions at ACADIA Pharmaceuticals

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

Hedge Funds Weigh In On ACADIA Pharmaceuticals

Hedge funds and other institutional investors have recently modified their holdings of the company. 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 buying an additional 386 shares in the last quarter. Meeder Asset Management Inc. purchased a new position in shares of ACADIA Pharmaceuticals during the fourth quarter worth approximately $26,000. Transamerica Financial Advisors LLC raised its stake in shares of 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 acquiring an additional 1,005 shares in the last quarter. Geneos Wealth Management Inc. lifted its holdings in shares of ACADIA Pharmaceuticals by 113.0% in the 3rd quarter. Geneos Wealth Management Inc. now owns 1,425 shares of the biopharmaceutical company’s stock worth $30,000 after acquiring an additional 756 shares during the last quarter. Finally, Federated Hermes Inc. boosted its stake in shares of ACADIA Pharmaceuticals by 277.5% in the 4th quarter. Federated Hermes Inc. now owns 1,612 shares of the biopharmaceutical company’s stock valued at $43,000 after purchasing an additional 1,185 shares in the last quarter. 96.71% of the stock is currently owned by hedge funds and other institutional investors.

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.