ACADIA Pharmaceuticals (NASDAQ:ACAD) Stock Rating Lowered by Wall Street Zen

ACADIA Pharmaceuticals (NASDAQ:ACAD) was downgraded by research analysts at Wall Street Zen from a “buy” rating to a “hold” rating in a note issued to investors on Monday, Wall Street Zen reports.

ACAD has been the subject of several other reports. Citizens Jmp cut their price target on shares of ACADIA Pharmaceuticals from $36.00 to $33.00 and set a “market outperform” rating for the company in a research report on Friday, September 25th. BMO Capital Markets reduced their price objective on ACADIA Pharmaceuticals from $36.00 to $34.00 and set an “outperform” rating on the stock in a research note on Thursday, September 24th. TD Cowen reiterated a “buy” rating on shares of ACADIA Pharmaceuticals in a report on Thursday, September 24th. Bank of America reissued a “buy” rating and issued a $14.50 target price on shares of ACADIA Pharmaceuticals in a research note on Wednesday, July 29th. Finally, HC Wainwright lowered their target price on ACADIA Pharmaceuticals from $37.00 to $33.00 and set a “buy” rating for the company in a research note on Friday, September 25th. Thirteen analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $31.34.

ACADIA Pharmaceuticals Price Performance

Shares of ACAD opened at $20.44 on Monday. ACADIA Pharmaceuticals has a 1 year low of $18.39 and a 1 year high of $30.96. The stock has a 50 day simple moving average of $25.15 and a two-hundred day simple moving average of $24.01. The firm has a market cap of $3.52 billion, a P/E ratio of 9.21 and a beta of 0.88.

ACADIA Pharmaceuticals (NASDAQ:ACAD) last posted its quarterly earnings results on Tuesday, August 4th. The biopharmaceutical company reported $0.18 EPS for the quarter, topping the consensus estimate of $0.07 by $0.11. The firm had revenue of $308.00 million for the quarter, compared to the consensus estimate of $296.55 million. ACADIA Pharmaceuticals had a net margin of 33.42% and a return on equity of 9.03%. The business’s revenue was up 16.4% compared to the same quarter last year. During the same period last year, the firm posted $0.16 earnings per share. On average, equities analysts anticipate that ACADIA Pharmaceuticals will post 0.64 earnings per share for the current year.

Insider Activity

In related news, EVP Elizabeth Thompson sold 16,558 shares of the firm’s stock in a transaction on Thursday, July 30th. The stock was sold at an average price of $26.13, for a total value of $432,660.54. Following the completion of the sale, the executive vice president owned 18,994 shares of the company’s stock, valued at $496,313.22. This trade represents a 46.57% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Mark C. Schneyer sold 14,292 shares of the firm’s stock in a transaction dated Thursday, August 6th. The stock was sold at an average price of $29.22, for a total transaction of $417,612.24. Following the completion of the sale, the executive vice president directly owned 67,828 shares of the company’s stock, valued at approximately $1,981,934.16. This represents a 17.40% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 36,699 shares of company stock valued at $1,019,894. Insiders own 26.20% 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 stock. BlackRock Inc. purchased a new position in shares of ACADIA Pharmaceuticals during the second quarter valued at approximately $569,634,000. Palo Alto Investors LP bought a new position in shares of ACADIA Pharmaceuticals during the second quarter valued at $72,461,629. Bank of America Corp DE bought a new stake in shares of ACADIA Pharmaceuticals in the second quarter worth approximately $32,900,000. First Trust Advisors LP grew its stake in shares of ACADIA Pharmaceuticals by 47.3% in the first quarter. First Trust Advisors LP now owns 3,343,868 shares of the biopharmaceutical company’s stock worth $74,435,000 after acquiring an additional 1,073,834 shares during the period. Finally, Bank of New York Mellon Corp purchased a new position in shares of ACADIA Pharmaceuticals during the second quarter valued at approximately $19,244,000. Hedge funds and other institutional investors own 96.71% of the company’s stock.

About ACADIA Pharmaceuticals

ACADIA Pharmaceuticals Inc is a biopharmaceutical company focused on developing and commercializing medicines for central nervous system and neuropsychiatric disorders. The company’s research programs target conditions with significant unmet medical needs, including neurological and rare neurodevelopmental diseases.

ACADIA’s commercial products include NUPLAZID (pimavanserin), an atypical antipsychotic approved in the United States to treat hallucinations and delusions associated with Parkinson’s disease psychosis.