Piper Jaffray Companies Reaffirms “Buy” Rating for ACADIA Pharmaceuticals Inc. (ACAD)
Piper Jaffray Companies reiterated their buy rating on shares of ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD) in a research report report published on Thursday morning. Piper Jaffray Companies currently has a $61.00 price target on the biopharmaceutical company’s stock, up from their prior price target of $54.00.
Several other equities research analysts have also recently commented on the stock. Bank of America Corporation boosted their price target on shares of ACADIA Pharmaceuticals from $40.00 to $46.00 and gave the stock a positive rating in a research report on Thursday. JMP Securities boosted their price target on shares of ACADIA Pharmaceuticals from $47.00 to $50.00 and gave the stock an outperform rating in a research report on Thursday. HC Wainwright reissued a buy rating and set a $60.00 price target on shares of ACADIA Pharmaceuticals in a research report on Thursday. Ladenburg Thalmann Financial Services reissued a buy rating and set a $50.00 price target (up from $48.00) on shares of ACADIA Pharmaceuticals in a research report on Monday, October 2nd. Finally, Needham & Company LLC reissued a buy rating and set a $49.00 price target on shares of ACADIA Pharmaceuticals in a research report on Sunday, September 17th. Six equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. The stock currently has an average rating of Buy and an average target price of $46.21.
ACADIA Pharmaceuticals (NASDAQ ACAD) opened at 38.54 on Thursday. The company’s market capitalization is $4.72 billion. The firm’s 50-day moving average price is $36.00 and its 200 day moving average price is $31.68. ACADIA Pharmaceuticals has a 12-month low of $20.68 and a 12-month high of $41.20.
ACADIA Pharmaceuticals (NASDAQ:ACAD) last issued its quarterly earnings results on Tuesday, August 8th. The biopharmaceutical company reported ($0.55) EPS for the quarter, topping the consensus estimate of ($0.72) by $0.17. ACADIA Pharmaceuticals had a negative net margin of 485.14% and a negative return on equity of 62.08%. The firm had revenue of $30.50 million for the quarter, compared to analysts’ expectations of $20.02 million. During the same period in the previous year, the firm posted ($0.63) EPS. The company’s revenue for the quarter was up 30400.0% on a year-over-year basis. On average, equities research analysts expect that ACADIA Pharmaceuticals will post ($2.53) EPS for the current fiscal year.
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In other ACADIA Pharmaceuticals news, EVP Glenn Baity sold 37,500 shares of the stock in a transaction dated Thursday, October 5th. The shares were sold at an average price of $40.91, for a total value of $1,534,125.00. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Over the last three months, insiders sold 116,426 shares of company stock worth $4,100,885. Insiders own 22.25% of the company’s stock.
A number of institutional investors have recently added to or reduced their stakes in ACAD. BlackRock Inc. raised its holdings in ACADIA Pharmaceuticals by 5,422.8% in the 1st quarter. BlackRock Inc. now owns 5,433,209 shares of the biopharmaceutical company’s stock valued at $186,791,000 after acquiring an additional 5,334,832 shares during the period. Janus Henderson Group PLC bought a new position in ACADIA Pharmaceuticals in the 2nd quarter valued at about $102,152,000. Goldman Sachs Group Inc. raised its holdings in ACADIA Pharmaceuticals by 69.9% in the 2nd quarter. Goldman Sachs Group Inc. now owns 1,908,251 shares of the biopharmaceutical company’s stock valued at $53,222,000 after acquiring an additional 785,352 shares during the period. Elliott Management Corp bought a new position in ACADIA Pharmaceuticals in the 1st quarter valued at about $26,726,000. Finally, Point72 Asset Management L.P. raised its holdings in ACADIA Pharmaceuticals by 57.6% in the 1st quarter. Point72 Asset Management L.P. now owns 1,931,200 shares of the biopharmaceutical company’s stock valued at $66,395,000 after acquiring an additional 706,200 shares during the period. 97.10% of the stock is currently owned by hedge funds and other institutional investors.
About ACADIA Pharmaceuticals
ACADIA Pharmaceuticals Inc is a biopharmaceutical company. The Company is focused on the development and commercialization of medicines for central nervous system (CNS) disorders. Its lead drug candidate, NUPLAZID (pimavanserin), is used for the treatment of hallucinations and delusions associated with Parkinson’s disease psychosis (PD Psychosis).
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