ACADIA Pharmaceuticals (NASDAQ:ACAD) Shares Up 1.7%

ACADIA Pharmaceuticals Inc. (NASDAQ:ACADGet Rating)’s share price shot up 1.7% on Thursday . The stock traded as high as $19.16 and last traded at $19.08. 60,432 shares were traded during mid-day trading, a decline of 97% from the average session volume of 1,739,758 shares. The stock had previously closed at $18.77.

Several research firms have recently weighed in on ACAD. Canaccord Genuity Group raised ACADIA Pharmaceuticals from a “hold” rating to a “buy” rating and boosted their target price for the company from $30.00 to $31.00 in a report on Wednesday, March 16th. Cantor Fitzgerald boosted their target price on ACADIA Pharmaceuticals from $32.00 to $37.00 and gave the company an “overweight” rating in a report on Thursday, March 10th. Morgan Stanley reaffirmed a “hold” rating and set a $24.00 price objective on shares of ACADIA Pharmaceuticals in a research note on Friday, March 18th. Jefferies Financial Group raised ACADIA Pharmaceuticals from a “hold” rating to a “buy” rating and set a $25.00 price objective for the company in a research note on Thursday. Finally, JMP Securities reduced their price objective on ACADIA Pharmaceuticals from $42.00 to $35.00 and set a “market outperform” rating for the company in a research note on Tuesday, March 1st. Nine research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, ACADIA Pharmaceuticals presently has a consensus rating of “Buy” and a consensus price target of $29.26.

The firm has a market cap of $3.18 billion, a P/E ratio of -14.11 and a beta of 0.68. The company’s 50 day moving average is $18.83 and its two-hundred day moving average is $22.12.

ACADIA Pharmaceuticals (NASDAQ:ACADGet Rating) last posted its earnings results on Wednesday, May 4th. The biopharmaceutical company reported ($0.70) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.49) by ($0.21). The business had revenue of $115.47 million during the quarter, compared to analyst estimates of $122.22 million. ACADIA Pharmaceuticals had a negative net margin of 43.50% and a negative return on equity of 40.52%. The firm’s revenue was up 8.4% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.42) earnings per share. As a group, research analysts forecast that ACADIA Pharmaceuticals Inc. will post -1.41 EPS for the current fiscal year.

In other news, insider James Kihara sold 1,025 shares of ACADIA Pharmaceuticals stock in a transaction on Friday, April 8th. The shares were sold at an average price of $27.05, for a total transaction of $27,726.25. Following the transaction, the insider now owns 2,433 shares in the company, valued at approximately $65,812.65. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, President Srdjan R. Stankovic sold 2,865 shares of ACADIA Pharmaceuticals stock in a transaction on Monday, May 2nd. The stock was sold at an average price of $18.18, for a total transaction of $52,085.70. Following the completion of the transaction, the president now directly owns 55,188 shares of the company’s stock, valued at $1,003,317.84. The disclosure for this sale can be found here. Over the last three months, insiders sold 11,472 shares of company stock valued at $217,476. Corporate insiders own 28.50% of the company’s stock.

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Allworth Financial LP raised its holdings in ACADIA Pharmaceuticals by 1,081.3% during the fourth quarter. Allworth Financial LP now owns 1,075 shares of the biopharmaceutical company’s stock worth $25,000 after purchasing an additional 984 shares in the last quarter. Parallel Advisors LLC boosted its position in shares of ACADIA Pharmaceuticals by 74.8% in the 4th quarter. Parallel Advisors LLC now owns 1,365 shares of the biopharmaceutical company’s stock worth $32,000 after buying an additional 584 shares in the last quarter. Lazard Asset Management LLC boosted its position in shares of ACADIA Pharmaceuticals by 19.4% in the 4th quarter. Lazard Asset Management LLC now owns 3,115 shares of the biopharmaceutical company’s stock worth $72,000 after buying an additional 506 shares in the last quarter. Neo Ivy Capital Management acquired a new position in ACADIA Pharmaceuticals in the 4th quarter valued at about $76,000. Finally, Point72 Hong Kong Ltd increased its stake in shares of ACADIA Pharmaceuticals by 664.7% during the 1st quarter. Point72 Hong Kong Ltd now owns 6,003 shares of the biopharmaceutical company’s stock valued at $145,000 after acquiring an additional 5,218 shares during the last quarter. 91.74% of the stock is currently owned by hedge funds and other institutional investors.

About ACADIA Pharmaceuticals (NASDAQ:ACAD)

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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