Canaccord Genuity Group Raises ACADIA Pharmaceuticals (NASDAQ:ACAD) Price Target to $26.00

ACADIA Pharmaceuticals (NASDAQ:ACAD – Get Rating) had its target price hoisted by Canaccord Genuity Group from $24.00 to $26.00 in a research note issued to investors on Tuesday, Benzinga reports. Canaccord Genuity Group currently has a buy rating on the biopharmaceutical company’s stock.

Other equities research analysts have also recently issued reports about the stock. JMP Securities decreased their price target on shares of ACADIA Pharmaceuticals from $24.00 to $22.00 and set a market perform rating on the stock in a research note on Tuesday, February 28th. Cantor Fitzgerald raised their price target on shares of ACADIA Pharmaceuticals from $28.00 to $33.00 and gave the stock an overweight rating in a research note on Tuesday. HC Wainwright raised their price target on shares of ACADIA Pharmaceuticals from $25.00 to $28.00 and gave the stock a buy rating in a research note on Tuesday. Royal Bank of Canada reaffirmed an outperform rating and set a $27.00 price target on shares of ACADIA Pharmaceuticals in a research note on Tuesday. Finally, Jefferies Financial Group raised their target price on shares of ACADIA Pharmaceuticals from $10.00 to $15.00 in a research report on Tuesday. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of Hold and an average target price of $21.44.

ACADIA Pharmaceuticals Stock Performance

NASDAQ:ACAD opened at $20.62 on Tuesday. The firm has a 50-day moving average price of $19.14 and a two-hundred day moving average price of $17.11. ACADIA Pharmaceuticals has a twelve month low of $12.24 and a twelve month high of $28.06.

ACADIA Pharmaceuticals (NASDAQ:ACAD – Get Rating) last released its quarterly earnings results on Monday, February 27th. The biopharmaceutical company reported ($0.26) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.25) by ($0.01). ACADIA Pharmaceuticals had a negative return on equity of 50.65% and a negative net margin of 41.76%. The firm had revenue of $136.49 million for the quarter, compared to analyst estimates of $135.18 million. During the same period in the prior year, the business earned ($0.27) earnings per share. ACADIA Pharmaceuticals’s revenue for the quarter was up 4.4% on a year-over-year basis. On average, equities analysts anticipate that ACADIA Pharmaceuticals will post -0.63 earnings per share for the current year.

Insider Buying and Selling at ACADIA Pharmaceuticals

In other ACADIA Pharmaceuticals news, CEO Stephen Davis sold 3,904 shares of ACADIA Pharmaceuticals stock in a transaction that occurred on Monday, January 9th. The shares were sold at an average price of $17.13, for a total transaction of $66,875.52. Following the transaction, the chief executive officer now directly owns 84,633 shares of the company’s stock, valued at $1,449,763.29. The sale was disclosed in a filing with the SEC, which is available at this link. In other news, CEO Stephen Davis sold 3,904 shares of ACADIA Pharmaceuticals stock in a transaction that occurred on Monday, January 9th. The shares were sold at an average price of $17.13, for a total transaction of $66,875.52. Following the sale, the chief executive officer now owns 84,633 shares in the company, valued at $1,449,763.29. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Laura Brege sold 12,500 shares of ACADIA Pharmaceuticals stock in a transaction that occurred on Thursday, January 12th. The shares were sold at an average price of $18.25, for a total transaction of $228,125.00. The disclosure for this sale can be found here. Insiders have sold a total of 23,567 shares of company stock valued at $427,672 over the last ninety days. Corporate insiders own 28.40% of the company’s stock.

Institutional Trading of ACADIA Pharmaceuticals

A number of hedge funds have recently made changes to their positions in the company. Rockefeller Capital Management L.P. raised its stake in shares of ACADIA Pharmaceuticals by 1.0% during the fourth quarter. Rockefeller Capital Management L.P. now owns 463,641 shares of the biopharmaceutical company’s stock valued at $7,380,000 after purchasing an additional 4,811 shares during the period. Voya Investment Management LLC increased its stake in shares of ACADIA Pharmaceuticals by 2.4% in the fourth quarter. Voya Investment Management LLC now owns 241,563 shares of the biopharmaceutical company’s stock worth $3,846,000 after buying an additional 5,765 shares during the last quarter. Alliancebernstein L.P. increased its stake in shares of ACADIA Pharmaceuticals by 32.9% in the fourth quarter. Alliancebernstein L.P. now owns 202,201 shares of the biopharmaceutical company’s stock worth $3,219,000 after buying an additional 50,000 shares during the last quarter. State of Wyoming bought a new stake in shares of ACADIA Pharmaceuticals in the fourth quarter worth $92,000. Finally, Millennium Management LLC increased its stake in shares of ACADIA Pharmaceuticals by 226.1% in the fourth quarter. Millennium Management LLC now owns 1,202,329 shares of the biopharmaceutical company’s stock worth $19,141,000 after buying an additional 833,651 shares during the last quarter. Hedge funds and other institutional investors own 92.79% of the company’s stock.

ACADIA Pharmaceuticals Company Profile

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ACADIA Pharmaceuticals, Inc is a biopharmaceutical company, which focuses on the development and commercialization of medicines to address unmet medical needs in central nervous system, or CNS, disorders. Its products include Nuplazid, which is used for the treatment of hallucinations and delusions associated with Parkinson’s disease psychosis.