ACADIA Pharmaceuticals Inc. (ACAD) Upgraded at Zacks Investment Research

Zacks Investment Research upgraded shares of ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD) from a hold rating to a buy rating in a report published on Wednesday morning. Zacks Investment Research currently has $30.00 target price on the biopharmaceutical company’s stock.

According to Zacks, “Acadia Pharmaceuticals is a biopharmaceutical company focused on the discovery, development and commercialization of small molecule drugs for the treatment of central nervous system disorders. Their three clinical programs are ACP-103 for treatment-induced dysfunction in Parkinson’s disease, and ACP-104 and ACP-103, both for the treatment of schizophrenia. “

A number of other equities analysts also recently issued reports on the company. ValuEngine downgraded ACADIA Pharmaceuticals from a hold rating to a sell rating in a research report on Tuesday. HC Wainwright restated a buy rating and set a $60.00 price objective on shares of ACADIA Pharmaceuticals in a research report on Wednesday, November 8th. Cowen and Company restated a buy rating and set a $46.00 price objective on shares of ACADIA Pharmaceuticals in a research report on Tuesday, November 7th. Jefferies Group LLC restated a buy rating and set a $47.00 price objective on shares of ACADIA Pharmaceuticals in a research report on Thursday, October 12th. Finally, Leerink Swann restated a market perform rating on shares of ACADIA Pharmaceuticals in a research report on Monday, October 9th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and eleven have assigned a buy rating to the stock. The company currently has a consensus rating of Buy and an average price target of $47.44.

Shares of ACADIA Pharmaceuticals (NASDAQ:ACAD) traded up $0.22 during mid-day trading on Wednesday, hitting $27.86. The stock had a trading volume of 1,709,793 shares, compared to its average volume of 1,680,900. ACADIA Pharmaceuticals has a 12-month low of $24.31 and a 12-month high of $41.20.

ACADIA Pharmaceuticals (NASDAQ:ACAD) last issued its quarterly earnings data on Tuesday, November 7th. The biopharmaceutical company reported ($0.53) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.63) by $0.10. ACADIA Pharmaceuticals had a negative return on equity of 67.68% and a negative net margin of 320.71%. The company had revenue of $35.58 million during the quarter, compared to the consensus estimate of $32.03 million. During the same period last year, the company earned ($0.61) earnings per share. The firm’s revenue was up 571.3% compared to the same quarter last year. sell-side analysts anticipate that ACADIA Pharmaceuticals will post -2.42 EPS for the current fiscal year.

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In other ACADIA Pharmaceuticals news, EVP Glenn Baity sold 26,507 shares of the firm’s stock in a transaction that occurred on Wednesday, August 30th. The stock was sold at an average price of $34.87, for a total value of $924,299.09. Following the completion of the sale, the executive vice president now owns 94,163 shares of the company’s stock, valued at $3,283,463.81. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 22.25% of the company’s stock.

A number of institutional investors have recently made changes to their positions in ACAD. BlackRock Inc. boosted its position in shares of ACADIA Pharmaceuticals by 2.9% during the second quarter. BlackRock Inc. now owns 5,590,706 shares of the biopharmaceutical company’s stock valued at $155,925,000 after buying an additional 157,497 shares during the last quarter. PNC Financial Services Group Inc. boosted its position in shares of ACADIA Pharmaceuticals by 138.8% during the first quarter. PNC Financial Services Group Inc. now owns 4,384 shares of the biopharmaceutical company’s stock valued at $150,000 after buying an additional 2,548 shares during the last quarter. Geneva Advisors LLC boosted its position in shares of ACADIA Pharmaceuticals by 4.9% during the second quarter. Geneva Advisors LLC now owns 18,893 shares of the biopharmaceutical company’s stock valued at $527,000 after buying an additional 891 shares during the last quarter. Legal & General Group Plc boosted its position in shares of ACADIA Pharmaceuticals by 173.5% during the first quarter. Legal & General Group Plc now owns 32,968 shares of the biopharmaceutical company’s stock valued at $1,133,000 after buying an additional 20,916 shares during the last quarter. Finally, Legato Capital Management LLC boosted its position in shares of ACADIA Pharmaceuticals by 321.9% during the third quarter. Legato Capital Management LLC now owns 33,748 shares of the biopharmaceutical company’s stock valued at $1,271,000 after buying an additional 25,748 shares during the last quarter. 95.27% of the stock is owned by hedge funds and other institutional investors.

ACADIA Pharmaceuticals Company Profile

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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Analyst Recommendations for ACADIA Pharmaceuticals (NASDAQ:ACAD)

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