Needham & Company LLC Raises ACADIA Pharmaceuticals (NASDAQ:ACAD) Price Target to $60.00

ACADIA Pharmaceuticals (NASDAQ:ACAD) had its target price lifted by Needham & Company LLC from $34.00 to $60.00 in a research report sent to investors on Monday morning, The Fly reports. Needham & Company LLC currently has a buy rating on the biopharmaceutical company’s stock.

Several other equities research analysts have also issued reports on the company. Stifel Nicolaus raised their target price on ACADIA Pharmaceuticals from $24.00 to $28.00 and gave the company a hold rating in a research report on Tuesday, September 3rd. Zacks Investment Research raised ACADIA Pharmaceuticals from a hold rating to a buy rating and set a $26.00 target price for the company in a research report on Thursday, July 25th. BidaskClub lowered ACADIA Pharmaceuticals from a buy rating to a hold rating in a report on Thursday, September 5th. Cantor Fitzgerald reissued an overweight rating and issued a $40.00 price objective (up previously from $30.00) on shares of ACADIA Pharmaceuticals in a report on Tuesday, August 27th. Finally, Raymond James lifted their price objective on ACADIA Pharmaceuticals from $40.00 to $43.00 and gave the stock a strong-buy rating in a report on Friday, May 31st. Five research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the stock. The stock currently has an average rating of Buy and an average target price of $43.31.

Shares of ACADIA Pharmaceuticals stock opened at $41.15 on Monday. ACADIA Pharmaceuticals has a 1 year low of $13.19 and a 1 year high of $43.98. The firm has a market cap of $5.61 billion, a PE ratio of -21.21 and a beta of 2.75. The stock has a fifty day moving average price of $28.11 and a 200-day moving average price of $26.40. The company has a debt-to-equity ratio of 0.02, a current ratio of 6.85 and a quick ratio of 6.79.

ACADIA Pharmaceuticals (NASDAQ:ACAD) last announced its earnings results on Wednesday, July 31st. The biopharmaceutical company reported ($0.38) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.46) by $0.08. ACADIA Pharmaceuticals had a negative return on equity of 70.97% and a negative net margin of 101.45%. The firm had revenue of $83.21 million during the quarter, compared to analyst estimates of $72.50 million. During the same period last year, the firm posted ($0.51) EPS. The business’s revenue was up 45.8% compared to the same quarter last year. As a group, equities analysts anticipate that ACADIA Pharmaceuticals will post -1.77 EPS for the current fiscal year.

In related news, insider Eric Alejandro Miller sold 4,645 shares of ACADIA Pharmaceuticals stock in a transaction dated Wednesday, September 11th. The stock was sold at an average price of $41.18, for a total value of $191,281.10. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director James M. Daly sold 30,000 shares of ACADIA Pharmaceuticals stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $37.80, for a total value of $1,134,000.00. Following the completion of the sale, the director now directly owns 30,000 shares of the company’s stock, valued at approximately $1,134,000. The disclosure for this sale can be found here. In the last three months, insiders sold 63,112 shares of company stock valued at $2,449,443. 29.40% of the stock is currently owned by insiders.

A number of hedge funds have recently bought and sold shares of ACAD. Geode Capital Management LLC grew its holdings in ACADIA Pharmaceuticals by 16.7% during the 4th quarter. Geode Capital Management LLC now owns 1,244,939 shares of the biopharmaceutical company’s stock valued at $20,130,000 after buying an additional 177,701 shares in the last quarter. Bank of Montreal Can grew its holdings in ACADIA Pharmaceuticals by 289.9% during the 1st quarter. Bank of Montreal Can now owns 53,038 shares of the biopharmaceutical company’s stock valued at $1,424,000 after buying an additional 39,435 shares in the last quarter. Rhumbline Advisers grew its holdings in ACADIA Pharmaceuticals by 13.0% during the 1st quarter. Rhumbline Advisers now owns 150,068 shares of the biopharmaceutical company’s stock valued at $4,029,000 after buying an additional 17,252 shares in the last quarter. American International Group Inc. grew its holdings in ACADIA Pharmaceuticals by 11.4% during the 1st quarter. American International Group Inc. now owns 72,216 shares of the biopharmaceutical company’s stock valued at $1,939,000 after buying an additional 7,418 shares in the last quarter. Finally, Parametrica Management Ltd purchased a new position in ACADIA Pharmaceuticals during the 1st quarter valued at about $219,000. 97.38% of the stock is owned by institutional investors and hedge funds.

About ACADIA Pharmaceuticals

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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