ACADIA Pharmaceuticals (NASDAQ:ACAD) Price Target Cut to $28.00

ACADIA Pharmaceuticals (NASDAQ:ACAD) had its price target dropped by analysts at Needham & Company LLC from $30.00 to $28.00 in a research note issued on Wednesday, Benzinga reports. The firm presently has a “buy” rating on the biopharmaceutical company’s stock. Needham & Company LLC’s price objective indicates a potential upside of 84.57% from the company’s current price.

Other equities research analysts have also issued reports about the stock. Citigroup reduced their price objective on shares of ACADIA Pharmaceuticals from $30.19 to $30.00 and set a “buy” rating on the stock in a report on Thursday, May 9th. Robert W. Baird cut their price target on ACADIA Pharmaceuticals from $31.00 to $28.00 and set an “outperform” rating on the stock in a research note on Thursday, May 9th. HC Wainwright dropped their price objective on ACADIA Pharmaceuticals from $33.00 to $27.00 and set a “buy” rating on the stock in a report on Thursday, May 9th. Oppenheimer restated a “market perform” rating and set a $19.00 target price on shares of ACADIA Pharmaceuticals in a research note on Monday, May 6th. Finally, BMO Capital Markets began coverage on shares of ACADIA Pharmaceuticals in a research note on Thursday, June 27th. They issued an “outperform” rating and a $31.00 price target on the stock. Five research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $26.63.

ACADIA Pharmaceuticals Trading Down 19.5 %

NASDAQ:ACAD traded down $3.68 during midday trading on Wednesday, reaching $15.17. The company had a trading volume of 7,108,283 shares, compared to its average volume of 1,808,785. ACADIA Pharmaceuticals has a 12-month low of $14.55 and a 12-month high of $32.59. The firm has a market capitalization of $2.51 billion, a price-to-earnings ratio of -1,517.00 and a beta of 0.38. The stock’s fifty day simple moving average is $16.61 and its 200-day simple moving average is $19.02.

ACADIA Pharmaceuticals (NASDAQ:ACAD) last announced its quarterly earnings data on Tuesday, August 6th. The biopharmaceutical company reported $0.20 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.18 by $0.02. ACADIA Pharmaceuticals had a negative return on equity of 0.41% and a negative net margin of 0.21%. The business had revenue of $241.96 million during the quarter, compared to analysts’ expectations of $235.95 million. During the same quarter last year, the business posted $0.01 EPS. The business’s quarterly revenue was up 46.4% compared to the same quarter last year. As a group, sell-side analysts expect that ACADIA Pharmaceuticals will post 0.58 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Empire Life Investments Inc. boosted its position in shares of ACADIA Pharmaceuticals by 0.3% during the 4th quarter. Empire Life Investments Inc. now owns 174,815 shares of the biopharmaceutical company’s stock worth $5,473,000 after purchasing an additional 467 shares in the last quarter. Arizona State Retirement System boosted its holdings in ACADIA Pharmaceuticals by 2.2% during the second quarter. Arizona State Retirement System now owns 29,983 shares of the biopharmaceutical company’s stock worth $487,000 after buying an additional 655 shares in the last quarter. Handelsbanken Fonder AB grew its position in ACADIA Pharmaceuticals by 2.3% during the fourth quarter. Handelsbanken Fonder AB now owns 31,633 shares of the biopharmaceutical company’s stock worth $990,000 after buying an additional 700 shares during the period. Commonwealth Equity Services LLC increased its holdings in ACADIA Pharmaceuticals by 5.6% in the second quarter. Commonwealth Equity Services LLC now owns 14,770 shares of the biopharmaceutical company’s stock valued at $240,000 after buying an additional 778 shares in the last quarter. Finally, Swiss National Bank increased its holdings in ACADIA Pharmaceuticals by 0.4% in the first quarter. Swiss National Bank now owns 210,604 shares of the biopharmaceutical company’s stock valued at $3,894,000 after buying an additional 800 shares in the last quarter. Institutional investors and hedge funds own 96.71% of the company’s stock.

ACADIA Pharmaceuticals Company Profile

ACADIA Pharmaceuticals Inc, a biopharmaceutical company, focuses on the development and commercialization innovative medicines that address unmet medical needs in central nervous system (CNS) disorders and rare diseases in the United States. The company offers NUPLAZID (pimavanserin) for the treatment of hallucinations and delusions associated with Parkinson's disease psychosis; and DAYBUE, a novel synthetic analog of the amino-terminal tripeptide of insulin-like growth factor 1 for treatment of Rett Syndrome.