ACADIA Pharmaceuticals (NASDAQ:ACAD) Receives “Buy” Rating from Needham & Company LLC

ACADIA Pharmaceuticals (NASDAQ:ACAD)‘s stock had its “buy” rating reissued by stock analysts at Needham & Company LLC in a report issued on Thursday,Benzinga reports. They currently have a $28.00 price target on the biopharmaceutical company’s stock. Needham & Company LLC’s target price would indicate a potential upside of 42.86% from the stock’s previous close.

A number of other equities research analysts have also recently commented on the stock. Guggenheim cut shares of ACADIA Pharmaceuticals from a “buy” rating to a “neutral” rating and reduced their price target for the stock from $23.00 to $20.00 in a report on Friday, January 3rd. HC Wainwright reaffirmed a “buy” rating and issued a $27.00 target price on shares of ACADIA Pharmaceuticals in a research report on Thursday, November 7th. Deutsche Bank Aktiengesellschaft began coverage on ACADIA Pharmaceuticals in a report on Tuesday, February 11th. They issued a “hold” rating and a $22.00 price target on the stock. Finally, StockNews.com downgraded ACADIA Pharmaceuticals from a “strong-buy” rating to a “buy” rating in a report on Thursday, November 14th. Nine equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $24.00.

ACADIA Pharmaceuticals Stock Performance

ACADIA Pharmaceuticals stock opened at $19.60 on Thursday. The stock has a market capitalization of $3.26 billion, a price-to-earnings ratio of 25.13 and a beta of 0.37. ACADIA Pharmaceuticals has a 52-week low of $14.15 and a 52-week high of $24.53. The stock’s 50 day moving average price is $18.37 and its two-hundred day moving average price is $16.81.

Hedge Funds Weigh In On ACADIA Pharmaceuticals

Hedge funds have recently modified their holdings of the company. Virtus Fund Advisers LLC bought a new position in shares of ACADIA Pharmaceuticals in the fourth quarter valued at approximately $39,000. R Squared Ltd purchased a new position in ACADIA Pharmaceuticals in the fourth quarter worth $47,000. GF Fund Management CO. LTD. purchased a new position in ACADIA Pharmaceuticals in the fourth quarter worth $64,000. Quest Partners LLC grew its stake in ACADIA Pharmaceuticals by 42.3% in the 3rd quarter. Quest Partners LLC now owns 3,520 shares of the biopharmaceutical company’s stock valued at $54,000 after purchasing an additional 1,047 shares during the period. Finally, KBC Group NV increased its position in shares of ACADIA Pharmaceuticals by 67.0% during the 4th quarter. KBC Group NV now owns 5,093 shares of the biopharmaceutical company’s stock valued at $93,000 after purchasing an additional 2,044 shares during the last quarter. Institutional investors 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.