ACADIA Pharmaceuticals (NASDAQ:ACAD) Given Outperform Rating at Royal Bank of Canada

Royal Bank of Canada reaffirmed their outperform rating on shares of ACADIA Pharmaceuticals (NASDAQ:ACAD) in a research report sent to investors on Tuesday morning, Benzinga reports. Royal Bank of Canada currently has a $29.00 price objective on the biopharmaceutical company’s stock.

ACAD has been the subject of a number of other research reports. Cantor Fitzgerald restated an overweight rating and set a $37.00 target price on shares of ACADIA Pharmaceuticals in a report on Thursday, May 9th. TheStreet raised shares of ACADIA Pharmaceuticals from a d rating to a c rating in a research report on Tuesday, February 27th. Morgan Stanley cut their price target on shares of ACADIA Pharmaceuticals from $40.00 to $30.00 and set an overweight rating on the stock in a report on Wednesday, March 13th. Stifel Nicolaus lowered their price objective on ACADIA Pharmaceuticals from $26.00 to $21.00 and set a hold rating for the company in a research report on Thursday, May 9th. Finally, Bank of America dropped their price target on ACADIA Pharmaceuticals from $26.00 to $22.00 and set a neutral rating on the stock in a research note on Friday, May 10th. Four analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of Moderate Buy and a consensus price target of $28.56.

ACADIA Pharmaceuticals Price Performance

ACAD stock opened at $15.60 on Tuesday. ACADIA Pharmaceuticals has a 12 month low of $14.55 and a 12 month high of $33.99. The firm’s 50-day moving average is $15.71 and its 200 day moving average is $21.46. The company has a market capitalization of $2.58 billion, a PE ratio of -1,558.44 and a beta of 0.41.

ACADIA Pharmaceuticals (NASDAQ:ACAD) last issued its earnings results on Wednesday, May 8th. The biopharmaceutical company reported $0.10 EPS for the quarter, topping analysts’ consensus estimates of $0.04 by $0.06. The business had revenue of $205.83 million for the quarter, compared to analyst estimates of $208.31 million. ACADIA Pharmaceuticals had a negative net margin of 0.21% and a negative return on equity of 0.41%. The company’s quarterly revenue was up 73.8% compared to the same quarter last year. During the same period last year, the company posted ($0.27) earnings per share. Sell-side analysts forecast that ACADIA Pharmaceuticals will post 0.58 EPS for the current fiscal year.

Insider Activity

In related news, CEO Stephen Davis sold 26,574 shares of the company’s stock in a transaction dated Monday, April 8th. The shares were sold at an average price of $17.87, for a total transaction of $474,877.38. Following the completion of the transaction, the chief executive officer now owns 144,267 shares in the company, valued at approximately $2,578,051.29. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other ACADIA Pharmaceuticals news, COO Brendan Teehan sold 2,568 shares of the firm’s stock in a transaction on Monday, April 8th. The stock was sold at an average price of $17.87, for a total value of $45,890.16. Following the transaction, the chief operating officer now owns 38,796 shares in the company, valued at approximately $693,284.52. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Stephen Davis sold 26,574 shares of ACADIA Pharmaceuticals stock in a transaction on Monday, April 8th. The stock was sold at an average price of $17.87, for a total transaction of $474,877.38. Following the sale, the chief executive officer now directly owns 144,267 shares in the company, valued at approximately $2,578,051.29. The disclosure for this sale can be found here. Insiders have sold a total of 54,356 shares of company stock worth $949,987 over the last 90 days. 28.30% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On ACADIA Pharmaceuticals

Several hedge funds and other institutional investors have recently modified their holdings of the business. UBS Group AG increased its position in ACADIA Pharmaceuticals by 3.6% during the third quarter. UBS Group AG now owns 144,696 shares of the biopharmaceutical company’s stock worth $3,015,000 after purchasing an additional 4,995 shares during the last quarter. Rhumbline Advisers boosted its position in shares of ACADIA Pharmaceuticals by 2.0% during the 3rd quarter. Rhumbline Advisers now owns 184,400 shares of the biopharmaceutical company’s stock worth $3,843,000 after acquiring an additional 3,624 shares in the last quarter. Envestnet Asset Management Inc. increased its stake in ACADIA Pharmaceuticals by 85.7% in the third quarter. Envestnet Asset Management Inc. now owns 171,815 shares of the biopharmaceutical company’s stock valued at $3,581,000 after purchasing an additional 79,298 shares during the last quarter. Acadian Asset Management LLC purchased a new stake in shares of ACADIA Pharmaceuticals during the 3rd quarter worth approximately $184,000. Finally, Federated Hermes Inc. boosted its position in shares of ACADIA Pharmaceuticals by 720.9% in the 3rd quarter. Federated Hermes Inc. now owns 109,717 shares of the biopharmaceutical company’s stock valued at $2,287,000 after purchasing an additional 96,351 shares during the period. 96.71% of the stock is owned by hedge funds and other institutional investors.

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.