ACADIA Pharmaceuticals (NASDAQ:ACAD) Given “Buy” Rating at Needham & Company LLC

Needham & Company LLC reissued their buy rating on shares of ACADIA Pharmaceuticals (NASDAQ:ACAD) in a research report sent to investors on Tuesday morning,Benzinga reports. They currently have a $28.00 target price on the biopharmaceutical company’s stock.

A number of other research analysts have also weighed in on the stock. Morgan Stanley reaffirmed an “equal weight” rating and issued a $20.00 price target on shares of ACADIA Pharmaceuticals in a research note on Friday, March 7th. StockNews.com raised shares of ACADIA Pharmaceuticals from a “hold” rating to a “buy” rating in a research report on Saturday, March 8th. Guggenheim cut ACADIA Pharmaceuticals from a “buy” rating to a “neutral” rating and lowered their target price for the stock from $23.00 to $20.00 in a report on Friday, January 3rd. HC Wainwright restated a “buy” rating and issued a $27.00 price target on shares of ACADIA Pharmaceuticals in a report on Thursday, February 27th. Finally, Deutsche Bank Aktiengesellschaft began coverage on ACADIA Pharmaceuticals in a report on Tuesday, February 11th. They set a “hold” rating and a $22.00 price objective for the company. Eight analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat.com, ACADIA Pharmaceuticals has a consensus rating of “Moderate Buy” and a consensus price target of $23.93.

ACADIA Pharmaceuticals Price Performance

NASDAQ ACAD opened at $14.10 on Tuesday. The stock’s 50-day moving average is $17.89 and its 200-day moving average is $17.00. ACADIA Pharmaceuticals has a one year low of $13.87 and a one year high of $20.68. The firm has a market cap of $2.35 billion, a P/E ratio of 18.08 and a beta of 0.54.

Insider Activity

In related news, Director Elizabeth A. Garofalo sold 4,919 shares of the stock in a transaction on Wednesday, March 5th. The stock was sold at an average price of $18.23, for a total value of $89,673.37. Following the sale, the director now owns 17,595 shares in the company, valued at approximately $320,756.85. This represents a 21.85 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Mark C. Schneyer sold 2,708 shares of ACADIA Pharmaceuticals stock in a transaction on Tuesday, April 8th. The stock was sold at an average price of $14.82, for a total transaction of $40,132.56. Following the transaction, the executive vice president now directly owns 59,456 shares of the company’s stock, valued at approximately $881,137.92. This trade represents a 4.36 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 14,169 shares of company stock valued at $242,686. 28.30% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of ACAD. State Street Corp boosted its holdings in shares of ACADIA Pharmaceuticals by 3.0% during the third quarter. State Street Corp now owns 5,973,874 shares of the biopharmaceutical company’s stock worth $91,878,000 after acquiring an additional 173,084 shares during the period. Barclays PLC increased its stake in shares of ACADIA Pharmaceuticals by 126.2% during the third quarter. Barclays PLC now owns 277,565 shares of the biopharmaceutical company’s stock worth $4,269,000 after purchasing an additional 154,854 shares during the period. Geode Capital Management LLC lifted its holdings in ACADIA Pharmaceuticals by 1.1% during the 3rd quarter. Geode Capital Management LLC now owns 2,875,540 shares of the biopharmaceutical company’s stock worth $44,234,000 after purchasing an additional 30,826 shares during the last quarter. Principal Financial Group Inc. boosted its stake in ACADIA Pharmaceuticals by 67.8% in the 3rd quarter. Principal Financial Group Inc. now owns 129,551 shares of the biopharmaceutical company’s stock valued at $1,992,000 after purchasing an additional 52,340 shares during the period. Finally, Nordea Investment Management AB boosted its stake in ACADIA Pharmaceuticals by 1.3% in the 4th quarter. Nordea Investment Management AB now owns 264,031 shares of the biopharmaceutical company’s stock valued at $4,952,000 after purchasing an additional 3,516 shares during the period. 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.