ACADIA Pharmaceuticals (NASDAQ:ACAD) Price Target Cut to $28.00 by Analysts at Robert W. Baird

ACADIA Pharmaceuticals (NASDAQ:ACAD) had its target price dropped by stock analysts at Robert W. Baird from $31.00 to $28.00 in a note issued to investors on Thursday, Benzinga reports. The firm presently has an “outperform” rating on the biopharmaceutical company’s stock. Robert W. Baird’s target price would indicate a potential upside of 63.46% from the stock’s previous close.

ACAD has been the topic of a number of other research reports. Mizuho reduced their price objective on ACADIA Pharmaceuticals from $25.00 to $21.00 and set a “neutral” rating on the stock in a research note on Thursday. Oppenheimer reissued a “market perform” rating and set a $19.00 price objective on shares of ACADIA Pharmaceuticals in a report on Monday. Morgan Stanley dropped their target price on shares of ACADIA Pharmaceuticals from $40.00 to $30.00 and set an “overweight” rating for the company in a research note on Wednesday, March 13th. TheStreet raised shares of ACADIA Pharmaceuticals from a “d” rating to a “c” rating in a research note on Tuesday, February 27th. Finally, Royal Bank of Canada dropped their price objective on shares of ACADIA Pharmaceuticals from $36.00 to $35.00 and set an “outperform” rating for the company in a research report on Wednesday, February 28th. Three research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to MarketBeat, ACADIA Pharmaceuticals currently has a consensus rating of “Moderate Buy” and an average price target of $30.63.

ACADIA Pharmaceuticals Stock Performance

Shares of ACAD stock opened at $17.13 on Thursday. ACADIA Pharmaceuticals has a 52-week low of $16.16 and a 52-week high of $33.99. The stock has a market cap of $2.83 billion, a price-to-earnings ratio of -45.08 and a beta of 0.42. The firm has a fifty day moving average of $18.66 and a 200-day moving average of $23.21.

ACADIA Pharmaceuticals (NASDAQ:ACAD) last released its quarterly earnings data on Tuesday, February 27th. The biopharmaceutical company reported $0.28 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.32 by ($0.04). The company had revenue of $231.04 million for the quarter, compared to analyst estimates of $223.79 million. ACADIA Pharmaceuticals had a negative return on equity of 15.67% and a negative net margin of 8.44%. The business’s revenue was up 69.3% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.26) earnings per share. On average, sell-side analysts predict that ACADIA Pharmaceuticals will post 0.62 earnings per share for the current year.

Insider Buying and Selling at ACADIA Pharmaceuticals

In other news, CEO Stephen Davis sold 5,577 shares of ACADIA Pharmaceuticals stock in a transaction on Monday, February 26th. The shares were sold at an average price of $24.67, for a total transaction of $137,584.59. Following the transaction, the chief executive officer now directly owns 101,890 shares of the company’s stock, valued at $2,513,626.30. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In other ACADIA Pharmaceuticals news, CFO Mark C. Schneyer sold 3,503 shares of the stock in a transaction dated Thursday, May 2nd. The stock was sold at an average price of $16.94, for a total value of $59,340.82. Following the completion of the sale, the chief financial officer now directly owns 32,053 shares in the company, valued at $542,977.82. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Stephen Davis sold 5,577 shares of ACADIA Pharmaceuticals stock in a transaction dated Monday, February 26th. The shares were sold at an average price of $24.67, for a total value of $137,584.59. Following the transaction, the chief executive officer now owns 101,890 shares in the company, valued at approximately $2,513,626.30. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 89,116 shares of company stock valued at $1,625,639. Corporate insiders own 27.50% of the company’s stock.

Institutional Trading of ACADIA Pharmaceuticals

Several hedge funds have recently bought and sold shares of the stock. Quest Partners LLC acquired a new position in shares of ACADIA Pharmaceuticals in the fourth quarter valued at approximately $39,000. Headlands Technologies LLC acquired a new position in ACADIA Pharmaceuticals in the 1st quarter worth $48,000. China Universal Asset Management Co. Ltd. boosted its stake in ACADIA Pharmaceuticals by 97.1% in the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 4,202 shares of the biopharmaceutical company’s stock worth $88,000 after purchasing an additional 2,070 shares during the period. BI Asset Management Fondsmaeglerselskab A S bought a new position in ACADIA Pharmaceuticals during the 4th quarter worth about $100,000. Finally, Acadian Asset Management LLC acquired a new stake in shares of ACADIA Pharmaceuticals in the 3rd quarter valued at about $184,000. 96.71% of the stock is currently owned by institutional investors and hedge funds.

About ACADIA Pharmaceuticals

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.