ACADIA Pharmaceuticals’ (ACAD) Outperform Rating Reiterated at Royal Bank of Canada

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

ACAD has been the subject of a number of other research reports. Morgan Stanley reduced their price objective 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. Bank of America reduced their price objective on shares of ACADIA Pharmaceuticals from $26.00 to $22.00 and set a neutral rating for the company in a research note on Friday, May 10th. JPMorgan Chase & Co. cut their price target on shares of ACADIA Pharmaceuticals from $29.00 to $25.00 and set an overweight rating on the stock in a report on Monday, March 25th. Robert W. Baird cut their price target on shares of ACADIA Pharmaceuticals from $31.00 to $28.00 and set an outperform rating on the stock in a report on Thursday, May 9th. Finally, Cantor Fitzgerald reaffirmed an overweight rating and issued a $37.00 price target on shares of ACADIA Pharmaceuticals in a report on Thursday, May 9th. Four analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. According to data from MarketBeat, ACADIA Pharmaceuticals currently has an average rating of Moderate Buy and a consensus price target of $28.71.

ACADIA Pharmaceuticals Price Performance

Shares of NASDAQ ACAD opened at $16.25 on Tuesday. The company has a market cap of $2.68 billion, a P/E ratio of -1,623.38 and a beta of 0.40. ACADIA Pharmaceuticals has a 1 year low of $14.55 and a 1 year high of $33.99. The firm has a 50-day simple moving average of $15.65 and a two-hundred day simple moving average of $21.35.

ACADIA Pharmaceuticals (NASDAQ:ACAD) last posted its quarterly earnings results on Wednesday, May 8th. The biopharmaceutical company reported $0.10 earnings per share for the quarter, beating the consensus estimate of $0.04 by $0.06. ACADIA Pharmaceuticals had a negative net margin of 0.21% and a negative return on equity of 0.41%. The firm had revenue of $205.83 million during the quarter, compared to the consensus estimate of $208.31 million. During the same quarter in the previous year, the firm posted ($0.27) earnings per share. The company’s revenue was up 73.8% on a year-over-year basis. As a group, equities research analysts expect that ACADIA Pharmaceuticals will post 0.58 EPS for the current year.

Insiders Place Their Bets

In other ACADIA Pharmaceuticals 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 value of $474,877.38. Following the completion of the transaction, the chief executive officer now owns 144,267 shares in the company, valued at $2,578,051.29. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other ACADIA Pharmaceuticals 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 value of $474,877.38. Following the completion of the transaction, the chief executive officer now owns 144,267 shares in the company, valued at $2,578,051.29. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Mark C. Schneyer sold 3,503 shares of the company’s stock in a transaction dated Thursday, May 2nd. The stock was sold at an average price of $16.94, for a total transaction of $59,340.82. Following the completion of the transaction, the chief financial officer now owns 32,053 shares of the company’s stock, valued at approximately $542,977.82. The disclosure for this sale can be found here. Over the last quarter, insiders sold 54,356 shares of company stock worth $949,987. Company insiders own 28.30% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Covestor Ltd raised its position in shares of ACADIA Pharmaceuticals by 70.5% during the 1st quarter. Covestor Ltd now owns 2,032 shares of the biopharmaceutical company’s stock worth $38,000 after purchasing an additional 840 shares during the last quarter. Quest Partners LLC acquired a new position in shares of ACADIA Pharmaceuticals during the 4th quarter worth about $39,000. Headlands Technologies LLC acquired a new position in shares of ACADIA Pharmaceuticals during the 1st quarter worth about $48,000. BI Asset Management Fondsmaeglerselskab A S acquired a new position in shares of ACADIA Pharmaceuticals during the 4th quarter worth about $100,000. Finally, Shell Asset Management Co. raised its position in shares of ACADIA Pharmaceuticals by 65.7% during the 1st quarter. Shell Asset Management Co. now owns 7,339 shares of the biopharmaceutical company’s stock worth $136,000 after purchasing an additional 2,909 shares during the last quarter. Institutional investors and hedge funds own 96.71% of the company’s stock.

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.