Needham & Company LLC Reaffirms Buy Rating for ACADIA Pharmaceuticals (NASDAQ:ACAD)

ACADIA Pharmaceuticals (NASDAQ:ACAD)‘s stock had its “buy” rating reaffirmed by equities researchers at Needham & Company LLC in a research note 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 suggests a potential upside of 47.72% from the stock’s previous close.

Several other research firms have also recently issued reports on ACAD. HC Wainwright reissued a “buy” rating and set a $27.00 price target on shares of ACADIA Pharmaceuticals in a report on Thursday, November 7th. StockNews.com cut shares of ACADIA Pharmaceuticals from a “strong-buy” rating to a “buy” rating in a report on Thursday, November 14th. Deutsche Bank Aktiengesellschaft began coverage on shares of ACADIA Pharmaceuticals in a report on Tuesday, February 11th. They set a “hold” rating and a $22.00 price target for the company. Finally, Guggenheim cut shares of ACADIA Pharmaceuticals from a “buy” rating to a “neutral” rating and cut their price target for the stock from $23.00 to $20.00 in a report on Friday, January 3rd. Eight equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $24.00.

ACADIA Pharmaceuticals Stock Performance

Shares of NASDAQ:ACAD opened at $18.96 on Thursday. The stock has a market capitalization of $3.15 billion, a price-to-earnings ratio of 24.30 and a beta of 0.37. ACADIA Pharmaceuticals has a one year low of $14.15 and a one year high of $26.56. The company has a 50-day simple moving average of $18.32 and a 200-day simple moving average of $16.79.

Institutional Trading of ACADIA Pharmaceuticals

Large investors have recently modified their holdings of the business. Virtus Fund Advisers LLC acquired a new stake in shares of ACADIA Pharmaceuticals in the fourth quarter valued at approximately $39,000. R Squared Ltd acquired a new stake in shares of ACADIA Pharmaceuticals in the fourth quarter valued at approximately $47,000. GF Fund Management CO. LTD. acquired a new stake in shares of ACADIA Pharmaceuticals in the fourth quarter valued at approximately $64,000. Quest Partners LLC grew its position in shares of ACADIA Pharmaceuticals by 42.3% in the third 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 last quarter. Finally, KBC Group NV grew its position in shares of ACADIA Pharmaceuticals by 67.0% in the fourth 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. 96.71% of the stock is currently owned by institutional investors and hedge funds.

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.