ACADIA Pharmaceuticals Inc. (ACAD) Given Buy Rating at HC Wainwright
ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD)‘s stock had its “buy” rating restated by equities researchers at HC Wainwright in a research note issued on Thursday. They presently have a $60.00 target price on the biopharmaceutical company’s stock. HC Wainwright’s target price would indicate a potential upside of 53.30% from the company’s previous close.
The analysts wrote, “HARMONY Study Initiation: Killing Multiple” Birds With One Stone? Reit Buy and $60 PT Initiation of the Ph3 HARMONY study is one step forward with our bull thesis. With the initiation of HARMONY study in dementia-related psychosis (DRP) and discontinuation of SEREN study in AD agitation, we applaud what we view as a smart move by Acadia of pursuing a broader indication for pimavanserin, and more importantly, doing so with a solid clinical plan moving forward. At first glance, the seemingly bold move into DRP from ADP may appear over-ambitious (killing multiple” birds with one stone). However, we note that a psychosis focus/approach may prove to be a smart play from both the commercial point of view and also from the mechanistic perspective. The blessing from the FDA with a Breakthrough Designation further elevates our sanguine outlook for the program. We highlight the significant upside coming with the DRP expansion as the target market is potentially bigger than ADP alone (if we assume ADP comprises 70% of the DRP).””
A number of other research analysts have also weighed in on the company. Ladenburg Thalmann Financial Services reissued a “buy” rating and issued a $50.00 price objective (up from $48.00) on shares of ACADIA Pharmaceuticals in a report on Monday. Needham & Company LLC reissued a “buy” rating and issued a $49.00 price objective on shares of ACADIA Pharmaceuticals in a report on Sunday, September 17th. ValuEngine raised ACADIA Pharmaceuticals from a “sell” rating to a “hold” rating in a report on Friday, September 1st. Zacks Investment Research raised ACADIA Pharmaceuticals from a “hold” rating to a “buy” rating and set a $34.00 price objective on the stock in a report on Friday, August 11th. Finally, Piper Jaffray Companies set a $54.00 price objective on ACADIA Pharmaceuticals and gave the company a “buy” rating in a report on Wednesday, August 9th. Six equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus price target of $43.37.
ACADIA Pharmaceuticals (NASDAQ:ACAD) opened at 39.14 on Thursday. ACADIA Pharmaceuticals has a 12 month low of $20.68 and a 12 month high of $40.83. The stock’s market capitalization is $4.79 billion. The firm has a 50-day moving average price of $35.59 and a 200 day moving average price of $31.62.
ACADIA Pharmaceuticals (NASDAQ:ACAD) last announced its quarterly earnings data on Tuesday, August 8th. The biopharmaceutical company reported ($0.55) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.72) by $0.17. The business had revenue of $30.50 million for the quarter, compared to analyst estimates of $20.02 million. ACADIA Pharmaceuticals had a negative return on equity of 62.08% and a negative net margin of 485.14%. The company’s revenue was up 30400.0% on a year-over-year basis. During the same period in the prior year, the company earned ($0.63) earnings per share. Equities analysts anticipate that ACADIA Pharmaceuticals will post ($2.54) earnings per share for the current year.
In other ACADIA Pharmaceuticals news, EVP Glenn Baity sold 38,097 shares of the stock in a transaction that occurred on Thursday, July 20th. The stock was sold at an average price of $30.00, for a total transaction of $1,142,910.00. Following the transaction, the executive vice president now owns 109,253 shares in the company, valued at $3,277,590. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders have sold 78,926 shares of company stock worth $2,566,760 in the last quarter. 22.25% of the stock is currently owned by company insiders.
Hedge funds have recently modified their holdings of the business. PNC Financial Services Group Inc. boosted its position in ACADIA Pharmaceuticals by 138.8% during the first quarter. PNC Financial Services Group Inc. now owns 4,384 shares of the biopharmaceutical company’s stock worth $150,000 after purchasing an additional 2,548 shares in the last quarter. Jana Partners LLC boosted its position in ACADIA Pharmaceuticals by 39.8% during the first quarter. Jana Partners LLC now owns 421,140 shares of the biopharmaceutical company’s stock worth $14,479,000 after purchasing an additional 119,897 shares in the last quarter. Handelsinvest Investeringsforvaltning boosted its position in ACADIA Pharmaceuticals by 167.6% during the second quarter. Handelsinvest Investeringsforvaltning now owns 58,600 shares of the biopharmaceutical company’s stock worth $1,634,000 after purchasing an additional 36,700 shares in the last quarter. Elliott Management Corp purchased a new position in ACADIA Pharmaceuticals during the first quarter worth approximately $26,726,000. Finally, Vanguard Group Inc. boosted its position in ACADIA Pharmaceuticals by 4.9% during the first quarter. Vanguard Group Inc. now owns 7,469,785 shares of the biopharmaceutical company’s stock worth $256,812,000 after purchasing an additional 348,141 shares in the last quarter. Institutional investors own 97.10% of the company’s stock.
ACADIA Pharmaceuticals Company Profile
ACADIA Pharmaceuticals Inc is a biopharmaceutical company. The Company is focused on the development and commercialization of medicines for central nervous system (CNS) disorders. Its lead drug candidate, NUPLAZID (pimavanserin), is used for the treatment of hallucinations and delusions associated with Parkinson’s disease psychosis (PD Psychosis).
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