Robert W. Baird Trims ACADIA Pharmaceuticals (NASDAQ:ACAD) Target Price to $28.00

ACADIA Pharmaceuticals (NASDAQ:ACAD) had its target price reduced by equities researchers at Robert W. Baird from $31.00 to $28.00 in a research 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 price target suggests a potential upside of 63.46% from the company’s current price.

Other equities analysts have also issued reports about the company. Mizuho reduced their price target on ACADIA Pharmaceuticals from $25.00 to $21.00 and set a “neutral” rating on the stock in a research report on Thursday. HC Wainwright restated a “buy” rating and issued a $33.00 target price on shares of ACADIA Pharmaceuticals in a research note on Wednesday, February 28th. Needham & Company LLC reaffirmed a “buy” rating and set a $30.00 price target on shares of ACADIA Pharmaceuticals in a research note on Thursday. Royal Bank of Canada reduced their price target on ACADIA Pharmaceuticals from $36.00 to $35.00 and set an “outperform” rating for the company in a report on Wednesday, February 28th. Finally, StockNews.com upgraded ACADIA Pharmaceuticals from a “hold” rating to a “buy” rating in a research note on Tuesday, January 30th. Three investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to MarketBeat.com, ACADIA Pharmaceuticals currently has an average rating of “Moderate Buy” and a consensus target price of $30.63.

ACADIA Pharmaceuticals Stock Performance

NASDAQ ACAD opened at $17.13 on Thursday. The firm has a market capitalization of $2.83 billion, a price-to-earnings ratio of -45.08 and a beta of 0.42. The company’s 50 day moving average price is $18.66 and its 200 day moving average price is $23.21. ACADIA Pharmaceuticals has a one year low of $16.16 and a one year high of $33.99.

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

Insiders Place Their Bets

In related news, CFO Mark C. Schneyer sold 3,503 shares of the firm’s stock in a transaction that occurred on Thursday, May 2nd. The stock was sold at an average price of $16.94, for a total value of $59,340.82. Following the sale, the chief financial officer now owns 32,053 shares of the company’s stock, valued at approximately $542,977.82. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other ACADIA Pharmaceuticals news, COO Brendan Teehan sold 3,477 shares of the company’s stock in a transaction dated Thursday, May 2nd. The shares were sold at an average price of $16.94, for a total value of $58,900.38. Following the completion of the transaction, the chief operating officer now owns 42,133 shares in the company, valued at approximately $713,733.02. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO Mark C. Schneyer sold 3,503 shares of ACADIA Pharmaceuticals stock in a transaction that occurred on Thursday, May 2nd. The shares were sold at an average price of $16.94, for a total value of $59,340.82. Following the sale, the chief financial officer now directly owns 32,053 shares in the company, valued at approximately $542,977.82. The disclosure for this sale can be found here. Insiders have sold 89,116 shares of company stock valued at $1,625,639 over the last quarter. Insiders own 27.50% of the company’s stock.

Institutional Trading of ACADIA Pharmaceuticals

Large investors have recently added to or reduced their stakes in the business. Raymond James & Associates increased its holdings in shares of ACADIA Pharmaceuticals by 18.1% during the third quarter. Raymond James & Associates now owns 10,614 shares of the biopharmaceutical company’s stock valued at $221,000 after purchasing an additional 1,630 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in ACADIA Pharmaceuticals by 12.2% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 23,405 shares of the biopharmaceutical company’s stock valued at $488,000 after buying an additional 2,548 shares during the period. Mirae Asset Global Investments Co. Ltd. raised its position in shares of ACADIA Pharmaceuticals by 8.7% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 81,338 shares of the biopharmaceutical company’s stock worth $1,695,000 after buying an additional 6,519 shares in the last quarter. TD Asset Management Inc lifted its stake in shares of ACADIA Pharmaceuticals by 29.4% in the 3rd quarter. TD Asset Management Inc now owns 225,696 shares of the biopharmaceutical company’s stock worth $4,704,000 after acquiring an additional 51,273 shares during the period. Finally, Allspring Global Investments Holdings LLC boosted its holdings in shares of ACADIA Pharmaceuticals by 229.4% in the third quarter. Allspring Global Investments Holdings LLC now owns 125,091 shares of the biopharmaceutical company’s stock valued at $2,607,000 after acquiring an additional 87,111 shares in the last quarter. 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.