ACADIA Pharmaceuticals (NASDAQ:ACAD) Stock Rating Upgraded by Bank of America

ACADIA Pharmaceuticals (NASDAQ:ACAD) was upgraded by equities research analysts at Bank of America from a “neutral” rating to a “buy” rating in a report issued on Wednesday,Finviz reports. The firm currently has a $29.00 price objective on the biopharmaceutical company’s stock. Bank of America‘s target price suggests a potential upside of 38.36% from the company’s current price.

Other equities analysts also recently issued research reports about the company. Citizens Jmp increased their price objective on ACADIA Pharmaceuticals from $34.00 to $35.00 and gave the stock a “market outperform” rating in a report on Thursday, February 26th. TD Cowen increased their target price on ACADIA Pharmaceuticals from $35.00 to $37.00 and gave the company a “buy” rating in a research note on Thursday, February 26th. HC Wainwright restated a “buy” rating and set a $37.00 target price on shares of ACADIA Pharmaceuticals in a research note on Tuesday, February 3rd. Needham & Company LLC reaffirmed a “buy” rating and set a $34.00 price target on shares of ACADIA Pharmaceuticals in a report on Monday, January 5th. Finally, Weiss Ratings reissued a “hold (c+)” rating on shares of ACADIA Pharmaceuticals in a report on Monday, December 29th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating, four have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $31.21.

ACADIA Pharmaceuticals Price Performance

ACAD opened at $20.96 on Wednesday. The firm has a market capitalization of $3.57 billion, a price-to-earnings ratio of 9.15, a PEG ratio of 20.87 and a beta of 0.66. The business has a 50 day simple moving average of $23.69 and a two-hundred day simple moving average of $23.98. ACADIA Pharmaceuticals has a one year low of $13.40 and a one year high of $28.35.

ACADIA Pharmaceuticals (NASDAQ:ACAD) last announced its quarterly earnings results on Thursday, February 26th. The biopharmaceutical company reported $1.60 EPS for the quarter, topping analysts’ consensus estimates of $0.12 by $1.48. ACADIA Pharmaceuticals had a return on equity of 12.49% and a net margin of 36.49%.The company had revenue of $298.00 million during the quarter, compared to analyst estimates of $292.54 million. During the same quarter last year, the firm posted $0.86 earnings per share. The firm’s revenue was up 9.4% on a year-over-year basis. As a group, sell-side analysts expect that ACADIA Pharmaceuticals will post 0.7 EPS for the current fiscal year.

Insider Buying and Selling

In other ACADIA Pharmaceuticals news, EVP Jennifer J. Rhodes sold 6,950 shares of the firm’s stock in a transaction dated Monday, February 9th. The stock was sold at an average price of $23.38, for a total transaction of $162,491.00. Following the sale, the executive vice president directly owned 7,609 shares of the company’s stock, valued at $177,898.42. This trade represents a 47.74% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 28.30% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Farther Finance Advisors LLC grew its holdings in ACADIA Pharmaceuticals by 67.5% during the 4th quarter. Farther Finance Advisors LLC now owns 958 shares of the biopharmaceutical company’s stock valued at $26,000 after buying an additional 386 shares in the last quarter. Meeder Asset Management Inc. purchased a new position in shares of ACADIA Pharmaceuticals in the fourth quarter worth $26,000. Transamerica Financial Advisors LLC lifted its holdings in shares of ACADIA Pharmaceuticals by 304.5% in the fourth quarter. Transamerica Financial Advisors LLC now owns 1,335 shares of the biopharmaceutical company’s stock worth $36,000 after buying an additional 1,005 shares in the last quarter. Geneos Wealth Management Inc. boosted its position in shares of ACADIA Pharmaceuticals by 113.0% during the third quarter. Geneos Wealth Management Inc. now owns 1,425 shares of the biopharmaceutical company’s stock worth $30,000 after acquiring an additional 756 shares during the last quarter. Finally, Federated Hermes Inc. grew its stake in ACADIA Pharmaceuticals by 277.5% during the fourth quarter. Federated Hermes Inc. now owns 1,612 shares of the biopharmaceutical company’s stock valued at $43,000 after acquiring an additional 1,185 shares in the last quarter. 96.71% of the stock is currently owned by institutional investors.

About ACADIA Pharmaceuticals

ACADIA Pharmaceuticals Inc is a biopharmaceutical company focused on the development and commercialization of innovative therapies for central nervous system (CNS) disorders. Established in 1993 and headquartered in San Diego, California, ACADIA’s research centers concentrate on conditions with significant unmet medical needs, including Parkinson’s disease psychosis, Alzheimer’s disease psychosis, and schizophrenia. The company utilizes a range of scientific platforms, including selective receptor modulation and precision-targeted compounds, to advance its portfolio of small-molecule therapeutics.

The company’s flagship product, NUPLAZID® (pimavanserin), received U.S.