ACADIA Pharmaceuticals (NASDAQ:ACAD) Price Target Cut to $33.00 by Analysts at Citizens Jmp

ACADIA Pharmaceuticals (NASDAQ:ACAD) had its target price reduced by investment analysts at Citizens Jmp from $36.00 to $33.00 in a research note issued to investors on Friday, Benzinga reports. The brokerage presently has a “market outperform” rating on the biopharmaceutical company’s stock. Citizens Jmp’s price target would indicate a potential upside of 48.78% from the stock’s previous close.

A number of other equities research analysts have also issued reports on ACAD. Royal Bank Of Canada upped their target price on shares of ACADIA Pharmaceuticals from $36.00 to $37.00 and gave the company an “outperform” rating in a research note on Wednesday, August 5th. Needham & Company LLC restated a “buy” rating and set a $41.00 price objective on shares of ACADIA Pharmaceuticals in a research note on Thursday. Oppenheimer reaffirmed a “market perform” rating on shares of ACADIA Pharmaceuticals in a report on Wednesday. Weiss Ratings upgraded ACADIA Pharmaceuticals from a “hold (c)” rating to a “hold (c+)” rating in a research report on Wednesday, August 12th. Finally, Morgan Stanley boosted their price target on ACADIA Pharmaceuticals from $27.00 to $28.00 and gave the company an “equal weight” rating in a report on Tuesday, August 25th. Fourteen equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $33.69.

ACADIA Pharmaceuticals Stock Performance

ACAD opened at $22.18 on Friday. ACADIA Pharmaceuticals has a 1 year low of $19.69 and a 1 year high of $30.96. The company’s 50 day simple moving average is $27.60 and its 200 day simple moving average is $24.21. The stock has a market capitalization of $3.82 billion, a PE ratio of 9.99 and a beta of 0.86.

ACADIA Pharmaceuticals (NASDAQ:ACAD) last announced its quarterly earnings data on Tuesday, August 4th. The biopharmaceutical company reported $0.18 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.07 by $0.11. ACADIA Pharmaceuticals had a net margin of 33.42% and a return on equity of 9.03%. The company had revenue of $308.00 million during the quarter, compared to analysts’ expectations of $296.55 million. During the same period in the previous year, the company earned $0.16 EPS. The business’s quarterly revenue was up 16.4% compared to the same quarter last year. As a group, sell-side analysts expect that ACADIA Pharmaceuticals will post 0.64 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, EVP Elizabeth Thompson sold 16,558 shares of the company’s stock in a transaction on Thursday, July 30th. The stock was sold at an average price of $26.13, for a total transaction of $432,660.54. Following the completion of the transaction, the executive vice president directly owned 18,994 shares in the company, valued at $496,313.22. This represents a 46.57% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Mark Schneyer sold 14,292 shares of the firm’s stock in a transaction on Thursday, August 6th. The shares were sold at an average price of $29.22, for a total value of $417,612.24. Following the completion of the sale, the executive vice president owned 67,828 shares in the company, valued at $1,981,934.16. The trade was a 17.40% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 36,699 shares of company stock valued at $1,019,894 in the last 90 days. Insiders own 26.20% of the company’s stock.

Hedge Funds Weigh In On ACADIA Pharmaceuticals

Several hedge funds have recently modified their holdings of ACAD. Envestnet Portfolio Solutions Inc. acquired a new stake in ACADIA Pharmaceuticals during the second quarter valued at approximately $597,000. Integrated Wealth Concepts LLC purchased a new position in ACADIA Pharmaceuticals during the 2nd quarter valued at about $50,000. Baird Financial Group Inc. purchased a new stake in shares of ACADIA Pharmaceuticals in the second quarter worth approximately $232,000. Nykredit A S acquired a new stake in shares of ACADIA Pharmaceuticals during the second quarter worth approximately $38,000. Finally, Amundi boosted its holdings in shares of ACADIA Pharmaceuticals by 27.7% during the second quarter. Amundi now owns 34,153 shares of the biopharmaceutical company’s stock worth $864,000 after purchasing an additional 7,400 shares during the period. 96.71% of the stock is currently owned by institutional investors and hedge funds.

More ACADIA Pharmaceuticals News

Here are the key news stories impacting ACADIA Pharmaceuticals this week:

• Positive Sentiment: ACADIA said the Phase 2 RADIANT study produced efficacy trends for the 60-mg dose, including reductions in hallucinations and delusions, and characterized the results as sufficient to support a Phase 3 program. The drug’s safety profile was reportedly clean. ACADIA Announces RADIANT Results
• Positive Sentiment: Needham reaffirmed its Buy rating and maintained a $41 price target, while Citigroup retained a Buy rating even after reducing its target from $40 to $33. These targets imply substantial potential upside if remlifanserin succeeds in Phase 3.
• Neutral Sentiment: BMO lowered its price target to $34 amid heavy selling, reflecting a more cautious valuation but still indicating potential upside relative to the stock’s recent level. BMO Lowers ACAD Price Target
• Neutral Sentiment: A report showed zero shares sold short as of September 24, producing a zero-day days-to-cover ratio. This may limit the relevance of short-covering or short-squeeze explanations for the stock’s movement, although the figure may reflect a reporting anomaly.
• Negative Sentiment: Remlifanserin missed the RADIANT study’s primary endpoint: the high-dose treatment improved symptoms versus placebo, but the result fell short of statistical significance at six weeks. The weak effect size also raised concerns about clinical utility and the likelihood of reproducing the results in Phase 3. Reuters Report on RADIANT Trial
• Negative Sentiment: Citigroup reportedly cut its estimated probability of remlifanserin success to 20%, while other analysis placed the probability near 25%. The setback threatens the value investors had assigned to ACADIA’s Alzheimer’s pipeline and prompted the stock’s steepest decline in roughly two years.

ACADIA Pharmaceuticals Company Profile

ACADIA Pharmaceuticals Inc is a biopharmaceutical company focused on developing and commercializing medicines for neurological and psychiatric disorders. The company is headquartered in San Diego, California, and conducts research and commercial activities primarily in the United States.

ACADIA’s marketed products include NUPLAZID (pimavanserin), an atypical antipsychotic approved for the treatment of hallucinations and delusions associated with Parkinson’s disease psychosis. The company also markets DAYBUE (trofinetide), a therapy for Rett syndrome, a rare neurodevelopmental disorder.

Founded in 1993, ACADIA continues to advance a pipeline of therapies for central nervous system conditions, including additional neurological and psychiatric disorders.