Zacks Investment Research cut shares of ACADIA Pharmaceuticals (NASDAQ:ACAD) from a hold rating to a sell rating in a research report sent to investors on Tuesday.
According to Zacks, “Acadia Pharmaceuticals is a biopharmaceutical company focused on the discovery, development and commercialization of small molecule drugs for the treatment of central nervous system disorders. Their three clinical programs are ACP-103 for treatment-induced dysfunction in Parkinson’s disease, and ACP-104 and ACP-103, both for the treatment of schizophrenia. “
A number of other research analysts have also recently issued reports on the stock. Cantor Fitzgerald initiated coverage on shares of ACADIA Pharmaceuticals in a report on Thursday, August 23rd. They issued an overweight rating and a $25.00 target price for the company. JPMorgan Chase & Co. set a $50.00 target price on shares of ACADIA Pharmaceuticals and gave the company a buy rating in a report on Sunday, July 1st. HC Wainwright reaffirmed a buy rating and issued a $60.00 target price on shares of ACADIA Pharmaceuticals in a report on Thursday, August 9th. Stifel Nicolaus assumed coverage on shares of ACADIA Pharmaceuticals in a research note on Tuesday, August 7th. They set a hold rating and a $17.00 price objective for the company. Finally, BidaskClub raised shares of ACADIA Pharmaceuticals from a hold rating to a buy rating in a research note on Monday, June 18th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and nine have issued a buy rating to the company. The stock presently has an average rating of Hold and a consensus price target of $38.38.
Shares of ACADIA Pharmaceuticals stock opened at $14.04 on Tuesday. ACADIA Pharmaceuticals has a 12-month low of $12.77 and a 12-month high of $41.20.
ACADIA Pharmaceuticals (NASDAQ:ACAD) last issued its earnings results on Wednesday, August 8th. The biopharmaceutical company reported ($0.51) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.45) by ($0.06). ACADIA Pharmaceuticals had a negative net margin of 135.99% and a negative return on equity of 78.56%. The company had revenue of $57.06 million during the quarter, compared to analysts’ expectations of $58.63 million. During the same period last year, the business posted ($0.55) earnings per share. The company’s quarterly revenue was up 87.2% on a year-over-year basis. sell-side analysts expect that ACADIA Pharmaceuticals will post -2.1 EPS for the current fiscal year.
Several institutional investors and hedge funds have recently modified their holdings of ACAD. BlackRock Inc. increased its stake in shares of ACADIA Pharmaceuticals by 46.4% during the 2nd quarter. BlackRock Inc. now owns 9,735,101 shares of the biopharmaceutical company’s stock worth $148,654,000 after purchasing an additional 3,085,874 shares in the last quarter. Orbimed Advisors LLC boosted its position in ACADIA Pharmaceuticals by 28.2% during the second quarter. Orbimed Advisors LLC now owns 4,282,400 shares of the biopharmaceutical company’s stock worth $65,392,000 after acquiring an additional 941,700 shares during the last quarter. First Trust Advisors LP boosted its position in ACADIA Pharmaceuticals by 47.7% during the second quarter. First Trust Advisors LP now owns 2,603,446 shares of the biopharmaceutical company’s stock worth $39,755,000 after acquiring an additional 840,425 shares during the last quarter. Millennium Management LLC boosted its position in ACADIA Pharmaceuticals by 662.1% during the first quarter. Millennium Management LLC now owns 661,358 shares of the biopharmaceutical company’s stock worth $14,861,000 after acquiring an additional 574,577 shares during the last quarter. Finally, ING Groep NV acquired a new stake in ACADIA Pharmaceuticals during the second quarter worth approximately $6,966,000. 92.98% of the stock is owned by institutional investors and hedge funds.
ACADIA Pharmaceuticals Company Profile
ACADIA Pharmaceuticals Inc, a biopharmaceutical company, focuses on the development and commercialization of small molecule drugs that address unmet medical needs in central nervous system disorders. The company offers NUPLAZID (pimavanserin) for the treatment of hallucinations and delusions associated with Parkinson's disease psychosis.
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