ACADIA Pharmaceuticals Inc. (ACAD) Raised to “Hold” at Zacks Investment Research

Zacks Investment Research upgraded shares of ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD) from a sell rating to a hold rating in a research report sent to investors on Friday, April 14th.

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. “

Several other analysts have also commented on the stock. Vetr upgraded shares of ACADIA Pharmaceuticals from a buy rating to a strong-buy rating and set a $41.20 price target on the stock in a research report on Monday, February 6th. Needham & Company LLC reiterated a buy rating and issued a $49.00 price target on shares of ACADIA Pharmaceuticals in a research report on Wednesday, April 5th. JPMorgan Chase & Co. reissued a buy rating on shares of ACADIA Pharmaceuticals in a research note on Wednesday, January 11th. Piper Jaffray Companies reaffirmed an overweight rating and set a $44.00 price target on shares of ACADIA Pharmaceuticals in a research note on Tuesday, February 7th. Finally, Jefferies Group LLC reaffirmed a buy rating and set a $47.00 price target on shares of ACADIA Pharmaceuticals in a research note on Wednesday, April 12th. Six equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. The company presently has a consensus rating of Buy and an average target price of $41.66.

ACADIA Pharmaceuticals (NASDAQ:ACAD) last issued its earnings results on Tuesday, May 9th. The biopharmaceutical company reported ($0.72) earnings per share for the quarter, topping the consensus estimate of ($0.73) by $0.01. ACADIA Pharmaceuticals had a negative net margin of 4,427.79% and a negative return on equity of 58.46%. The company had revenue of $15.30 million for the quarter, compared to analyst estimates of $15.17 million. During the same period in the prior year, the business posted ($0.45) earnings per share.

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Several hedge funds have recently bought and sold shares of the company. Baker BROS. Advisors LP bought a new stake in ACADIA Pharmaceuticals during the third quarter valued at approximately $821,327,000. BlackRock Inc. boosted its stake in shares of ACADIA Pharmaceuticals by 5,422.8% in the first quarter. BlackRock Inc. now owns 5,433,209 shares of the biopharmaceutical company’s stock worth $186,791,000 after buying an additional 5,334,832 shares during the last quarter. Norges Bank purchased a new stake in shares of ACADIA Pharmaceuticals during the fourth quarter worth $24,050,000. Elliott Management Corp purchased a new stake in shares of ACADIA Pharmaceuticals during the first quarter worth $26,726,000. Finally, Point72 Asset Management L.P. boosted its stake in shares of ACADIA Pharmaceuticals by 57.6% in the first quarter. Point72 Asset Management L.P. now owns 1,931,200 shares of the biopharmaceutical company’s stock worth $66,395,000 after buying an additional 706,200 shares during the last quarter. Institutional investors and hedge funds own 98.25% of the company’s stock.

About ACADIA Pharmaceuticals

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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