Needham & Company LLC Reaffirms Buy Rating for ACADIA Pharmaceuticals (NASDAQ:ACAD)

ACADIA Pharmaceuticals (NASDAQ:ACAD)‘s stock had its “buy” rating reissued by equities researchers at Needham & Company LLC in a research note issued to investors on Thursday,Benzinga reports. They presently have a $28.00 target price on the biopharmaceutical company’s stock. Needham & Company LLC’s price objective points to a potential upside of 47.72% from the company’s previous close.

ACAD has been the subject of several other research reports. HC Wainwright restated a “buy” rating and issued a $27.00 price target on shares of ACADIA Pharmaceuticals in a research note on Thursday, November 7th. Deutsche Bank Aktiengesellschaft assumed coverage on shares of ACADIA Pharmaceuticals in a research note on Tuesday, February 11th. They issued a “hold” rating and a $22.00 price target for the company. Guggenheim downgraded shares of ACADIA Pharmaceuticals from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $23.00 to $20.00 in a research note on Friday, January 3rd. Finally, StockNews.com downgraded shares of ACADIA Pharmaceuticals from a “strong-buy” rating to a “buy” rating in a research note on Thursday, November 14th. Eight research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $24.00.

ACADIA Pharmaceuticals Stock Down 0.3 %

NASDAQ:ACAD opened at $18.96 on Thursday. The company has a fifty day simple moving average of $18.32 and a two-hundred day simple moving average of $16.79. The company has a market cap of $3.15 billion, a price-to-earnings ratio of 24.30 and a beta of 0.37. ACADIA Pharmaceuticals has a 52 week low of $14.15 and a 52 week high of $26.56.

Institutional Investors Weigh In On ACADIA Pharmaceuticals

A number of institutional investors and hedge funds have recently bought and sold shares of ACAD. Virtus Fund Advisers LLC purchased a new stake in ACADIA Pharmaceuticals in the fourth quarter valued at $39,000. R Squared Ltd purchased a new stake in shares of ACADIA Pharmaceuticals in the fourth quarter valued at about $47,000. Quest Partners LLC raised its holdings in shares of ACADIA Pharmaceuticals by 42.3% in the third quarter. Quest Partners LLC now owns 3,520 shares of the biopharmaceutical company’s stock valued at $54,000 after buying an additional 1,047 shares during the last quarter. GF Fund Management CO. LTD. purchased a new stake in shares of ACADIA Pharmaceuticals in the fourth quarter valued at about $64,000. Finally, KBC Group NV raised its holdings in shares of ACADIA Pharmaceuticals by 67.0% in the fourth quarter. KBC Group NV now owns 5,093 shares of the biopharmaceutical company’s stock valued at $93,000 after buying an additional 2,044 shares during the last quarter. 96.71% of the stock is owned by hedge funds and other institutional investors.

ACADIA Pharmaceuticals Company Profile

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.