Brokerages Set ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD) PT at $24.00

Shares of ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD) have been assigned a consensus rating of “Moderate Buy” from the seventeen brokerages that are currently covering the firm, MarketBeat Ratings reports. Eight equities research analysts have rated the stock with a hold recommendation and nine have issued a buy recommendation on the company. The average 1 year price objective among brokers that have issued ratings on the stock in the last year is $24.00.

ACAD has been the subject of several research reports. Morgan Stanley restated an “equal weight” rating and set a $20.00 price objective on shares of ACADIA Pharmaceuticals in a research report on Friday, March 7th. Cantor Fitzgerald restated an “overweight” rating and set a $28.00 price objective on shares of ACADIA Pharmaceuticals in a research report on Thursday, February 27th. StockNews.com raised shares of ACADIA Pharmaceuticals from a “hold” rating to a “buy” rating in a report on Saturday, March 8th. Guggenheim cut shares of ACADIA Pharmaceuticals from a “buy” rating to a “neutral” rating and lowered their target price for the stock from $23.00 to $20.00 in a report on Friday, January 3rd. Finally, HC Wainwright reaffirmed a “buy” rating and set a $27.00 target price on shares of ACADIA Pharmaceuticals in a report on Thursday, February 27th.

ACADIA Pharmaceuticals Stock Down 2.3 %

Shares of ACAD stock opened at $16.79 on Tuesday. The firm has a 50 day moving average price of $18.37 and a two-hundred day moving average price of $17.01. The company has a market capitalization of $2.80 billion, a PE ratio of 21.53 and a beta of 0.43. ACADIA Pharmaceuticals has a 12-month low of $14.15 and a 12-month high of $20.68.

Insider Activity at ACADIA Pharmaceuticals

In other ACADIA Pharmaceuticals news, Director Elizabeth A. Garofalo sold 4,919 shares of the business’s stock in a transaction on Wednesday, March 5th. The shares were sold at an average price of $18.23, for a total transaction of $89,673.37. Following the sale, the director now owns 17,595 shares of the company’s stock, valued at approximately $320,756.85. The trade was a 21.85 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders have sold 6,167 shares of company stock valued at $114,583 over the last three months. 28.30% of the stock is owned by insiders.

Institutional Trading of ACADIA Pharmaceuticals

A number of hedge funds and other institutional investors have recently modified their holdings of ACAD. Point72 Asset Management L.P. bought a new stake in shares of ACADIA Pharmaceuticals during the fourth quarter worth $40,935,000. SG Americas Securities LLC grew its stake in shares of ACADIA Pharmaceuticals by 380.3% during the fourth quarter. SG Americas Securities LLC now owns 2,483,731 shares of the biopharmaceutical company’s stock worth $45,576,000 after buying an additional 1,966,607 shares during the last quarter. Norges Bank bought a new stake in shares of ACADIA Pharmaceuticals during the fourth quarter worth $25,555,000. Renaissance Technologies LLC grew its stake in shares of ACADIA Pharmaceuticals by 204.2% during the fourth quarter. Renaissance Technologies LLC now owns 1,226,533 shares of the biopharmaceutical company’s stock worth $22,507,000 after buying an additional 823,333 shares during the last quarter. Finally, Two Sigma Advisers LP grew its stake in shares of ACADIA Pharmaceuticals by 160.8% during the fourth quarter. Two Sigma Advisers LP now owns 1,263,200 shares of the biopharmaceutical company’s stock worth $23,180,000 after buying an additional 778,900 shares during the last quarter. Institutional investors own 96.71% of the company’s stock.

About ACADIA Pharmaceuticals

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.