Bank of America Analysts Give ACADIA Pharmaceuticals (NASDAQ:ACAD) a $31.00 Price Target

ACADIA Pharmaceuticals (NASDAQ:ACAD) has been assigned a $31.00 price objective by equities researchers at Bank of America in a research note issued on Wednesday, TipRanks reports. The firm currently has a “buy” rating on the biopharmaceutical company’s stock. Bank of America‘s price objective indicates a potential upside of 7.90% from the stock’s previous close.

ACAD has been the topic of a number of other reports. Zacks Investment Research raised ACADIA Pharmaceuticals from a “hold” rating to a “buy” rating and set a $26.00 price target on the stock in a report on Thursday, July 25th. JPMorgan Chase & Co. reissued a “buy” rating and set a $31.00 price target on shares of ACADIA Pharmaceuticals in a report on Thursday, May 2nd. ValuEngine cut ACADIA Pharmaceuticals from a “buy” rating to a “hold” rating in a report on Tuesday, July 23rd. BidaskClub raised ACADIA Pharmaceuticals from a “sell” rating to a “hold” rating in a report on Wednesday. Finally, Cantor Fitzgerald reissued a “buy” rating and set a $30.00 price target on shares of ACADIA Pharmaceuticals in a report on Thursday, April 25th. Six equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company. The stock has an average rating of “Buy” and a consensus price target of $32.08.

NASDAQ:ACAD traded up $0.06 on Wednesday, reaching $28.73. 1,585,893 shares of the company’s stock traded hands, compared to its average volume of 1,314,456. The company has a debt-to-equity ratio of 0.02, a quick ratio of 6.29 and a current ratio of 6.35. The stock’s 50-day moving average is $25.82. The stock has a market capitalization of $3.60 billion, a price-to-earnings ratio of -14.81 and a beta of 2.87. ACADIA Pharmaceuticals has a 12 month low of $12.77 and a 12 month high of $29.32.

ACADIA Pharmaceuticals (NASDAQ:ACAD) last posted its quarterly earnings results on Wednesday, July 31st. The biopharmaceutical company reported ($0.38) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.46) by $0.08. The business had revenue of $83.21 million for the quarter, compared to analysts’ expectations of $72.50 million. ACADIA Pharmaceuticals had a negative return on equity of 79.74% and a negative net margin of 116.10%. The business’s quarterly revenue was up 45.8% on a year-over-year basis. During the same period last year, the firm earned ($0.51) earnings per share. As a group, sell-side analysts expect that ACADIA Pharmaceuticals will post -1.9 EPS for the current year.

Several institutional investors have recently modified their holdings of ACAD. New York State Common Retirement Fund grew its position in ACADIA Pharmaceuticals by 18.2% in the first quarter. New York State Common Retirement Fund now owns 117,470 shares of the biopharmaceutical company’s stock worth $3,154,000 after acquiring an additional 18,070 shares in the last quarter. Two Sigma Advisers LP purchased a new position in shares of ACADIA Pharmaceuticals during the fourth quarter valued at approximately $881,000. Millennium Management LLC boosted its position in shares of ACADIA Pharmaceuticals by 116.2% during the fourth quarter. Millennium Management LLC now owns 905,416 shares of the biopharmaceutical company’s stock valued at $14,641,000 after buying an additional 486,673 shares during the period. Amalgamated Bank purchased a new position in shares of ACADIA Pharmaceuticals during the fourth quarter valued at approximately $232,000. Finally, JPMorgan Chase & Co. boosted its position in shares of ACADIA Pharmaceuticals by 0.8% during the first quarter. JPMorgan Chase & Co. now owns 807,216 shares of the biopharmaceutical company’s stock valued at $21,674,000 after buying an additional 6,045 shares during the period. Hedge funds and other institutional investors own 93.30% of the company’s stock.

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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Analyst Recommendations for ACADIA Pharmaceuticals (NASDAQ:ACAD)

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