Cantor Fitzgerald Reaffirms “Buy” Rating for ACADIA Pharmaceuticals (ACAD)

Cantor Fitzgerald reaffirmed their buy rating on shares of ACADIA Pharmaceuticals (NASDAQ:ACAD) in a research report released on Wednesday. They currently have a $30.00 price target on the biopharmaceutical company’s stock.

“. We reiterate our Overweight rating and $30 price target on ACADIA. We recently hosted investors for a meeting with ACAD management on our Post ASH-Thrash Bus Tour. One focus of investor interest was the progress made by ACADIA on the NUPLAZID franchise since the removal of the safety concern overhang precipitated by what we view as an unfounded negative media article regarding the drug in PDP. Recall that in September 2018, the FDA announced that the label for NUPLAZID adequately characterized the known risks and that the agency still viewed benefits as outweighing risks for patients with PDP, especially in light of alternative off-label antipsych drugs.”,” Cantor Fitzgerald’s analyst wrote.

Several other research analysts have also commented on ACAD. Stifel Nicolaus initiated 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. BidaskClub lowered shares of ACADIA Pharmaceuticals from a hold rating to a sell rating in a research note on Thursday, August 9th. HC Wainwright reaffirmed a buy rating and set a $60.00 price objective on shares of ACADIA Pharmaceuticals in a research note on Thursday, August 9th. JMP Securities dropped their price objective on shares of ACADIA Pharmaceuticals from $50.00 to $27.00 and set a market outperform rating for the company in a research note on Thursday, August 9th. Finally, Zacks Investment Research raised shares of ACADIA Pharmaceuticals from a sell rating to a hold rating in a research note on Tuesday, August 14th. Six equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. The stock currently has a consensus rating of Buy and a consensus price target of $31.80.

NASDAQ ACAD opened at $18.21 on Wednesday. ACADIA Pharmaceuticals has a 52 week low of $12.77 and a 52 week high of $32.99.

ACADIA Pharmaceuticals (NASDAQ:ACAD) last posted its quarterly earnings data on Tuesday, November 6th. The biopharmaceutical company reported ($0.50) EPS for the quarter, topping the consensus estimate of ($0.58) by $0.08. The company had revenue of $58.31 million during the quarter, compared to analyst estimates of $56.31 million. ACADIA Pharmaceuticals had a negative net margin of 119.62% and a negative return on equity of 88.18%. ACADIA Pharmaceuticals’s quarterly revenue was up 63.9% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.53) earnings per share. Equities research analysts expect that ACADIA Pharmaceuticals will post -2 earnings per share for the current fiscal year.

In other ACADIA Pharmaceuticals news, Director Bros. Advisors Lp Baker bought 11,764,705 shares of the firm’s stock in a transaction dated Friday, November 30th. The stock was acquired at an average cost of $17.00 per share, for a total transaction of $199,999,985.00. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 23.28% of the stock is currently owned by company insiders.

Several large investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its position in shares of ACADIA Pharmaceuticals by 1.8% during the third quarter. Vanguard Group Inc. now owns 8,829,618 shares of the biopharmaceutical company’s stock worth $183,303,000 after purchasing an additional 155,172 shares during the last quarter. TIAA CREF Investment Management LLC lifted its position in shares of ACADIA Pharmaceuticals by 2.9% during the third quarter. TIAA CREF Investment Management LLC now owns 565,674 shares of the biopharmaceutical company’s stock worth $11,743,000 after purchasing an additional 15,850 shares during the last quarter. Teachers Advisors LLC lifted its position in shares of ACADIA Pharmaceuticals by 3.0% during the third quarter. Teachers Advisors LLC now owns 250,406 shares of the biopharmaceutical company’s stock worth $5,198,000 after purchasing an additional 7,358 shares during the last quarter. Macquarie Group Ltd. bought a new stake in shares of ACADIA Pharmaceuticals during the third quarter worth $2,345,000. Finally, MetLife Investment Advisors LLC lifted its position in shares of ACADIA Pharmaceuticals by 55.2% during the third quarter. MetLife Investment Advisors LLC now owns 71,090 shares of the biopharmaceutical company’s stock worth $1,476,000 after purchasing an additional 25,271 shares during the last quarter. Institutional investors and hedge funds own 94.99% of the company’s stock.

About ACADIA Pharmaceuticals

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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