ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD)’s share price dropped 7.1% during mid-day trading on Tuesday . The company traded as low as $38.00 and last traded at $38.67, approximately 2,699,306 shares traded hands during trading. An increase of 69% from the average daily volume of 1,597,074 shares. The stock had previously closed at $41.61.
ACAD has been the topic of a number of recent analyst reports. Svb Leerink raised ACADIA Pharmaceuticals from a “market perform” rating to an “outperform” rating and boosted their target price for the stock from $21.00 to $50.00 in a research report on Friday, September 13th. Needham & Company LLC lifted their price target on ACADIA Pharmaceuticals from $34.00 to $60.00 and gave the company a “buy” rating in a report on Monday, September 9th. HC Wainwright set a $60.00 price target on ACADIA Pharmaceuticals and gave the company a “buy” rating in a report on Tuesday, September 10th. Zacks Investment Research downgraded ACADIA Pharmaceuticals from a “buy” rating to a “hold” rating in a report on Wednesday, September 11th. Finally, Bank of America set a $31.00 target price on ACADIA Pharmaceuticals and gave the company a “buy” rating in a research note on Wednesday, July 31st. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company. ACADIA Pharmaceuticals currently has an average rating of “Buy” and an average target price of $47.00.
The business has a 50 day simple moving average of $31.94 and a 200 day simple moving average of $27.36. The company has a debt-to-equity ratio of 0.02, a current ratio of 6.85 and a quick ratio of 6.79. The stock has a market cap of $5.54 billion, a PE ratio of -19.93 and a beta of 2.74.
In related news, Director Bros. Advisors Lp Baker purchased 1,562,500 shares of the firm’s stock in a transaction dated Friday, September 20th. The stock was bought at an average price of $40.00 per share, for a total transaction of $62,500,000.00. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director James M. Daly sold 30,000 shares of the company’s stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $37.80, for a total value of $1,134,000.00. Following the sale, the director now owns 30,000 shares of the company’s stock, valued at approximately $1,134,000. The disclosure for this sale can be found here. In the last quarter, insiders have sold 63,112 shares of company stock valued at $2,449,443. 29.40% of the stock is currently owned by corporate insiders.
Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Alps Advisors Inc. bought a new stake in shares of ACADIA Pharmaceuticals during the 2nd quarter worth about $8,039,000. Quantitative Systematic Strategies LLC boosted its stake in shares of ACADIA Pharmaceuticals by 67.1% during the 2nd quarter. Quantitative Systematic Strategies LLC now owns 15,281 shares of the biopharmaceutical company’s stock worth $408,000 after acquiring an additional 6,134 shares in the last quarter. New York State Common Retirement Fund boosted its stake in shares of ACADIA Pharmaceuticals by 18.2% during the 1st 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. Aperio Group LLC boosted its stake in shares of ACADIA Pharmaceuticals by 23.9% during the 2nd quarter. Aperio Group LLC now owns 21,384 shares of the biopharmaceutical company’s stock worth $572,000 after acquiring an additional 4,127 shares in the last quarter. Finally, JPMorgan Chase & Co. boosted its stake in shares of ACADIA Pharmaceuticals by 0.8% during the 1st quarter. JPMorgan Chase & Co. now owns 807,216 shares of the biopharmaceutical company’s stock worth $21,674,000 after acquiring an additional 6,045 shares in the last quarter. Institutional investors own 94.85% of the company’s stock.
ACADIA Pharmaceuticals Company Profile (NASDAQ:ACAD)
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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