ACADIA Pharmaceuticals (NASDAQ:ACAD) Shares Up 6.4% – Time to Buy?

ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD)’s stock price traded up 6.4% during trading on Thursday . The stock traded as high as $20.60 and last traded at $20.23. 514,057 shares traded hands during mid-day trading, a decline of 81% from the average session volume of 2,736,613 shares. The stock had previously closed at $19.00.

Analyst Ratings Changes

Several equities research analysts have commented on the stock. Cantor Fitzgerald reiterated an “overweight” rating and issued a $28.00 price objective on shares of ACADIA Pharmaceuticals in a research note on Thursday. Deutsche Bank Aktiengesellschaft began coverage on shares of ACADIA Pharmaceuticals in a report on Tuesday, February 11th. They issued a “hold” rating and a $22.00 price target for the company. HC Wainwright reissued a “buy” rating and issued a $27.00 price target on shares of ACADIA Pharmaceuticals in a report on Thursday. StockNews.com downgraded shares of ACADIA Pharmaceuticals from a “buy” rating to a “hold” rating in a report on Friday. Finally, Needham & Company LLC reissued a “buy” rating and issued a $28.00 price target on shares of ACADIA Pharmaceuticals in a report on Thursday. Nine investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $24.00.

ACADIA Pharmaceuticals Stock Performance

The company has a market cap of $3.26 billion, a PE ratio of 25.13 and a beta of 0.37. The business’s 50-day moving average is $18.37 and its 200 day moving average is $16.81.

Hedge Funds Weigh In On ACADIA Pharmaceuticals

A number of large investors have recently added to or reduced their stakes in ACAD. Virtus Fund Advisers LLC purchased a new position in ACADIA Pharmaceuticals in the 4th quarter worth $39,000. R Squared Ltd purchased a new position in ACADIA Pharmaceuticals in the 4th quarter worth $47,000. Quest Partners LLC raised its position in ACADIA Pharmaceuticals by 42.3% in the 3rd quarter. Quest Partners LLC now owns 3,520 shares of the biopharmaceutical company’s stock worth $54,000 after purchasing an additional 1,047 shares during the period. GF Fund Management CO. LTD. purchased a new position in ACADIA Pharmaceuticals in the 4th quarter worth $64,000. Finally, KBC Group NV raised its position in ACADIA Pharmaceuticals by 67.0% in the 4th quarter. KBC Group NV now owns 5,093 shares of the biopharmaceutical company’s stock worth $93,000 after purchasing an additional 2,044 shares during the period. Hedge funds and other 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.