ACADIA Pharmaceuticals was Upgraded to a Buy Rating at Merrill Lynch

By Carrie Williams

Merrill Lynch analyst Tazeen Ahmad upgraded ACADIA Pharmaceuticals (NASDAQ: ACAD) to Buy today. The company’s shares closed yesterday at $22.99.

According to TipRanks.com, Ahmad is a top 100 analyst with an average return of 44.0% and a 51.7% success rate. Ahmad covers the Healthcare sector, focusing on stocks such as Corcept Therapeutics Inc., Pacira Pharmaceuticals, and Theravance Biopharma.

Currently, the analyst consensus on ACADIA Pharmaceuticals is Strong Buy and the average price target is $49, representing an 113.1% upside.

In a report issued on October 24, Needham also reiterated a Buy rating on the stock with a $49 price target.

The company has a one year high of $42.49 and a one year low of $16.64. Currently, ACADIA Pharmaceuticals has an average volume of 2.36M.

Based on the recent corporate insider activity of 10 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of ACAD in relation to earlier this year.

ACADIA Pharmaceuticals, Inc. engages in the research, development, and manufacture of pharmaceutical products. It caters to patients with central nervous system disorders such as Parkinson’s disease, Alzheimer’s disease, Schizophrenia, chronic pain, and Glaucoma. Its portfolio consists of Nuplazid, Pimavanserin, Adrenergic, and Muscarinic. The company was founded by Mark R. Brann on July 16, 1993 and is headquartered in San Diego, CA.