ACADIA Pharmaceuticals Inc Gets a Buy Rating from Needham

By Austin Angelo

In a report issued on September 15, Alan Carr from Needham reiterated a Buy rating on ACADIA Pharmaceuticals Inc (NASDAQ: ACAD), with a price target of $49. The company’s shares closed on Friday at $36.83.

According to TipRanks.com, Carr is a 4-star analyst with an average return of 7.3% and a 44.3% success rate. Carr covers the Healthcare sector, focusing on stocks such as Biohaven Pharmaceutical Holding Co Ltd, Ionis Pharmaceuticals Inc, and Amphastar Pharmaceuticals.

Currently, the analyst consensus on ACADIA Pharmaceuticals Inc is Strong Buy and the average price target is $51.20, representing a 39.0% upside.

In a report issued on September 4, Jefferies also reiterated a Buy rating on the stock with a $47 price target.

Based on ACADIA Pharmaceuticals Inc’s latest earnings report for the quarter ending June 30, the company posted quarterly revenue of $30.48 million and GAAP net loss of $67.44 million. In comparison, last year the company earned revenue of $97K and had a GAAP net loss of $71.32 million.

Based on the recent corporate insider activity of 13 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. Last month, Glenn Baity, the EVP AND GC of ACAD bought 6,500 shares for a total of $10,530.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

ACADIA Pharmaceuticals, Inc. engages in the research, development and manufacture of pharmaceutical products. It focuses on the development and commercialization of innovative medicines to address unmet medical needs in central nervous system disorders. The company was founded by Mark R. Brann on July 16, 1993 and is headquartered in San Diego, CA.