Needham Believes ACADIA Pharmaceuticals Inc (NASDAQ: ACAD) Still Has Room to Grow

By Carrie Williams

Needham analyst Alan Carr reiterated a Buy rating on ACADIA Pharmaceuticals Inc (ACADResearch Report) on August 1 and set a price target of $34. The company’s shares closed on Friday at $28.73, close to its 52-week high of $29.32.

According to TipRanks.com, Carr is a 3-star analyst with an average return of 1.8% and a 41.3% success rate. Carr covers the Healthcare sector, focusing on stocks such as Biohaven Pharmaceutical Holding Co Ltd, Rhythm Pharmaceuticals Inc, and Lexicon Pharmaceuticals.

Currently, the analyst consensus on ACADIA Pharmaceuticals Inc is a Strong Buy with an average price target of $39.80, a 38.5% upside from current levels. In a report issued on July 23, Cowen & Co. also maintained a Buy rating on the stock with a $42 price target.

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Based on ACADIA Pharmaceuticals Inc’s latest earnings release for the quarter ending June 30, the company reported a quarterly GAAP net loss of $54.94 million. In comparison, last year the company had a GAAP net loss of $63.27 million.

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ACADIA Pharmaceuticals, Inc. operates as a biopharmaceutical company focused on the development and commercialization of medicines to address unmet medical needs in central nervous system, or CNS, disorders. It operates through development and commercialization of innovative medicines segment.