Needham Sticks to Their Buy Rating for ACADIA Pharmaceuticals Inc (ACAD)

By Carrie Williams

Needham analyst Alan Carr maintained a Buy rating on ACADIA Pharmaceuticals Inc (ACADResearch Report) on June 27 and set a price target of $40. The company’s shares opened today at $26.99, close to its 52-week high of $28.67.

According to TipRanks.com, Carr is a 4-star analyst with an average return of 2.7% and a 42.8% success rate. Carr covers the Healthcare sector, focusing on stocks such as Biohaven Pharmaceutical Holding Co Ltd, Rhythm Pharmaceuticals Inc, and Lexicon Pharmaceuticals.

The word on The Street in general, suggests a Strong Buy analyst consensus rating for ACADIA Pharmaceuticals Inc with a $39.67 average price target, which is a 47.0% upside from current levels. In a report issued on June 25, J.P. Morgan also maintained a Buy rating on the stock with a $31 price target.

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Based on ACADIA Pharmaceuticals Inc’s latest earnings release for the quarter ending March 31, the company reported a quarterly GAAP net loss of $85.3 million. In comparison, last year the company had a GAAP net loss of $54.3 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.