ACADIA Pharmaceuticals (NASDAQ:ACAD – Get Rating) was upgraded by research analysts at StockNews.com from a "hold" rating to a "buy" rating in a report issued on Wednesday.

Several other analysts also recently weighed in on ACAD. Canaccord Genuity Group cut their price objective on shares of ACADIA Pharmaceuticals from $31.00 to $20.00 in a research report on Wednesday, June 22nd. Mizuho cut their price objective on shares of ACADIA Pharmaceuticals from $27.00 to $19.00 and set a "neutral" rating on the stock in a research report on Tuesday, August 9th. Morgan Stanley cut their price objective on shares of ACADIA Pharmaceuticals from $22.00 to $18.00 and set an "equal weight" rating on the stock in a research report on Tuesday, August 9th. Royal Bank of Canada cut their price objective on shares of ACADIA Pharmaceuticals from $26.00 to $21.00 and set an "outperform" rating on the stock in a research report on Tuesday, August 9th. Finally, The Goldman Sachs Group cut their price objective on shares of ACADIA Pharmaceuticals from $20.00 to $15.00 and set a "neutral" rating on the stock in a research report on Tuesday, August 9th. One research analyst has rated the stock with a sell rating, nine have given a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and an average target price of $22.72.

ACADIA Pharmaceuticals Stock Performance

ACADIA Pharmaceuticals stock opened at $18.16 on Wednesday. The firm's 50-day moving average is $16.25 and its 200-day moving average is $18.51. ACADIA Pharmaceuticals has a 1 year low of $12.24 and a 1 year high of $28.06. The company has a market cap of $2.94 billion, a P/E ratio of -14.30 and a beta of 0.67.

Hedge Funds Weigh In On ACADIA Pharmaceuticals

Several hedge funds have recently made changes to their positions in the business. Bank of America Corp DE increased its position in shares of ACADIA Pharmaceuticals by 4.5% in the fourth quarter. Bank of America Corp DE now owns 304,171 shares of the biopharmaceutical company's stock worth $7,100,000 after acquiring an additional 13,213 shares in the last quarter. Dimensional Fund Advisors LP increased its position in shares of ACADIA Pharmaceuticals by 126.2% in the fourth quarter. Dimensional Fund Advisors LP now owns 660,252 shares of the biopharmaceutical company's stock worth $15,411,000 after acquiring an additional 368,365 shares in the last quarter. Teacher Retirement System of Texas increased its position in shares of ACADIA Pharmaceuticals by 23.0% in the fourth quarter. Teacher Retirement System of Texas now owns 23,011 shares of the biopharmaceutical company's stock worth $537,000 after acquiring an additional 4,302 shares in the last quarter. Allianz Asset Management GmbH purchased a new position in shares of ACADIA Pharmaceuticals in the fourth quarter worth approximately $820,000. Finally, Ensign Peak Advisors Inc purchased a new position in shares of ACADIA Pharmaceuticals in the fourth quarter worth approximately $695,000. Institutional investors and hedge funds own 92.48% of the company's stock.

About ACADIA Pharmaceuticals

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ACADIA Pharmaceuticals Inc, a biopharmaceutical company, focuses on the development and commercialization of small molecule drugs that address unmet medical needs in central nervous system disorders. The company offers NUPLAZID (pimavanserin) for the treatment of hallucinations and delusions associated with Parkinson's disease psychosis.

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