In a report released today, Charles Duncan from Cantor Fitzgerald reiterated a Buy rating on ACADIA Pharmaceuticals Inc (ACAD – Research Report), with a price target of $30. The company’s shares closed yesterday at $21.88.
“. We reiterate our Overweight rating and $30 price target. On Tuesday, AMC, ACADIA reported 3Q18 revs of $58M, beating our ($51M) and FactSet consensus ($56M) projections. With cash of $214M and growing revs, our model projects sufficient funding for operations into 2020. Questions on the earnings call centered on NUPLAZID brand campaigns and the potential P3 studies of pima’ in MDD. Unlike the late 2017 brand campaign that was focused on raising disease awareness, the new campaign will brightline the clinical benefits of treatment with NUPLAZID.”
According to TipRanks.com, Duncan is a 2-star analyst with an average return of 0.5% and a 44.6% success rate. Duncan covers the Healthcare sector, focusing on stocks such as Biohaven Pharmaceutical Holding Co Ltd, KalVista Pharmaceuticals Inc, and Corcept Therapeutics Inc.
The word on The Street in general, suggests a Strong Buy analyst consensus rating for ACADIA Pharmaceuticals Inc with a $32.86 average price target, implying a 50.2% upside from current levels. In a report issued on October 31, Needham also maintained a Buy rating on the stock with a $49 price target.
The company has a one-year high of $33.52 and a one-year low of $12.77. Currently, ACADIA Pharmaceuticals Inc has an average volume of 2.92M.
Based on the recent corporate insider activity of 7 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.
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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.