ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD), a biopharmaceutical company focused on the development and commercialization of innovative medicines to address unmet medical needs in central nervous system disorders, today announced the pricing of an underwritten public offering of 6,060,606 shares of its common stock, offered at a price to the public of$33.00 per share. The gross proceeds from this offering to ACADIA are expected to be approximately $200.0 million, before deducting underwriting discounts and commissions and other estimated offering expenses payable by ACADIA. ACADIA has granted the underwriters a 30-day option to purchase up to an aggregate of 909,090 additional shares of common stock. The offering is expected to close on August 15, 2016, subject to customary closing conditions.

J.P. Morgan Securities LLC, Goldman, Sachs & Co. and BofA Merrill Lynch are acting as the joint book-running managers for the offering. Cowen and Company, LLC, Piper Jaffray & Co. and Needham & Company, LLC are acting as co-managers for the offering. (Original Source)

Shares of ACADIA Pharmaceuticals closed yesterday at $33.33, down $1.90 or -5.38%. ACAD has a 1-year high of $43.89 and a 1-year low of $16.64. The stock’s 50-day moving average is $34.46 and its 200-day moving average is $29.32.

On the ratings front, ACAD has been the subject of a number of recent research reports. In a report issued on August 8, JMP analyst Jason Butler reiterated a Buy rating on ACAD, with a price target of $45, which represents a potential upside of 35.0% from where the stock is currently trading. Separately, on August 5, H.C. Wainwright’s Andrew Fein reiterated a Buy rating on the stock and has a price target of $60.

According to, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Jason Butler and Andrew Fein have a total average return of 28.5% and 15.2% respectively. Butler has a success rate of 55% and is ranked #189 out of 4110 analysts, while Fein has a success rate of 47% and is ranked #182.

Overall, 3 research analysts have assigned a Hold rating and 6 research analysts have given a Buy rating to the stock. When considering if perhaps the stock is under or overvalued, the average price target is $49.00 which is 47.0% above where the stock closed yesterday.

ACADIA Pharmaceuticals, Inc. engages in the research, development, and manufacture of pharmaceutical products. It caters to patients with central nervous system disorders such as Parkinson’s disease, Alzheimer’s disease, Schizophrenia, chronic pain, and Glaucoma. Its portfolio consists of Nuplazid, Pimavanserin, Adrenergic, and Muscarinic.