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 that it intends to offer and sell, subject to market and other conditions, $200,000,000 of its common stock in an underwritten public offering. There can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering.
J.P. Morgan Securities LLC, Goldman, Sachs & Co. and BofA Merrill Lynch are acting as the joint book-running managers for the offering. ACADIA intends to grant the underwriters a 30-day option to purchase an additional $30,000,000 of its common stock. (Original Source)
Shares of ACADIA Pharmaceuticals are falling nearly 5% to $33.50 in after-hours trading. 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 $34.56 and its 200-day moving average is $29.16.
On the ratings front, ACAD has been the subject of a number of recent research reports. In a report released today, JMP analyst Jason Butler reiterated a Buy rating on ACAD, with a price target of $45, which represents a potential upside of 23.7% from where the stock is currently trading. Separately, on August 5, Piper Jaffray’s Charles Duncan reiterated a Buy rating on the stock .
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Jason Butler and Charles Duncan have a total average return of 30.3% and -5.7% respectively. Butler has a success rate of 56.8% and is ranked #171 out of 4102 analysts, while Duncan has a success rate of 43.7% and is ranked #3793.
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 34.7% above where the stock opened today.
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.