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Upgrade Alert for Acadia Pharmaceuticals (ACAD)

By James Quinn

Acadia Pharmaceuticals (NASDAQ:ACAD) was upgraded from Neutral to Buy at BofA/Merrill today. The stock closed yesterday at $26.84 on volume of 8.6 million shares, above average daily volume of 4.4 million.

Acadia Pharmaceuticals Inc. is a biopharmaceutical company focused on the discovery, development and commercialization of small molecule drugs for the treatment of central nervous system disorders. The company is currently working on the treatment of induced dysfunction in Parkinson's disease ,schizophrenia, neuropathic pain and glaucoma.

Over the past year, Acadia Pharmaceuticals has traded in a range of $16.64 to $51.99 and closed yesterday at $26.84, 61% above that low. Over the last five market days, the 200-day moving average (MA) has gone down 1.2% while the 50-day MA has advanced 3.1%.

There is potential upside of 79.3% for shares of Acadia Pharmaceuticals based on a current price of $26.84 and an average consensus analyst price target of $48.12. The stock should find resistance at its 200-day moving average (MA) of $32.20, as well as support at its 50-day MA of $26.33.

SmarTrend recommended that its subscribers protect gains by selling shares of Acadia Pharmaceuticals on September 30th, 2016 by issuing a Downtrend alert when the shares were trading at $32.01. Since that call, shares of Acadia Pharmaceuticals have fallen 28.2%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: analyst upgrades/downgrades acadia pharmaceuticals

Ticker(s): ACAD