5 Best Stocks To Buy For Beginners Right Now

2. ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD)

Share Price as of April 7: $27.06

Number of Hedge Fund Holders: 27

ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD) was founded in 1993 and is headquartered in San Diego, California. The company develops and sells small molecule drugs that treat central nervous system disorders. The shares have gained over 57% in the last six months.

On March 16, Canaccord Genuity analyst Sumant Kulkarni upgraded ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD) to Buy from Hold and raised the price target to $31 from $30. The company recently announced that the FDA granted an action date of August 4 for its resubmitted application for Nuplazid, a supplemental new drug for Alzheimer’s, the analyst told investors in a research note. He likes ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD)’s risk/reward ahead of the Nuplazid decision.

Among the hedge funds tracked by Insider Monkey, 27 funds reported owning stakes in ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD) at the end of Q4 2021, compared to 19 funds in the last quarter. The total stakes held in the fourth quarter amounted to $1.35 billion. Julian Baker and Felix Baker’s Baker Bros. Advisors is the leading stakeholder of the company, with approximately $42 million shares worth over $978 million.