10 Pharma Stocks Under $3

3. Acadia Pharmaceuticals (ACAD) is a technology-driven biopharmaceutical company focusing on drug discovery and clinical development of treatments for central nervous system disorders.

Net loss for the first quarter of 2011 was $5.8 million or 12 cents per share, compared to a loss of $5.5 million or 14 cents per share in the year-ago quarter. Collaborative revenue totaled $435,000 compared to $2.1 million, following the conclusion of Adadia's collaboration with Biovail in October 2010, when Acadia recognized remaining revenue related to this collaboration.

Cash, cash equivalents and investment securities during the quarter grew to $45.7 million from $37.1 million in the final quarter of 2010. Moreover, the current ratio increased to 7.58 from 6.35 at the end of December 2010, reflecting the company's ability to meet short-term cash requirements.

During April, the company announced extending its drug discovery and development collaboration with Allergan. The alliance is focused on the discovery of new therapeutics for glaucoma and other ophthalmic indications and was formed in March 2003.

Of the two analysts covering the stock, one recommends buying it and the other suggests a hold. There are no sell ratings on the stock. On average, analysts expect 192% upside to $5 in value from current levels.

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