ACADIA Pharmaceuticals (NASDAQ:ACAD) Issues Earnings Results

ACADIA Pharmaceuticals (NASDAQ:ACAD) issued its earnings results on Wednesday. The biopharmaceutical company reported $0.10 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.04 by $0.06, Briefing.com reports. ACADIA Pharmaceuticals had a negative net margin of 8.44% and a negative return on equity of 15.67%. The company had revenue of $205.83 million during the quarter, compared to analyst estimates of $208.31 million. During the same quarter last year, the business posted ($0.27) EPS. The company’s revenue for the quarter was up 73.8% on a year-over-year basis. ACADIA Pharmaceuticals updated its FY 2024 guidance to EPS.

ACADIA Pharmaceuticals Price Performance

ACADIA Pharmaceuticals stock traded down $1.36 during mid-day trading on Thursday, reaching $15.77. 2,289,425 shares of the company were exchanged, compared to its average volume of 1,751,888. The firm has a market cap of $2.61 billion, a PE ratio of -41.82 and a beta of 0.42. The company has a fifty day simple moving average of $18.66 and a 200-day simple moving average of $23.21. ACADIA Pharmaceuticals has a 12 month low of $15.39 and a 12 month high of $33.99.

Insiders Place Their Bets

In other ACADIA Pharmaceuticals news, CEO Stephen Davis sold 11,427 shares of the company’s stock in a transaction dated Thursday, May 2nd. The stock was sold at an average price of $16.94, for a total value of $193,573.38. Following the completion of the transaction, the chief executive officer now owns 155,231 shares of the company’s stock, valued at approximately $2,629,613.14. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, CEO Stephen Davis sold 11,427 shares of the company’s stock in a transaction that occurred on Thursday, May 2nd. The stock was sold at an average price of $16.94, for a total value of $193,573.38. Following the completion of the transaction, the chief executive officer now owns 155,231 shares of the company’s stock, valued at $2,629,613.14. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Mark C. Schneyer sold 5,434 shares of the business’s stock in a transaction that occurred on Wednesday, March 27th. The stock was sold at an average price of $17.90, for a total transaction of $97,268.60. Following the sale, the chief financial officer now directly owns 26,183 shares in the company, valued at $468,675.70. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 89,116 shares of company stock valued at $1,625,639. 27.50% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on ACAD. Stifel Nicolaus reduced their price target on ACADIA Pharmaceuticals from $26.00 to $21.00 and set a “hold” rating for the company in a report on Thursday. Royal Bank of Canada lowered their price objective on ACADIA Pharmaceuticals from $36.00 to $35.00 and set an “outperform” rating on the stock in a research note on Wednesday, February 28th. TheStreet raised ACADIA Pharmaceuticals from a “d” rating to a “c” rating in a research note on Tuesday, February 27th. Robert W. Baird lowered their price objective on shares of ACADIA Pharmaceuticals from $31.00 to $28.00 and set an “outperform” rating for the company in a research report on Thursday. Finally, Mizuho cut their price objective on ACADIA Pharmaceuticals from $25.00 to $21.00 and set a “neutral” rating on the stock in a report on Thursday. Three analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $30.25.

About ACADIA Pharmaceuticals

ACADIA Pharmaceuticals Inc, a biopharmaceutical company, focuses on the development and commercialization innovative medicines that address unmet medical needs in central nervous system (CNS) disorders and rare diseases in the United States. The company offers NUPLAZID (pimavanserin) for the treatment of hallucinations and delusions associated with Parkinson's disease psychosis; and DAYBUE, a novel synthetic analog of the amino-terminal tripeptide of insulin-like growth factor 1 for treatment of Rett Syndrome.