Short Interest in ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD) Drops By 5.5%

ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD) saw a large decline in short interest in June. As of June 30th, there was short interest totalling 11,930,000 shares, a decline of 5.5% from the June 15th total of 12,630,000 shares. Based on an average trading volume of 1,630,000 shares, the short-interest ratio is currently 7.3 days.

ACADIA Pharmaceuticals Stock Performance

Shares of ACAD opened at $18.35 on Thursday. The stock has a market capitalization of $3.03 billion, a P/E ratio of -1,833.17 and a beta of 0.38. The company’s fifty day moving average is $15.66 and its two-hundred day moving average is $20.15. ACADIA Pharmaceuticals has a 1 year low of $14.55 and a 1 year high of $33.99.

ACADIA Pharmaceuticals (NASDAQ:ACAD) last announced its quarterly earnings data on Wednesday, May 8th. The biopharmaceutical company reported $0.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.04 by $0.06. The company had revenue of $205.83 million for the quarter, compared to analysts’ expectations of $208.31 million. ACADIA Pharmaceuticals had a negative net margin of 0.21% and a negative return on equity of 0.41%. ACADIA Pharmaceuticals’s revenue was up 73.8% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.27) EPS. Sell-side analysts predict that ACADIA Pharmaceuticals will post 0.58 EPS for the current year.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on ACAD. Robert W. Baird reduced 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, May 9th. Morgan Stanley reduced their price objective on shares of ACADIA Pharmaceuticals from $30.00 to $28.00 and set an “overweight” rating for the company in a research report on Friday, July 12th. Needham & Company LLC restated a “buy” rating and set a $30.00 price objective on shares of ACADIA Pharmaceuticals in a research report on Thursday, May 9th. StockNews.com upgraded shares of ACADIA Pharmaceuticals from a “buy” rating to a “strong-buy” rating in a research report on Thursday, July 11th. Finally, BMO Capital Markets started coverage on shares of ACADIA Pharmaceuticals in a research report on Thursday, June 27th. They issued an “outperform” rating and a $31.00 price target for the company. Four investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $28.59.

Insiders Place Their Bets

In other ACADIA Pharmaceuticals news, COO Brendan Teehan sold 3,477 shares of the business’s stock in a transaction that occurred on Thursday, May 2nd. The shares were sold at an average price of $16.94, for a total transaction of $58,900.38. Following the completion of the transaction, the chief operating officer now owns 42,133 shares in the company, valued at approximately $713,733.02. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CEO Stephen Davis sold 11,427 shares of the business’s stock in a transaction that occurred on Thursday, May 2nd. The shares were sold at an average price of $16.94, for a total transaction of $193,573.38. Following the completion of the sale, the chief executive officer now owns 155,231 shares in the company, valued at approximately $2,629,613.14. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Brendan Teehan sold 3,477 shares of the business’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 transaction of $58,900.38. Following the sale, the chief operating officer now owns 42,133 shares of the company’s stock, valued at approximately $713,733.02. The disclosure for this sale can be found here. Insiders sold 20,708 shares of company stock worth $348,697 in the last 90 days. Corporate insiders own 28.30% of the company’s stock.

Hedge Funds Weigh In On ACADIA Pharmaceuticals

Several institutional investors have recently bought and sold shares of ACAD. Fisher Asset Management LLC acquired a new position in shares of ACADIA Pharmaceuticals during the 4th quarter worth $4,479,000. Perceptive Advisors LLC acquired a new position in shares of ACADIA Pharmaceuticals during the 4th quarter worth $3,162,000. Jump Financial LLC grew its stake in shares of ACADIA Pharmaceuticals by 326.3% during the 4th quarter. Jump Financial LLC now owns 116,341 shares of the biopharmaceutical company’s stock worth $3,643,000 after purchasing an additional 89,053 shares during the period. M&G Investment Management Ltd. acquired a new position in shares of ACADIA Pharmaceuticals during the 4th quarter worth $10,349,000. Finally, UBS Group AG grew its stake in shares of ACADIA Pharmaceuticals by 112.4% during the 4th quarter. UBS Group AG now owns 307,359 shares of the biopharmaceutical company’s stock worth $9,623,000 after purchasing an additional 162,663 shares during the period. 96.71% of the stock is owned by institutional investors and hedge funds.

ACADIA Pharmaceuticals Company Profile

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.