ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD) Short Interest Update

ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD) was the target of a large drop in short interest in July. As of July 15th, there was short interest totalling 11,330,000 shares, a drop of 5.0% from the June 30th total of 11,930,000 shares. Based on an average daily volume of 1,750,000 shares, the days-to-cover ratio is presently 6.5 days.

Hedge Funds Weigh In On ACADIA Pharmaceuticals

Institutional investors have recently added to or reduced their stakes in the company. Covestor Ltd grew its holdings in ACADIA Pharmaceuticals by 70.5% during the 1st quarter. Covestor Ltd now owns 2,032 shares of the biopharmaceutical company’s stock valued at $38,000 after buying an additional 840 shares in the last quarter. Quest Partners LLC purchased a new position in shares of ACADIA Pharmaceuticals in the 4th quarter worth approximately $39,000. Headlands Technologies LLC purchased a new position in shares of ACADIA Pharmaceuticals in the 1st quarter worth approximately $48,000. BI Asset Management Fondsmaeglerselskab A S purchased a new position in shares of ACADIA Pharmaceuticals in the 4th quarter worth approximately $100,000. Finally, Shell Asset Management Co. boosted its holdings in shares of ACADIA Pharmaceuticals by 65.7% in the 1st quarter. Shell Asset Management Co. now owns 7,339 shares of the biopharmaceutical company’s stock worth $136,000 after purchasing an additional 2,909 shares during the period. Hedge funds and other institutional investors own 96.71% of the company’s stock.

ACADIA Pharmaceuticals Trading Down 0.2 %

NASDAQ:ACAD opened at $18.99 on Friday. ACADIA Pharmaceuticals has a 12-month low of $14.55 and a 12-month high of $32.59. The stock has a 50-day moving average price of $16.33 and a 200 day moving average price of $19.35. The stock has a market capitalization of $3.14 billion, a P/E ratio of -1,918.08 and a beta of 0.38.

ACADIA Pharmaceuticals (NASDAQ:ACAD) last released its earnings results on Wednesday, May 8th. The biopharmaceutical company reported $0.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.04 by $0.06. ACADIA Pharmaceuticals had a negative return on equity of 0.41% and a negative net margin of 0.21%. The firm had revenue of $205.83 million during the quarter, compared to analysts’ expectations of $208.31 million. During the same quarter last year, the business posted ($0.27) earnings per share. The firm’s revenue was up 73.8% on a year-over-year basis. On average, research analysts predict that ACADIA Pharmaceuticals will post 0.58 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

ACAD has been the subject of a number of research analyst reports. StockNews.com downgraded shares of ACADIA Pharmaceuticals from a “strong-buy” rating to a “buy” rating in a research report on Monday, July 22nd. Stifel Nicolaus reduced their price objective on ACADIA Pharmaceuticals from $26.00 to $21.00 and set a “hold” rating for the company in a research report on Thursday, May 9th. Mizuho lowered their target price on ACADIA Pharmaceuticals from $25.00 to $21.00 and set a “neutral” rating on the stock in a report on Thursday, May 9th. Royal Bank of Canada reissued an “outperform” rating and issued a $29.00 target price on shares of ACADIA Pharmaceuticals in a report on Tuesday, June 25th. Finally, Robert W. Baird lowered their target price on ACADIA Pharmaceuticals from $31.00 to $28.00 and set an “outperform” rating on the stock in a report on Thursday, May 9th. Four investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $28.59.

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.