ACADIA Pharmaceuticals (NASDAQ:ACAD) Issues Earnings Results

ACADIA Pharmaceuticals (NASDAQ:ACAD) issued its quarterly earnings data on Wednesday. The biopharmaceutical company reported $0.20 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.14 by $0.06, Briefing.com reports. The business had revenue of $250.40 million during the quarter, compared to the consensus estimate of $248.83 million. ACADIA Pharmaceuticals had a net margin of 3.43% and a return on equity of 6.89%. The firm’s quarterly revenue was up 18.3% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.40) EPS. ACADIA Pharmaceuticals updated its FY 2024 guidance to EPS.

ACADIA Pharmaceuticals Stock Up 8.9 %

NASDAQ ACAD traded up $1.41 during trading hours on Thursday, hitting $17.20. The company’s stock had a trading volume of 3,216,794 shares, compared to its average volume of 1,690,694. The firm has a market capitalization of $2.85 billion, a P/E ratio of 96.17 and a beta of 0.38. The stock has a fifty day moving average of $15.41 and a 200 day moving average of $15.96. ACADIA Pharmaceuticals has a twelve month low of $14.15 and a twelve month high of $32.59.

Analyst Ratings Changes

Several equities research analysts have recently commented on ACAD shares. Morgan Stanley cut ACADIA Pharmaceuticals from an “overweight” rating to an “equal weight” rating and cut their price target for the stock from $28.00 to $20.00 in a research note on Wednesday, August 7th. Citigroup reduced their target price on ACADIA Pharmaceuticals from $30.00 to $23.00 and set a “buy” rating on the stock in a report on Thursday, August 8th. Cantor Fitzgerald dropped their price target on ACADIA Pharmaceuticals from $37.00 to $28.00 and set an “overweight” rating for the company in a research note on Wednesday, August 7th. HC Wainwright reiterated a “buy” rating and issued a $27.00 price objective on shares of ACADIA Pharmaceuticals in a research note on Thursday. Finally, Royal Bank of Canada decreased their target price on shares of ACADIA Pharmaceuticals from $29.00 to $26.00 and set an “outperform” rating for the company in a research note on Wednesday, August 7th. Six equities research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $25.56.

Insider Activity

In related news, COO Brendan Teehan sold 9,534 shares of the business’s stock in a transaction dated Monday, August 19th. The shares were sold at an average price of $15.28, for a total transaction of $145,679.52. Following the sale, the chief operating officer now owns 52,177 shares of the company’s stock, valued at approximately $797,264.56. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other ACADIA Pharmaceuticals news, CEO Stephen Davis sold 31,747 shares of the business’s stock in a transaction that occurred on Monday, August 19th. The shares were sold at an average price of $15.28, for a total transaction of $485,094.16. Following the completion of the transaction, the chief executive officer now directly owns 186,555 shares in the company, valued at $2,850,560.40. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, COO Brendan Teehan sold 9,534 shares of the firm’s stock in a transaction dated Monday, August 19th. The shares were sold at an average price of $15.28, for a total transaction of $145,679.52. Following the completion of the transaction, the chief operating officer now directly owns 52,177 shares in the company, valued at approximately $797,264.56. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 51,014 shares of company stock valued at $779,494 over the last ninety days. 28.30% of the stock is currently owned by insiders.

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.