ACADIA Pharmaceuticals (NASDAQ:ACAD) Reaches New 12-Month High Following Strong Earnings

ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD) shares hit a new 52-week high on Wednesday after the company announced better than expected quarterly earnings. The company traded as high as $29.17 and last traded at $28.33, with a volume of 1054406 shares traded. The stock had previously closed at $27.15.

The biopharmaceutical company reported $0.18 EPS for the quarter, topping the consensus estimate of $0.06 by $0.12. The company had revenue of $308.00 million during the quarter, compared to analyst estimates of $295.51 million. ACADIA Pharmaceuticals had a return on equity of 9.61% and a net margin of 34.30%.ACADIA Pharmaceuticals’s revenue was up 16.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.16 earnings per share.

Wall Street Analysts Forecast Growth

ACAD has been the subject of a number of recent research reports. Bank of America restated a “buy” rating and set a $14.50 price target on shares of ACADIA Pharmaceuticals in a research note on Wednesday, July 29th. Oppenheimer reissued a “market perform” rating and issued a $25.00 price objective on shares of ACADIA Pharmaceuticals in a report on Wednesday. Canaccord Genuity Group boosted their target price on shares of ACADIA Pharmaceuticals from $32.00 to $36.00 and gave the company a “buy” rating in a research report on Monday, June 29th. Stifel Nicolaus upped their target price on shares of ACADIA Pharmaceuticals from $24.00 to $25.00 and gave the company a “hold” rating in a report on Tuesday, July 21st. Finally, BMO Capital Markets increased their price target on shares of ACADIA Pharmaceuticals from $34.00 to $36.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 21st. Thirteen analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $32.42.

Insider Activity at ACADIA Pharmaceuticals

In other ACADIA Pharmaceuticals news, EVP Elizabeth H.Z. Thompson sold 16,558 shares of the firm’s stock in a transaction that occurred on Thursday, July 30th. The shares were sold at an average price of $26.13, for a total transaction of $432,660.54. Following the sale, the executive vice president owned 18,994 shares in the company, valued at approximately $496,313.22. This trade represents a 46.57% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider James Kihara sold 5,401 shares of the firm’s stock in a transaction that occurred on Tuesday, May 26th. The stock was sold at an average price of $21.18, for a total transaction of $114,393.18. Following the sale, the insider owned 24,509 shares in the company, valued at approximately $519,100.62. The trade was a 18.06% decrease in their position. The disclosure for this sale is available in the SEC filing. Corporate insiders own 26.20% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Farther Finance Advisors LLC boosted its holdings in ACADIA Pharmaceuticals by 67.5% in the 4th quarter. Farther Finance Advisors LLC now owns 958 shares of the biopharmaceutical company’s stock worth $26,000 after buying an additional 386 shares during the period. Meeder Asset Management Inc. bought a new stake in ACADIA Pharmaceuticals during the fourth quarter valued at about $26,000. Transamerica Financial Advisors LLC raised its holdings in ACADIA Pharmaceuticals by 304.5% during the fourth quarter. Transamerica Financial Advisors LLC now owns 1,335 shares of the biopharmaceutical company’s stock valued at $36,000 after acquiring an additional 1,005 shares during the period. Federated Hermes Inc. lifted its position in shares of ACADIA Pharmaceuticals by 277.5% in the fourth quarter. Federated Hermes Inc. now owns 1,612 shares of the biopharmaceutical company’s stock valued at $43,000 after acquiring an additional 1,185 shares in the last quarter. Finally, Leonteq Securities AG purchased a new position in shares of ACADIA Pharmaceuticals in the fourth quarter valued at about $52,000. Hedge funds and other institutional investors own 96.71% of the company’s stock.

ACADIA Pharmaceuticals Stock Up 6.3%

The stock has a market cap of $4.94 billion, a P/E ratio of 13.12, a price-to-earnings-growth ratio of 17.76 and a beta of 0.81. The business has a 50 day moving average price of $23.95 and a two-hundred day moving average price of $23.20.

ACADIA Pharmaceuticals Company Profile

ACADIA Pharmaceuticals Inc is a biopharmaceutical company focused on the development and commercialization of innovative therapies for central nervous system (CNS) disorders. Established in 1993 and headquartered in San Diego, California, ACADIA’s research centers concentrate on conditions with significant unmet medical needs, including Parkinson’s disease psychosis, Alzheimer’s disease psychosis, and schizophrenia. The company utilizes a range of scientific platforms, including selective receptor modulation and precision-targeted compounds, to advance its portfolio of small-molecule therapeutics.

The company’s flagship product, NUPLAZID® (pimavanserin), received U.S.