ACADIA Pharmaceuticals (NASDAQ:ACAD) Stock Price Down 10.3% – Here’s What Happened

ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD)’s share price was down 10.3% during mid-day trading on Thursday . The company traded as low as $21.97 and last traded at $22.8140. Approximately 904,792 shares were traded during mid-day trading, a decline of 45% from the average session volume of 1,656,982 shares. The stock had previously closed at $25.43.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on ACAD shares. Bank of America reiterated a “buy” rating and issued a $14.50 target price on shares of ACADIA Pharmaceuticals in a research report on Wednesday, July 29th. Canaccord Genuity Group upped their price target 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. Royal Bank Of Canada raised their price objective on ACADIA Pharmaceuticals from $36.00 to $37.00 and gave the company an “outperform” rating in a research note on Wednesday, August 5th. HC Wainwright reiterated a “buy” rating on shares of ACADIA Pharmaceuticals in a report on Thursday, August 6th. Finally, Deutsche Bank Aktiengesellschaft boosted their target price on ACADIA Pharmaceuticals from $37.00 to $38.00 and gave the company a “buy” rating in a research note on Tuesday, August 25th. Fourteen research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $34.36.

ACADIA Pharmaceuticals Price Performance

The firm’s 50 day moving average is $27.67 and its 200 day moving average is $24.21. The company has a market capitalization of $4.05 billion, a PE ratio of 10.58 and a beta of 0.86.

ACADIA Pharmaceuticals (NASDAQ:ACAD) last announced its quarterly earnings results on Tuesday, August 4th. The biopharmaceutical company reported $0.18 earnings per share for the quarter, beating the consensus estimate of $0.07 by $0.11. The business had revenue of $308.00 million during the quarter, compared to analysts’ expectations of $296.55 million. ACADIA Pharmaceuticals had a net margin of 33.42% and a return on equity of 9.03%. The firm’s revenue for the quarter was up 16.4% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.16 EPS. As a group, analysts predict that ACADIA Pharmaceuticals Inc. will post 0.64 EPS for the current fiscal year.

Insider Activity

In related news, EVP Elizabeth Thompson sold 16,558 shares of the business’s stock in a transaction dated Thursday, July 30th. The stock was sold at an average price of $26.13, for a total transaction of $432,660.54. Following the transaction, the executive vice president owned 18,994 shares in the company, valued at $496,313.22. The trade was a 46.57% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Mark C. Schneyer sold 14,292 shares of the company’s stock in a transaction that occurred on Thursday, August 6th. The shares were sold at an average price of $29.22, for a total value of $417,612.24. Following the transaction, the executive vice president directly owned 67,828 shares of the company’s stock, valued at $1,981,934.16. The trade was a 17.40% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 36,699 shares of company stock valued at $1,019,894. Insiders own 26.20% of the company’s stock.

Institutional Investors Weigh In On ACADIA Pharmaceuticals

A number of large investors have recently made changes to their positions in ACAD. Nykredit A S purchased a new position in shares of ACADIA Pharmaceuticals during the second quarter valued at approximately $38,000. Leonteq Securities AG purchased a new stake in ACADIA Pharmaceuticals in the fourth quarter worth $52,000. Integrated Wealth Concepts LLC purchased a new stake in ACADIA Pharmaceuticals in the second quarter worth $50,000. Global Retirement Partners LLC bought a new stake in ACADIA Pharmaceuticals in the second quarter valued at $64,000. Finally, GAMMA Investing LLC boosted its holdings in ACADIA Pharmaceuticals by 15.6% in the second quarter. GAMMA Investing LLC now owns 2,985 shares of the biopharmaceutical company’s stock valued at $76,000 after acquiring an additional 402 shares in the last quarter. 96.71% of the stock is currently owned by institutional investors.

About ACADIA Pharmaceuticals

ACADIA Pharmaceuticals Inc is a biopharmaceutical company focused on developing and commercializing medicines for neurological and psychiatric disorders. The company is headquartered in San Diego, California, and conducts research and commercial activities primarily in the United States.

ACADIA’s marketed products include NUPLAZID (pimavanserin), an atypical antipsychotic approved for the treatment of hallucinations and delusions associated with Parkinson’s disease psychosis. The company also markets DAYBUE (trofinetide), a therapy for Rett syndrome, a rare neurodevelopmental disorder.

Founded in 1993, ACADIA continues to advance a pipeline of therapies for central nervous system conditions, including additional neurological and psychiatric disorders.