ACADIA Pharmaceuticals (NASDAQ:ACAD) Releases Earnings Results, Beats Estimates By $0.06 EPS

ACADIA Pharmaceuticals (NASDAQ:ACAD) posted its quarterly earnings data on Wednesday. The biopharmaceutical company reported $0.10 earnings per share for the quarter, topping the consensus estimate of $0.04 by $0.06, Briefing.com reports. The company had revenue of $205.83 million during the quarter, compared to analysts’ expectations of $208.31 million. ACADIA Pharmaceuticals had a negative net margin of 8.44% and a negative return on equity of 15.67%. ACADIA Pharmaceuticals’s revenue for the quarter was up 73.8% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.27) earnings per share. ACADIA Pharmaceuticals updated its FY 2024 guidance to EPS.

ACADIA Pharmaceuticals Price Performance

Shares of ACADIA Pharmaceuticals stock traded down $1.58 during trading hours on Thursday, reaching $15.55. The company had a trading volume of 2,811,456 shares, compared to its average volume of 1,757,748. ACADIA Pharmaceuticals has a one year low of $15.39 and a one year high of $33.99. The firm has a market cap of $2.57 billion, a PE ratio of -41.82 and a beta of 0.42. The business has a fifty day simple moving average of $18.66 and a 200 day simple moving average of $23.21.

Insiders Place Their Bets

In other ACADIA Pharmaceuticals news, CEO Stephen Davis sold 11,427 shares of the company’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 value of $193,573.38. Following the completion of the sale, the chief executive officer now owns 155,231 shares of the company’s stock, valued at $2,629,613.14. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, CFO Mark C. Schneyer sold 5,434 shares of the company’s stock in a transaction on Wednesday, March 27th. The shares were sold at an average price of $17.90, for a total transaction of $97,268.60. Following the completion of the sale, the chief financial officer now directly owns 26,183 shares in the company, valued at approximately $468,675.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Stephen Davis sold 11,427 shares of the firm’s stock in a transaction on Thursday, May 2nd. The stock was 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 directly owns 155,231 shares in the company, valued at approximately $2,629,613.14. The disclosure for this sale can be found here. Insiders have sold 89,116 shares of company stock worth $1,625,639 in the last three months. 27.50% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

ACAD has been the topic of a number of research analyst reports. Cantor Fitzgerald restated an “overweight” rating and set a $37.00 price target on shares of ACADIA Pharmaceuticals in a report on Thursday. Stifel Nicolaus decreased their target price on ACADIA Pharmaceuticals from $26.00 to $21.00 and set a “hold” rating for the company in a research report on Thursday. Royal Bank of Canada decreased their price objective on ACADIA Pharmaceuticals from $36.00 to $35.00 and set an “outperform” rating for the company in a report on Wednesday, February 28th. Morgan Stanley reduced their price target on shares of ACADIA Pharmaceuticals from $40.00 to $30.00 and set an “overweight” rating for the company in a research report on Wednesday, March 13th. Finally, TheStreet upgraded shares of ACADIA Pharmaceuticals from a “d” rating to a “c” rating in a report on Tuesday, February 27th. Three analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $30.25.

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.