ACADIA Pharmaceuticals (NASDAQ:ACAD) Releases Quarterly Earnings Results, Beats Expectations By $0.02 EPS

Key Points

• ACADIA Pharmaceuticals reported quarterly earnings of $0.16 per share, exceeding analysts' expectations by $0.02, with a year-over-year revenue increase of 9.4% to $264.57 million.
• The company's stock price rose to $24.60, with a market cap of $4.12 billion and noted interest from institutional investors who now own 96.71% of the stock.
• Analysts have raised their price targets for ACADIA, with BMO Capital Markets increasing theirs from $24.00 to $28.00, reflecting positive sentiment about the company's performance.

ACADIA Pharmaceuticals (NASDAQ:ACAD - Get Free Report) posted its quarterly earnings results on Wednesday. The biopharmaceutical company reported $0.16 earnings per share for the quarter, beating the consensus estimate of $0.14 by $0.02, Zacks reports. ACADIA Pharmaceuticals had a net margin of 21.80% and a return on equity of 15.38%. The firm had revenue of $264.57 million during the quarter, compared to the consensus estimate of $263.07 million. During the same quarter in the previous year, the firm posted $0.20 earnings per share. The company's revenue was up 9.4% on a year-over-year basis.

ACADIA Pharmaceuticals Trading Up 0.8%

Shares of ACAD stock traded up $0.20 during trading hours on Friday, reaching $24.60. 1,666,550 shares of the company's stock were exchanged, compared to its average volume of 2,181,472. The stock's 50 day moving average is $22.32 and its 200-day moving average is $19.21. The company has a market cap of $4.12 billion, a price-to-earnings ratio of 18.50, a P/E/G ratio of 6.64 and a beta of 0.70. ACADIA Pharmaceuticals has a fifty-two week low of $13.40 and a fifty-two week high of $25.23.

Insider Transactions at ACADIA Pharmaceuticals

In other news, EVP Mark C. Schneyer sold 2,000 shares of the company's stock in a transaction on Friday, May 16th. The stock was sold at an average price of $25.00, for a total transaction of $50,000.00. Following the transaction, the executive vice president directly owned 62,130 shares of the company's stock, valued at approximately $1,553,250. This represents a 3.12% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider James Kihara sold 4,000 shares of the business's stock in a transaction on Friday, May 16th. The shares were sold at an average price of $22.50, for a total transaction of $90,000.00. Following the sale, the insider directly owned 20,395 shares in the company, valued at $458,887.50. This trade represents a 16.40% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 20,446 shares of company stock valued at $454,634. Corporate insiders own 26.50% of the company's stock.

Institutional Investors Weigh In On ACADIA Pharmaceuticals

Hedge funds have recently added to or reduced their stakes in the business. Empowered Funds LLC purchased a new stake in ACADIA Pharmaceuticals in the first quarter valued at $186,000. Cetera Investment Advisers boosted its holdings in ACADIA Pharmaceuticals by 7.9% in the second quarter. Cetera Investment Advisers now owns 12,763 shares of the biopharmaceutical company's stock valued at $275,000 after purchasing an additional 931 shares during the last quarter. AQR Capital Management LLC boosted its holdings in ACADIA Pharmaceuticals by 3.8% in the first quarter. AQR Capital Management LLC now owns 67,672 shares of the biopharmaceutical company's stock valued at $1,124,000 after purchasing an additional 2,492 shares during the last quarter. Intech Investment Management LLC boosted its stake in shares of ACADIA Pharmaceuticals by 45.6% during the 1st quarter. Intech Investment Management LLC now owns 75,872 shares of the biopharmaceutical company's stock worth $1,260,000 after acquiring an additional 23,766 shares in the last quarter. Finally, Royal Bank of Canada boosted its stake in shares of ACADIA Pharmaceuticals by 74.4% during the 1st quarter. Royal Bank of Canada now owns 80,528 shares of the biopharmaceutical company's stock worth $1,338,000 after acquiring an additional 34,352 shares in the last quarter. 96.71% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

ACAD has been the subject of several research analyst reports. BMO Capital Markets lifted their price target on shares of ACADIA Pharmaceuticals from $24.00 to $28.00 and gave the company an "outperform" rating in a research note on Monday, May 19th. JMP Securities lifted their price target on shares of ACADIA Pharmaceuticals from $37.00 to $38.00 and gave the company a "market outperform" rating in a research note on Thursday. Cantor Fitzgerald raised shares of ACADIA Pharmaceuticals to a "strong-buy" rating in a research note on Thursday, June 5th. Oppenheimer reaffirmed a "market perform" rating and set a $22.00 price target (up previously from $19.00) on shares of ACADIA Pharmaceuticals in a research note on Thursday, June 26th. Finally, JPMorgan Chase & Co. lifted their price target on shares of ACADIA Pharmaceuticals from $30.00 to $34.00 and gave the company an "overweight" rating in a research note on Thursday, July 24th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $28.53.

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.

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