ACADIA Pharmaceuticals (NASDAQ:ACAD) Sets New 52-Week Low Following Analyst Downgrade

ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD - Get Free Report)'s share price hit a new 52-week low during trading on Thursday after HC Wainwright lowered their price target on the stock from $33.00 to $27.00. HC Wainwright currently has a buy rating on the stock. ACADIA Pharmaceuticals traded as low as $15.68 and last traded at $15.81, with a volume of 407588 shares changing hands. The stock had previously closed at $17.13.

A number of other equities research analysts have also weighed in on the company. Oppenheimer reaffirmed a "market perform" rating and issued a $19.00 price objective on shares of ACADIA Pharmaceuticals in a report on Monday. TheStreet raised ACADIA Pharmaceuticals from a "d" rating to a "c" rating in a report on Tuesday, February 27th. Royal Bank of Canada lowered their price objective on ACADIA Pharmaceuticals from $36.00 to $35.00 and set an "outperform" rating on the stock in a report on Wednesday, February 28th. JMP Securities reaffirmed a "market outperform" rating and issued a $42.00 price objective on shares of ACADIA Pharmaceuticals in a report on Wednesday, February 7th. Finally, Needham & Company LLC reissued a "buy" rating and set a $30.00 price target on shares of ACADIA Pharmaceuticals in a research note on Thursday. Three equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $29.38.

Insider Buying and Selling

In related news, CEO Stephen Davis sold 5,577 shares of ACADIA Pharmaceuticals stock in a transaction that occurred on Monday, February 26th. The stock was sold at an average price of $24.67, for a total transaction of $137,584.59. Following the completion of the transaction, the chief executive officer now directly owns 101,890 shares in the company, valued at approximately $2,513,626.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other ACADIA Pharmaceuticals news, CEO Stephen Davis sold 5,577 shares of the business's stock in a transaction on Monday, February 26th. The stock was sold at an average price of $24.67, for a total value of $137,584.59. Following the completion of the transaction, the chief executive officer now directly owns 101,890 shares in the company, valued at approximately $2,513,626.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Brendan Teehan sold 5,140 shares of the business's stock in a transaction on Wednesday, March 27th. The shares were sold at an average price of $17.90, for a total value of $92,006.00. Following the completion of the transaction, the chief operating officer now owns 36,340 shares of the company's stock, valued at $650,486. The disclosure for this sale can be found here. Insiders sold 89,116 shares of company stock worth $1,625,639 in the last ninety days. Insiders own 27.50% of the company's stock.

Institutional Trading of ACADIA Pharmaceuticals

Institutional investors and hedge funds have recently made changes to their positions in the company. Quest Partners LLC acquired a new stake in shares of ACADIA Pharmaceuticals during the 4th quarter worth $39,000. Headlands Technologies LLC acquired a new stake in shares of ACADIA Pharmaceuticals during the 1st quarter worth $48,000. BI Asset Management Fondsmaeglerselskab A S acquired a new stake in shares of ACADIA Pharmaceuticals during the 4th quarter worth $100,000. China Universal Asset Management Co. Ltd. increased its holdings in shares of ACADIA Pharmaceuticals by 97.1% during the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 4,202 shares of the biopharmaceutical company's stock worth $88,000 after buying an additional 2,070 shares during the last quarter. Finally, Legato Capital Management LLC acquired a new stake in shares of ACADIA Pharmaceuticals during the 4th quarter worth $206,000. 96.71% of the stock is currently owned by institutional investors and hedge funds.

ACADIA Pharmaceuticals Trading Down 11.2 %

The business's 50-day moving average is $18.66 and its two-hundred day moving average is $23.21. The stock has a market capitalization of $2.51 billion, a PE ratio of -40.03 and a beta of 0.42.

ACADIA Pharmaceuticals (NASDAQ:ACAD - Get Free Report) last announced its quarterly earnings results on Wednesday, May 8th. The biopharmaceutical company reported $0.10 earnings per share for the quarter, topping analysts' consensus estimates of $0.04 by $0.06. ACADIA Pharmaceuticals had a negative net margin of 8.44% and a negative return on equity of 15.67%. The firm had revenue of $205.83 million during the quarter, compared to analysts' expectations of $208.31 million. During the same period in the prior year, the company earned ($0.27) EPS. The firm's revenue was up 73.8% on a year-over-year basis. On average, analysts predict that ACADIA Pharmaceuticals Inc. will post 0.62 EPS for the current year.

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.