Research Analysts Set Expectations for ACADIA Pharmaceuticals Inc.'s Q2 2024 Earnings (NASDAQ:ACAD)

ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD - Free Report) - Analysts at Leerink Partnrs cut their Q2 2024 earnings per share estimates for shares of ACADIA Pharmaceuticals in a note issued to investors on Tuesday, April 9th. Leerink Partnrs analyst M. Goodman now anticipates that the biopharmaceutical company will post earnings per share of $0.17 for the quarter, down from their prior estimate of $0.19. The consensus estimate for ACADIA Pharmaceuticals' current full-year earnings is $0.63 per share. Leerink Partnrs also issued estimates for ACADIA Pharmaceuticals' Q3 2024 earnings at $0.21 EPS, Q4 2024 earnings at $0.21 EPS, FY2024 earnings at $0.62 EPS and FY2025 earnings at $1.11 EPS.

A number of other research analysts have also issued reports on ACAD. Robert W. Baird initiated coverage on ACADIA Pharmaceuticals in a research report on Tuesday, January 30th. They set an "outperform" rating and a $40.00 target price on the stock. Mizuho lowered shares of ACADIA Pharmaceuticals from a "buy" rating to a "neutral" rating and dropped their target price for the company from $39.00 to $25.00 in a research report on Tuesday, March 12th. Cantor Fitzgerald restated an "overweight" rating and set a $37.00 price target on shares of ACADIA Pharmaceuticals in a research report on Wednesday. Citigroup assumed coverage on ACADIA Pharmaceuticals in a report on Wednesday, December 13th. They issued a "buy" rating and a $38.00 price objective on the stock. Finally, Morgan Stanley reduced their target price on ACADIA Pharmaceuticals from $40.00 to $30.00 and set an "overweight" rating for the company in a report on Wednesday, March 13th. Three analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company's stock. According to data from MarketBeat.com, ACADIA Pharmaceuticals has an average rating of "Moderate Buy" and an average target price of $35.82.

ACADIA Pharmaceuticals Price Performance

ACAD stock traded down $0.32 during mid-day trading on Thursday, reaching $17.41. 1,521,782 shares of the company's stock were exchanged, compared to its average volume of 1,809,123. ACADIA Pharmaceuticals has a 12-month low of $17.34 and a 12-month high of $33.99. The stock's 50 day moving average is $21.86 and its 200 day moving average is $23.96. The company has a market cap of $2.87 billion, a price-to-earnings ratio of -45.82 and a beta of 0.37.

ACADIA Pharmaceuticals (NASDAQ:ACAD - Get Free Report) last announced its quarterly earnings results on Tuesday, February 27th. The biopharmaceutical company reported $0.28 earnings per share for the quarter, missing the consensus estimate of $0.32 by ($0.04). ACADIA Pharmaceuticals had a negative net margin of 8.44% and a negative return on equity of 15.67%. The company had revenue of $231.04 million for the quarter, compared to analysts' expectations of $223.79 million. During the same quarter in the prior year, the business posted ($0.26) earnings per share. The firm's revenue was up 69.3% compared to the same quarter last year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its position in shares of ACADIA Pharmaceuticals by 4.2% during the 3rd quarter. Vanguard Group Inc. now owns 12,925,641 shares of the biopharmaceutical company's stock worth $211,463,000 after acquiring an additional 525,048 shares in the last quarter. RTW Investments LP raised its holdings in ACADIA Pharmaceuticals by 18.3% during the third quarter. RTW Investments LP now owns 11,576,537 shares of the biopharmaceutical company's stock worth $241,255,000 after purchasing an additional 1,793,288 shares in the last quarter. BlackRock Inc. raised its holdings in ACADIA Pharmaceuticals by 1.7% during the second quarter. BlackRock Inc. now owns 10,039,501 shares of the biopharmaceutical company's stock worth $240,446,000 after purchasing an additional 170,370 shares in the last quarter. State Street Corp lifted its position in shares of ACADIA Pharmaceuticals by 2.8% during the 3rd quarter. State Street Corp now owns 6,778,871 shares of the biopharmaceutical company's stock worth $110,902,000 after buying an additional 184,921 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD grew its position in shares of ACADIA Pharmaceuticals by 6.3% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 4,550,906 shares of the biopharmaceutical company's stock valued at $85,649,000 after buying an additional 271,652 shares during the last quarter. Institutional investors and hedge funds own 96.71% of the company's stock.

Insider Transactions at ACADIA Pharmaceuticals

In other ACADIA Pharmaceuticals news, COO Brendan Teehan sold 5,140 shares of the stock in a transaction that occurred on Wednesday, March 27th. The shares were sold at an average price of $17.90, for a total transaction of $92,006.00. Following the sale, the chief operating officer now directly owns 36,340 shares in the company, valued at approximately $650,486. The transaction was disclosed in a document filed with the SEC, which is available through this link. In other ACADIA Pharmaceuticals news, COO Brendan Teehan sold 5,140 shares of the stock in a transaction dated Wednesday, March 27th. The stock was sold at an average price of $17.90, for a total value of $92,006.00. Following the sale, the chief operating officer now owns 36,340 shares of the company's stock, valued at approximately $650,486. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider James Kihara sold 1,790 shares of ACADIA Pharmaceuticals stock in a transaction dated Monday, April 8th. The shares were sold at an average price of $17.87, for a total value of $31,987.30. Following the completion of the transaction, the insider now owns 13,100 shares of the company's stock, valued at approximately $234,097. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 69,383 shares of company stock valued at $1,291,362. 27.50% of the stock is currently owned by corporate insiders.

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.