ACADIA Pharmaceuticals (NASDAQ:ACAD) Releases Quarterly Earnings Results

ACADIA Pharmaceuticals (NASDAQ:ACAD - Get Free Report) posted its quarterly earnings results 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 firm had revenue of $205.83 million for the quarter, compared to the consensus estimate of $208.31 million. ACADIA Pharmaceuticals had a negative net margin of 8.44% and a negative return on equity of 15.67%. The company's revenue for the quarter was up 73.8% on a year-over-year basis. During the same period last year, the firm posted ($0.27) earnings per share. ACADIA Pharmaceuticals updated its FY 2024 guidance to EPS.

ACADIA Pharmaceuticals Stock Down 11.2 %

ACADIA Pharmaceuticals stock traded down $1.92 during midday trading on Thursday, reaching $15.21. The company's stock had a trading volume of 5,277,611 shares, compared to its average volume of 1,785,873. The business has a 50-day simple moving average of $18.66 and a 200-day simple moving average of $23.21. The company has a market cap of $2.51 billion, a P/E ratio of -40.58 and a beta of 0.42. ACADIA Pharmaceuticals has a fifty-two week low of $15.17 and a fifty-two week high of $33.99.

Analysts Set New Price Targets

ACAD has been the subject of a number of recent research reports. JMP Securities reaffirmed a "market outperform" rating and issued a $42.00 target price on shares of ACADIA Pharmaceuticals in a research note on Wednesday, February 7th. StockNews.com raised shares of ACADIA Pharmaceuticals from a "hold" rating to a "buy" rating in a research note on Tuesday, January 30th. Morgan Stanley dropped 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 note on Wednesday, March 13th. Stifel Nicolaus decreased their price objective on ACADIA Pharmaceuticals from $26.00 to $21.00 and set a "hold" rating on the stock in a report on Thursday. Finally, JPMorgan Chase & Co. lowered their price objective on ACADIA Pharmaceuticals from $29.00 to $25.00 and set an "overweight" rating for the company in a research report on Monday, March 25th. Three research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat, ACADIA Pharmaceuticals presently has a consensus rating of "Moderate Buy" and an average target price of $29.38.

Insider Activity

In related news, insider James Kihara sold 1,790 shares of the stock in a transaction on Monday, April 8th. The shares were sold at an average price of $17.87, for a total value of $31,987.30. Following the transaction, the insider now directly owns 13,100 shares of the company's stock, valued at approximately $234,097. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other news, CEO Stephen Davis sold 11,427 shares of the company's stock in a transaction on Thursday, May 2nd. The shares were sold at an average price of $16.94, for a total transaction of $193,573.38. Following the transaction, the chief executive officer now directly owns 155,231 shares of the company's stock, valued at approximately $2,629,613.14. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider James Kihara sold 1,790 shares of the firm's stock in a transaction dated Monday, April 8th. The shares were sold at an average price of $17.87, for a total transaction of $31,987.30. Following the completion of the sale, 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. In the last 90 days, insiders have sold 89,116 shares of company stock worth $1,625,639. 27.50% of the stock is currently owned by insiders.

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.