Stock Traders Purchase High Volume of ACADIA Pharmaceuticals Put Options (NASDAQ:ACAD)

Key Points

• Unusually high put-option activity: Investors purchased 6,078 ACADIA Pharmaceuticals put options, about 323% above the average daily volume.
• Shares declined 1.9% to $20.28, despite the company beating quarterly earnings and revenue expectations; revenue rose 16.4% year over year.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $32.76, while institutional investors own 96.71% of the stock and insiders have recently sold shares.

ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD - Get Free Report) saw unusually large options trading on Monday. Investors bought 6,078 put options on the company. This represents an increase of approximately 323% compared to the average daily volume of 1,436 put options.

ACADIA Pharmaceuticals Stock Down 1.9%

ACADIA Pharmaceuticals stock traded down $0.40 during mid-day trading on Monday, hitting $20.28. 990,895 shares of the company were exchanged, compared to its average volume of 1,693,029. The business has a fifty day moving average of $27.50 and a 200 day moving average of $24.20. ACADIA Pharmaceuticals has a 1-year low of $19.69 and a 1-year high of $30.96. The company has a market capitalization of $3.49 billion, a PE ratio of 9.12 and a beta of 0.86.

ACADIA Pharmaceuticals (NASDAQ:ACAD - Get Free Report) last issued its quarterly earnings data on Tuesday, August 4th. The biopharmaceutical company reported $0.18 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.07 by $0.11. ACADIA Pharmaceuticals had a return on equity of 9.03% and a net margin of 33.42%.The company had revenue of $308.00 million during the quarter, compared to analysts' expectations of $296.55 million. During the same period last year, the business earned $0.16 earnings per share. The business's revenue was up 16.4% on a year-over-year basis. Research analysts expect that ACADIA Pharmaceuticals will post 0.64 earnings per share for the current year.

Insider Activity at ACADIA Pharmaceuticals

In other news, EVP Mark Schneyer sold 14,292 shares of ACADIA Pharmaceuticals stock in a transaction that occurred on Thursday, August 6th. The stock was sold at an average price of $29.22, for a total transaction of $417,612.24. Following the sale, the executive vice president owned 67,828 shares of the company's stock, valued at approximately $1,981,934.16. This trade represents a 17.40% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Elizabeth Thompson sold 16,558 shares of the business's stock in a transaction that occurred on Thursday, July 30th. The shares were sold at an average price of $26.13, for a total value of $432,660.54. Following the sale, the executive vice president owned 18,994 shares in the company, valued at approximately $496,313.22. This represents a 46.57% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 36,699 shares of company stock worth $1,019,894 in the last three months. 26.20% of the stock is owned by insiders.

Hedge Funds Weigh In On ACADIA Pharmaceuticals

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. BlackRock Inc. bought a new stake in ACADIA Pharmaceuticals during the 2nd quarter worth approximately $569,634,000. Palo Alto Investors LP bought a new position in ACADIA Pharmaceuticals in the 2nd quarter valued at $72,461,629. Norges Bank bought a new position in ACADIA Pharmaceuticals in the 4th quarter valued at $40,266,000. Bank of America Corp DE acquired a new position in ACADIA Pharmaceuticals in the second quarter worth $32,900,000. Finally, First Trust Advisors LP boosted its stake in ACADIA Pharmaceuticals by 47.3% in the first quarter. First Trust Advisors LP now owns 3,343,868 shares of the biopharmaceutical company's stock worth $74,435,000 after purchasing an additional 1,073,834 shares in the last quarter. 96.71% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the stock. Wall Street Zen upgraded shares of ACADIA Pharmaceuticals from a "hold" rating to a "buy" rating in a research note on Saturday, August 8th. Canaccord Genuity Group lifted their target price on shares of ACADIA Pharmaceuticals from $32.00 to $36.00 and gave the company a "buy" rating in a research report on Monday, June 29th. BMO Capital Markets lowered their target price on shares of ACADIA Pharmaceuticals from $36.00 to $34.00 and set an "outperform" rating on the stock in a research note on Thursday. Morgan Stanley upped their target price on shares of ACADIA Pharmaceuticals from $27.00 to $28.00 and gave the company an "equal weight" rating in a research note on Tuesday, August 25th. Finally, UBS Group increased their price target on shares of ACADIA Pharmaceuticals from $45.00 to $49.00 and gave the stock a "buy" rating in a research report on Monday, August 17th. Fourteen investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $32.76.

ACADIA Pharmaceuticals Company Profile

ACADIA Pharmaceuticals Inc is a biopharmaceutical company focused on developing and commercializing medicines for neurological and psychiatric disorders. The company is headquartered in San Diego, California, and conducts research and commercial activities primarily in the United States.

ACADIA's marketed products include NUPLAZID (pimavanserin), an atypical antipsychotic approved for the treatment of hallucinations and delusions associated with Parkinson's disease psychosis. The company also markets DAYBUE (trofinetide), a therapy for Rett syndrome, a rare neurodevelopmental disorder.

Founded in 1993, ACADIA continues to advance a pipeline of therapies for central nervous system conditions, including additional neurological and psychiatric disorders.

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