ACADIA Pharmaceuticals (NASDAQ:ACAD) Sets New 12-Month Low – Here’s What Happened

ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD) shares hit a new 52-week low during mid-day trading on Wednesday . The company traded as low as $14.19 and last traded at $14.21, with a volume of 160828 shares. The stock had previously closed at $14.52.

Wall Street Analyst Weigh In

ACAD has been the topic of a number of recent research reports. BMO Capital Markets assumed coverage on shares of ACADIA Pharmaceuticals in a report on Thursday, June 27th. They issued an “outperform” rating and a $31.00 target price on the stock. Citigroup cut their target price on ACADIA Pharmaceuticals from $30.00 to $23.00 and set a “buy” rating on the stock in a research report on Thursday, August 8th. Needham & Company LLC lowered their price target on ACADIA Pharmaceuticals from $30.00 to $28.00 and set a “buy” rating for the company in a research report on Wednesday, August 7th. Royal Bank of Canada dropped their price target on ACADIA Pharmaceuticals from $29.00 to $26.00 and set an “outperform” rating for the company in a research note on Wednesday, August 7th. Finally, Morgan Stanley cut ACADIA Pharmaceuticals from an “overweight” rating to an “equal weight” rating and decreased their target price for the stock from $28.00 to $20.00 in a report on Wednesday, August 7th. Six research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, ACADIA Pharmaceuticals currently has an average rating of “Moderate Buy” and a consensus target price of $25.56.

ACADIA Pharmaceuticals Stock Performance

The company has a market capitalization of $2.35 billion, a price-to-earnings ratio of -1,444.00, a price-to-earnings-growth ratio of 0.49 and a beta of 0.38. The company’s fifty day simple moving average is $15.61 and its two-hundred day simple moving average is $16.15.

ACADIA Pharmaceuticals (NASDAQ:ACAD) last announced its quarterly earnings data on Tuesday, August 6th. The biopharmaceutical company reported $0.20 earnings per share for the quarter, beating the consensus estimate of $0.18 by $0.02. ACADIA Pharmaceuticals had a return on equity of 6.89% and a net margin of 3.43%. The firm had revenue of $241.96 million during the quarter, compared to analyst estimates of $235.95 million. During the same period in the previous year, the company earned $0.01 earnings per share. ACADIA Pharmaceuticals’s quarterly revenue was up 46.4% on a year-over-year basis. Sell-side analysts anticipate that ACADIA Pharmaceuticals Inc. will post 0.52 EPS for the current year.

Insider Activity at ACADIA Pharmaceuticals

In other news, COO Brendan Teehan sold 9,534 shares of the company’s stock in a transaction dated Monday, August 19th. The shares were sold at an average price of $15.28, for a total transaction of $145,679.52. Following the completion of the transaction, the chief operating officer now owns 52,177 shares in the company, valued at approximately $797,264.56. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CEO Stephen Davis sold 31,747 shares of the stock in a transaction dated Monday, August 19th. The shares were sold at an average price of $15.28, for a total value of $485,094.16. Following the completion of the transaction, the chief executive officer now owns 186,555 shares in the company, valued at $2,850,560.40. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, COO Brendan Teehan sold 9,534 shares of the business’s stock in a transaction dated Monday, August 19th. The stock was sold at an average price of $15.28, for a total transaction of $145,679.52. Following the sale, the chief operating officer now owns 52,177 shares in the company, valued at $797,264.56. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 51,014 shares of company stock valued at $779,494 in the last quarter. Insiders own 28.30% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in ACAD. Park Place Capital Corp bought a new position in ACADIA Pharmaceuticals during the 3rd quarter valued at $25,000. Values First Advisors Inc. bought a new position in ACADIA Pharmaceuticals during the third quarter valued at about $27,000. Covestor Ltd grew its holdings in ACADIA Pharmaceuticals by 70.5% during the first quarter. Covestor Ltd now owns 2,032 shares of the biopharmaceutical company’s stock worth $38,000 after acquiring an additional 840 shares during the period. Headlands Technologies LLC bought a new stake in ACADIA Pharmaceuticals in the first quarter worth about $48,000. Finally, Stonepine Capital Management LLC acquired a new stake in ACADIA Pharmaceuticals in the 2nd quarter valued at about $81,000. Institutional investors and hedge funds own 96.71% of the company’s stock.

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.