FY2024 Earnings Forecast for ACAD Issued By Leerink Partnrs

ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD) – Leerink Partnrs lifted their FY2024 earnings estimates for ACADIA Pharmaceuticals in a research report issued to clients and investors on Wednesday, January 29th. Leerink Partnrs analyst M. Goodman now expects that the biopharmaceutical company will earn $0.62 per share for the year, up from their previous forecast of $0.59. The consensus estimate for ACADIA Pharmaceuticals’ current full-year earnings is $0.70 per share. Leerink Partnrs also issued estimates for ACADIA Pharmaceuticals’ FY2026 earnings at $1.04 EPS.

Several other brokerages have also recently commented on ACAD. StockNews.com cut shares of ACADIA Pharmaceuticals from a “strong-buy” rating to a “buy” rating in a research report on Thursday, November 14th. Raymond James reaffirmed a “market perform” rating on shares of ACADIA Pharmaceuticals in a research note on Thursday, October 10th. Needham & Company LLC restated a “buy” rating and set a $28.00 target price on shares of ACADIA Pharmaceuticals in a report on Thursday, November 7th. HC Wainwright restated a “buy” rating and set a $27.00 target price on shares of ACADIA Pharmaceuticals in a report on Thursday, November 7th. Finally, Guggenheim downgraded ACADIA Pharmaceuticals from a “buy” rating to a “neutral” rating and lowered their price target for the stock from $23.00 to $20.00 in a research report on Friday, January 3rd. Seven equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $25.25.

ACADIA Pharmaceuticals Trading Up 1.7 %

Shares of ACAD opened at $18.69 on Friday. ACADIA Pharmaceuticals has a 1 year low of $14.15 and a 1 year high of $26.83. The stock has a market cap of $3.11 billion, a PE ratio of 23.96 and a beta of 0.37. The stock has a 50 day simple moving average of $17.45 and a 200-day simple moving average of $16.64.

ACADIA Pharmaceuticals (NASDAQ:ACAD) last released its quarterly earnings results on Wednesday, November 6th. The biopharmaceutical company reported $0.20 earnings per share for the quarter, beating analysts’ consensus estimates of $0.14 by $0.06. The business had revenue of $250.40 million during the quarter, compared to analyst estimates of $248.83 million. ACADIA Pharmaceuticals had a return on equity of 25.83% and a net margin of 13.83%. ACADIA Pharmaceuticals’s revenue for the quarter was up 18.3% on a year-over-year basis. During the same quarter last year, the company posted ($0.40) EPS.

Insider Buying and Selling

In other news, COO Brendan Teehan sold 10,329 shares of the company’s stock in a transaction dated Tuesday, November 19th. The shares were sold at an average price of $16.81, for a total value of $173,630.49. Following the sale, the chief operating officer now directly owns 62,105 shares of the company’s stock, valued at $1,043,985.05. This represents a 14.26 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Mark C. Schneyer sold 10,259 shares of the company’s stock in a transaction that occurred on Tuesday, November 19th. The stock was sold at an average price of $16.81, for a total value of $172,453.79. Following the completion of the sale, the chief financial officer now owns 53,302 shares in the company, valued at $896,006.62. The trade was a 16.14 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 24,661 shares of company stock valued at $414,551 over the last quarter. 28.30% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in ACAD. Envestnet Asset Management Inc. raised its stake in ACADIA Pharmaceuticals by 1.9% during the second quarter. Envestnet Asset Management Inc. now owns 107,543 shares of the biopharmaceutical company’s stock valued at $1,748,000 after purchasing an additional 1,964 shares in the last quarter. Dimensional Fund Advisors LP bought a new stake in shares of ACADIA Pharmaceuticals in the 2nd quarter worth about $10,550,000. Bank of Montreal Can purchased a new stake in shares of ACADIA Pharmaceuticals during the 2nd quarter valued at about $1,570,000. Truist Financial Corp raised its position in ACADIA Pharmaceuticals by 16.0% during the second quarter. Truist Financial Corp now owns 50,006 shares of the biopharmaceutical company’s stock valued at $813,000 after purchasing an additional 6,887 shares during the period. Finally, Sanctuary Advisors LLC bought a new position in ACADIA Pharmaceuticals during the second quarter valued at $1,535,000. Institutional investors own 96.71% of the company’s stock.

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.