ACADIA Pharmaceuticals (NASDAQ:ACAD) Stock Price Down 12% – Should You Sell?

ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD) was down 12% during mid-day trading on Monday. The stock traded as low as $20.62 and last traded at $18.6830. 1,716,763 shares were traded during trading, a decline of 2% from the average daily volume of 1,750,585 shares. The stock had previously closed at $21.23.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on ACAD. Canaccord Genuity Group lifted their price target on shares of ACADIA Pharmaceuticals from $36.00 to $38.00 and gave the company a “buy” rating in a research note on Friday. Wall Street Zen cut shares of ACADIA Pharmaceuticals from a “buy” rating to a “hold” rating in a research report on Wednesday, November 4th. BMO Capital Markets reduced their target price on ACADIA Pharmaceuticals from $36.00 to $34.00 and set an “outperform” rating for the company in a research note on Thursday, September 24th. Bank of America reaffirmed a “buy” rating and issued a $14.50 target price on shares of ACADIA Pharmaceuticals in a research report on Wednesday, July 29th. Finally, Citizens Jmp decreased their target price on ACADIA Pharmaceuticals from $36.00 to $33.00 and set a “market outperform” rating for the company in a research report on Friday, September 25th. Thirteen investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat.com, ACADIA Pharmaceuticals presently has an average rating of “Moderate Buy” and an average price target of $31.55.

ACADIA Pharmaceuticals Stock Down 12.1%

The firm’s 50-day moving average price is $22.86 and its 200 day moving average price is $23.59. The company has a market capitalization of $3.21 billion, a P/E ratio of 8.84 and a beta of 0.87.

ACADIA Pharmaceuticals (NASDAQ:ACAD) last posted its earnings results on Wednesday, November 4th. The biopharmaceutical company reported $0.31 earnings per share for the quarter, topping analysts’ consensus estimates of $0.20 by $0.11. The company had revenue of $342.30 million for the quarter, compared to analyst estimates of $332.58 million. ACADIA Pharmaceuticals had a net margin of 30.13% and a return on equity of 8.90%. The firm’s revenue was up 22.8% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.42 EPS. As a group, equities research analysts expect that ACADIA Pharmaceuticals Inc. will post 0.74 EPS for the current year.

Insider Activity

In related news, EVP Mark Schneyer sold 3,321 shares of ACADIA Pharmaceuticals stock in a transaction that occurred on Friday, October 30th. The stock was sold at an average price of $20.88, for a total transaction of $69,342.48. Following the transaction, the executive vice president owned 71,322 shares of the company’s stock, valued at $1,489,203.36. The trade was a 4.45% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 26.20% of the stock is currently owned by insiders.

Institutional Investors Weigh In On ACADIA Pharmaceuticals

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Bessemer Group Inc. grew its stake in ACADIA Pharmaceuticals by 100.3% in the 3rd quarter. Bessemer Group Inc. now owns 301,008 shares of the biopharmaceutical company’s stock valued at $6,065,000 after buying an additional 150,699 shares in the last quarter. Royce & Associates LP raised its holdings in ACADIA Pharmaceuticals by 1.4% during the 3rd quarter. Royce & Associates LP now owns 93,193 shares of the biopharmaceutical company’s stock valued at $1,878,000 after acquiring an additional 1,308 shares during the period. Virtus Advisers LLC lifted its position in shares of ACADIA Pharmaceuticals by 18.9% during the third quarter. Virtus Advisers LLC now owns 52,771 shares of the biopharmaceutical company’s stock worth $1,063,000 after acquiring an additional 8,387 shares in the last quarter. Fisher Asset Management LLC lifted its position in shares of ACADIA Pharmaceuticals by 1.7% during the third quarter. Fisher Asset Management LLC now owns 711,352 shares of the biopharmaceutical company’s stock worth $14,334,000 after acquiring an additional 12,122 shares in the last quarter. Finally, Russell Investments Group Ltd. boosted its holdings in shares of ACADIA Pharmaceuticals by 464.8% in the third quarter. Russell Investments Group Ltd. now owns 252,069 shares of the biopharmaceutical company’s stock worth $5,092,000 after acquiring an additional 207,443 shares during the period. 96.71% of the stock is owned by hedge funds and other institutional investors.

About ACADIA Pharmaceuticals

ACADIA Pharmaceuticals is a biopharmaceutical company focused on developing and commercializing medicines for neurological and rare diseases. Founded in 1993 and headquartered in San Diego, California, the company conducts research and development alongside its commercial operations.

Its marketed products include NUPLAZID (pimavanserin), approved in the United States to treat hallucinations and delusions associated with Parkinson’s disease psychosis, and DAYBUE (trofinetide), a treatment for Rett syndrome.