ACADIA Pharmaceuticals (NASDAQ:ACAD) Reaches New 1-Year Low Following Analyst Downgrade

ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD)’s stock price hit a new 52-week low during mid-day trading on Thursday after HC Wainwright lowered their price target on the stock from $33.00 to $27.00. HC Wainwright currently has a buy rating on the stock. ACADIA Pharmaceuticals traded as low as $15.68 and last traded at $15.81, with a volume of 407588 shares traded. The stock had previously closed at $17.13.

ACAD has been the subject of a number of other reports. Mizuho cut their price target on ACADIA Pharmaceuticals from $25.00 to $21.00 and set a “neutral” rating for the company in a research note on Thursday. Morgan Stanley cut their price objective on shares of ACADIA Pharmaceuticals from $40.00 to $30.00 and set an “overweight” rating on the stock in a research report on Wednesday, March 13th. Oppenheimer reissued a “market perform” rating and issued a $19.00 target price on shares of ACADIA Pharmaceuticals in a research report on Monday. Stifel Nicolaus dropped their price target on shares of ACADIA Pharmaceuticals from $26.00 to $21.00 and set a “hold” rating on the stock in a research note on Thursday. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $30.00 price objective on shares of ACADIA Pharmaceuticals in a research note on Thursday. Three analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat, ACADIA Pharmaceuticals presently has an average rating of “Moderate Buy” and a consensus target price of $29.38.

Insider Buying and Selling

In other ACADIA Pharmaceuticals news, CEO Stephen Davis sold 11,427 shares of the company’s stock in a transaction that occurred on Thursday, May 2nd. The stock was sold at an average price of $16.94, for a total value of $193,573.38. Following the completion of the transaction, the chief executive officer now owns 155,231 shares of the company’s stock, valued at approximately $2,629,613.14. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other ACADIA Pharmaceuticals news, insider James Kihara sold 1,790 shares of ACADIA Pharmaceuticals stock in a transaction that occurred on Monday, April 8th. The stock was sold at an average price of $17.87, for a total transaction of $31,987.30. Following the sale, the insider now directly owns 13,100 shares of the company’s stock, valued at $234,097. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Stephen Davis sold 11,427 shares of the stock in a transaction that occurred on Thursday, May 2nd. The stock was sold at an average price of $16.94, for a total value of $193,573.38. Following the completion of the transaction, the chief executive officer now directly owns 155,231 shares of the company’s stock, valued at $2,629,613.14. The disclosure for this sale can be found here. Insiders have sold a total of 89,116 shares of company stock valued at $1,625,639 over the last three months. 27.50% of the stock is owned by corporate insiders.

Institutional Trading of ACADIA Pharmaceuticals

Large investors have recently bought and sold shares of the stock. Empire Life Investments Inc. raised its holdings in shares of ACADIA Pharmaceuticals by 0.3% in the fourth quarter. Empire Life Investments Inc. now owns 174,815 shares of the biopharmaceutical company’s stock valued at $5,473,000 after buying an additional 467 shares during the last quarter. Handelsbanken Fonder AB increased its position in ACADIA Pharmaceuticals by 2.3% in the 4th quarter. Handelsbanken Fonder AB now owns 31,633 shares of the biopharmaceutical company’s stock valued at $990,000 after acquiring an additional 700 shares in the last quarter. Swiss National Bank raised its stake in shares of ACADIA Pharmaceuticals by 0.4% in the first quarter. Swiss National Bank now owns 210,604 shares of the biopharmaceutical company’s stock worth $3,894,000 after acquiring an additional 800 shares during the last quarter. Franklin Resources Inc. lifted its position in shares of ACADIA Pharmaceuticals by 1.6% during the fourth quarter. Franklin Resources Inc. now owns 50,405 shares of the biopharmaceutical company’s stock worth $1,578,000 after purchasing an additional 803 shares in the last quarter. Finally, Quest Partners LLC bought a new stake in shares of ACADIA Pharmaceuticals during the fourth quarter valued at approximately $39,000. 96.71% of the stock is currently owned by institutional investors.

ACADIA Pharmaceuticals Price Performance

The company’s 50 day moving average price is $18.50 and its 200 day moving average price is $23.16. The firm has a market capitalization of $2.51 billion, a P/E ratio of -40.03 and a beta of 0.42.

ACADIA Pharmaceuticals (NASDAQ:ACAD) last announced its quarterly earnings data on Wednesday, May 8th. The biopharmaceutical company reported $0.10 EPS for the quarter, beating analysts’ consensus estimates of $0.04 by $0.06. ACADIA Pharmaceuticals had a negative return on equity of 15.67% and a negative net margin of 8.44%. The firm had revenue of $205.83 million for the quarter, compared to analyst estimates of $208.31 million. During the same period last year, the company earned ($0.27) EPS. The business’s quarterly revenue was up 73.8% compared to the same quarter last year. On average, research analysts anticipate that ACADIA Pharmaceuticals Inc. will post 0.62 EPS for the current fiscal year.

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.