ACADIA Pharmaceuticals (NASDAQ:ACAD) Trading Down 4.4% After Insider Selling

Shares of ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD) were down 4.4% during trading on Tuesday following insider selling activity. The stock traded as low as $21.23 and last traded at $21.02. Approximately 428,687 shares were traded during mid-day trading, a decline of 78% from the average daily volume of 1,922,954 shares. The stock had previously closed at $21.99.

Specifically, EVP Mark C. Schneyer sold 2,000 shares of the business’s stock in a transaction that occurred on Friday, May 16th. The stock was sold at an average price of $25.00, for a total transaction of $50,000.00. Following the completion of the transaction, the executive vice president now directly owns 62,130 shares in the company, valued at approximately $1,553,250. The trade was a 3.12% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider James Kihara sold 4,000 shares of the business’s stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $22.50, for a total value of $90,000.00. Following the transaction, the insider now owns 20,395 shares of the company’s stock, valued at approximately $458,887.50. This trade represents a 16.40% decrease in their ownership of the stock. The disclosure for this sale can be found here.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on ACAD shares. Cantor Fitzgerald reiterated an “overweight” rating and set a $28.00 price objective on shares of ACADIA Pharmaceuticals in a research note on Thursday, February 27th. HC Wainwright upped their price target on ACADIA Pharmaceuticals from $27.00 to $32.00 and gave the stock a “buy” rating in a research note on Monday. Royal Bank of Canada restated an “outperform” rating and issued a $26.00 price target on shares of ACADIA Pharmaceuticals in a research note on Monday. Mizuho upped their price target on ACADIA Pharmaceuticals from $20.00 to $23.00 and gave the stock a “neutral” rating in a research note on Monday. Finally, Needham & Company LLC upped their price target on ACADIA Pharmaceuticals from $27.00 to $30.00 and gave the stock a “buy” rating in a research note on Monday. Seven equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $25.75.

ACADIA Pharmaceuticals Stock Performance

The firm has a market capitalization of $3.63 billion, a PE ratio of 27.81 and a beta of 0.47. The company has a fifty day moving average price of $16.11 and a 200-day moving average price of $17.19.

ACADIA Pharmaceuticals (NASDAQ:ACAD) last issued its quarterly earnings data on Wednesday, May 7th. The biopharmaceutical company reported $0.11 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.10 by $0.01. The business had revenue of $244.32 million for the quarter, compared to analysts’ expectations of $239.32 million. ACADIA Pharmaceuticals had a return on equity of 25.83% and a net margin of 13.83%. The company’s revenue for the quarter was up 18.7% on a year-over-year basis. During the same period in the prior year, the firm earned $0.10 EPS. On average, equities analysts predict that ACADIA Pharmaceuticals Inc. will post 0.7 earnings per share for the current year.

Institutional Trading of ACADIA Pharmaceuticals

Several hedge funds and other institutional investors have recently bought and sold shares of ACAD. Exchange Traded Concepts LLC purchased a new stake in ACADIA Pharmaceuticals during the 1st quarter valued at $29,000. Banque Transatlantique SA purchased a new stake in ACADIA Pharmaceuticals during the 1st quarter valued at $31,000. Picton Mahoney Asset Management purchased a new stake in ACADIA Pharmaceuticals during the 1st quarter valued at $32,000. Federated Hermes Inc. raised its holdings in ACADIA Pharmaceuticals by 231.5% during the 1st quarter. Federated Hermes Inc. now owns 2,317 shares of the biopharmaceutical company’s stock valued at $38,000 after buying an additional 1,618 shares during the period. Finally, Virtus Fund Advisers LLC purchased a new stake in ACADIA Pharmaceuticals during the 4th quarter valued at $39,000. Hedge funds and other institutional investors 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.