Research Analysts Set Expectations for ACAD FY2024 Earnings

ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD) – Equities research analysts at Leerink Partnrs lowered their FY2024 earnings estimates for shares of ACADIA Pharmaceuticals in a research report issued to clients and investors on Sunday, November 17th. Leerink Partnrs analyst M. Goodman now forecasts that the biopharmaceutical company will earn $0.59 per share for the year, down from their previous forecast of $0.60. The consensus estimate for ACADIA Pharmaceuticals’ current full-year earnings is $0.72 per share.

Several other brokerages have also recently issued reports on ACAD. UBS Group lowered their target price on shares of ACADIA Pharmaceuticals from $25.00 to $23.00 and set a “buy” rating on the stock in a research note on Thursday, August 8th. Cantor Fitzgerald dropped their price objective on shares of ACADIA Pharmaceuticals from $37.00 to $28.00 and set an “overweight” rating for the company in a research note on Wednesday, August 7th. Raymond James restated a “market perform” rating on shares of ACADIA Pharmaceuticals in a research report on Thursday, October 10th. Royal Bank of Canada lowered their price objective on ACADIA Pharmaceuticals from $29.00 to $26.00 and set an “outperform” rating on the stock in a research note on Wednesday, August 7th. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $27.00 target price on shares of ACADIA Pharmaceuticals in a research note on Thursday, November 7th. Six equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat.com, ACADIA Pharmaceuticals currently has an average rating of “Moderate Buy” and an average price target of $25.56.

ACADIA Pharmaceuticals Stock Performance

Shares of ACAD opened at $16.21 on Tuesday. The stock has a 50 day moving average price of $15.60 and a 200 day moving average price of $15.99. ACADIA Pharmaceuticals has a one year low of $14.15 and a one year high of $32.59. The stock has a market capitalization of $2.70 billion, a price-to-earnings ratio of 20.78 and a beta of 0.38.

ACADIA Pharmaceuticals (NASDAQ:ACAD) last posted its quarterly earnings data on Wednesday, November 6th. The biopharmaceutical company reported $0.20 EPS for the quarter, topping the consensus estimate of $0.14 by $0.06. The company 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 quarterly revenue was up 18.3% on a year-over-year basis. During the same period in the previous year, the business earned ($0.40) EPS.

Insider Activity at ACADIA Pharmaceuticals

In other news, COO Brendan Teehan sold 10,329 shares of the firm’s stock in a transaction that occurred on Tuesday, November 19th. The shares were sold at an average price of $16.81, for a total value of $173,630.49. Following the completion of the transaction, the chief operating officer now owns 62,105 shares of the company’s stock, valued at approximately $1,043,985.05. This trade represents a 14.26 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider James Kihara sold 4,073 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 transaction of $68,467.13. Following the sale, the insider now directly owns 19,863 shares in the company, valued at approximately $333,897.03. The trade was a 17.02 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 24,661 shares of company stock worth $414,551. 28.30% of the stock is currently owned by company insiders.

Institutional Trading of ACADIA Pharmaceuticals

Hedge funds have recently modified their holdings of the stock. Park Place Capital Corp purchased a new stake in ACADIA Pharmaceuticals during the 3rd quarter worth about $25,000. Values First Advisors Inc. acquired a new stake in ACADIA Pharmaceuticals in the third quarter valued at approximately $27,000. Covestor Ltd lifted its stake in ACADIA Pharmaceuticals by 70.5% in 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 last quarter. Quest Partners LLC grew its holdings in ACADIA Pharmaceuticals by 42.3% during the 3rd quarter. Quest Partners LLC now owns 3,520 shares of the biopharmaceutical company’s stock worth $54,000 after acquiring an additional 1,047 shares in the last quarter. Finally, Stonepine Capital Management LLC purchased a new stake in shares of ACADIA Pharmaceuticals in the 2nd quarter valued at approximately $81,000. 96.71% of the stock is currently owned by institutional investors and hedge funds.

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.