ACADIA Pharmaceuticals (NASDAQ:ACAD) Posts Earnings Results, Beats Estimates By $0.06 EPS

ACADIA Pharmaceuticals (NASDAQ:ACAD) announced its quarterly earnings data on Wednesday. The biopharmaceutical company reported $0.10 EPS for the quarter, beating the consensus estimate of $0.04 by $0.06, Briefing.com reports. The firm had revenue of $205.83 million during the quarter, compared to analyst estimates of $208.31 million. ACADIA Pharmaceuticals had a negative net margin of 8.44% and a negative return on equity of 15.67%. ACADIA Pharmaceuticals’s revenue was up 73.8% on a year-over-year basis. During the same period last year, the firm posted ($0.27) EPS. ACADIA Pharmaceuticals updated its FY 2024 guidance to EPS.

ACADIA Pharmaceuticals Stock Performance

Shares of NASDAQ:ACAD traded down $1.49 during trading on Thursday, reaching $15.64. The company had a trading volume of 2,961,288 shares, compared to its average volume of 1,758,547. The firm’s fifty day moving average is $18.66 and its 200 day moving average is $23.21. The firm has a market capitalization of $2.58 billion, a PE ratio of -41.82 and a beta of 0.42. ACADIA Pharmaceuticals has a twelve month low of $15.39 and a twelve month high of $33.99.

Analyst Ratings Changes

A number of equities analysts have weighed in on ACAD shares. HC Wainwright reiterated a “buy” rating and set a $33.00 price objective on shares of ACADIA Pharmaceuticals in a research note on Wednesday, February 28th. Morgan Stanley lowered their price objective on ACADIA Pharmaceuticals from $40.00 to $30.00 and set an “overweight” rating on the stock in a report on Wednesday, March 13th. Mizuho lowered their price objective on ACADIA Pharmaceuticals from $25.00 to $21.00 and set a “neutral” rating on the stock in a report on Thursday. Oppenheimer restated a “market perform” rating and set a $19.00 target price on shares of ACADIA Pharmaceuticals in a report on Monday. Finally, Cantor Fitzgerald reiterated an “overweight” rating and issued a $37.00 price objective on shares of ACADIA Pharmaceuticals in a report on Thursday. Three equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $30.25.

Insider Buying and Selling

In other news, CEO Stephen Davis sold 11,427 shares of the business’s stock in a transaction that occurred on Thursday, May 2nd. The shares were sold at an average price of $16.94, for a total transaction of $193,573.38. Following the sale, the chief executive officer now owns 155,231 shares in the company, valued at $2,629,613.14. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, CEO Stephen Davis sold 11,427 shares of the company’s stock in a transaction on Thursday, May 2nd. The shares were sold at an average price of $16.94, for a total transaction of $193,573.38. Following the completion of the sale, the chief executive officer now directly 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 through this link. Also, COO Brendan Teehan sold 3,477 shares of the stock in a transaction on Thursday, May 2nd. The shares were sold at an average price of $16.94, for a total transaction of $58,900.38. Following the completion of the transaction, the chief operating officer now owns 42,133 shares of the company’s stock, valued at approximately $713,733.02. The disclosure for this sale can be found here. Insiders have sold 89,116 shares of company stock worth $1,625,639 in the last ninety days. 27.50% of the stock is currently owned by corporate insiders.

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.