ACADIA Pharmaceuticals (NASDAQ:ACAD) Hits New 1-Year Low – Here’s Why

ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD)’s stock price hit a new 52-week low during mid-day trading on Tuesday . The company traded as low as $14.54 and last traded at $14.57, with a volume of 65162 shares traded. The stock had previously closed at $14.73.

Wall Street Analysts Forecast Growth

ACAD has been the subject of several recent research reports. BMO Capital Markets assumed coverage on ACADIA Pharmaceuticals in a research note on Thursday, June 27th. They issued an “outperform” rating and a $31.00 price objective for the company. Needham & Company LLC reduced their target price on shares of ACADIA Pharmaceuticals from $30.00 to $28.00 and set a “buy” rating for the company in a research report on Wednesday, August 7th. Morgan Stanley lowered shares of ACADIA Pharmaceuticals from an “overweight” rating to an “equal weight” rating and lowered their price target for the stock from $28.00 to $20.00 in a research report on Wednesday, August 7th. HC Wainwright reaffirmed a “buy” rating and set a $27.00 price objective on shares of ACADIA Pharmaceuticals in a research note on Thursday, August 8th. Finally, Citigroup decreased their target price on shares of ACADIA Pharmaceuticals from $30.00 to $23.00 and set a “buy” rating on the stock in a research note on Thursday, August 8th. Five equities research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, ACADIA Pharmaceuticals currently has an average rating of “Moderate Buy” and an average price target of $25.56.

ACADIA Pharmaceuticals Stock Performance

The firm has a market cap of $2.40 billion, a price-to-earnings ratio of -1,473.00, a price-to-earnings-growth ratio of 0.55 and a beta of 0.38. The company has a 50 day moving average price of $16.15 and a 200 day moving average price of $16.41.

ACADIA Pharmaceuticals (NASDAQ:ACAD) last posted its earnings results on Tuesday, August 6th. The biopharmaceutical company reported $0.20 EPS for the quarter, beating analysts’ consensus estimates of $0.18 by $0.02. The company had revenue of $241.96 million for the quarter, compared to analysts’ expectations of $235.95 million. ACADIA Pharmaceuticals had a net margin of 3.43% and a return on equity of 6.89%. ACADIA Pharmaceuticals’s revenue for the quarter was up 46.4% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.01 earnings per share. On average, research analysts forecast that ACADIA Pharmaceuticals Inc. will post 0.52 earnings per share for the current year.

Insider Transactions at ACADIA Pharmaceuticals

In other news, COO Brendan Teehan sold 9,534 shares of the firm’s stock in a transaction on Monday, August 19th. The stock was sold at an average price of $15.28, for a total transaction of $145,679.52. Following the completion of the transaction, the chief operating officer now directly owns 52,177 shares in the company, valued at $797,264.56. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other ACADIA Pharmaceuticals news, CFO Mark C. Schneyer sold 9,733 shares of the business’s stock in a transaction dated Monday, August 19th. The shares were sold at an average price of $15.28, for a total transaction of $148,720.24. Following the sale, the chief financial officer now directly owns 43,735 shares in the company, valued at $668,270.80. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Brendan Teehan sold 9,534 shares of ACADIA Pharmaceuticals stock in a transaction that occurred on Monday, August 19th. The shares were sold at an average price of $15.28, for a total transaction of $145,679.52. Following the completion of the transaction, the chief operating officer now owns 52,177 shares of the company’s stock, valued at $797,264.56. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 51,014 shares of company stock worth $779,494 over the last ninety days. Company insiders own 28.30% of the company’s stock.

Institutional Trading of ACADIA Pharmaceuticals

Several hedge funds have recently modified their holdings of ACAD. Marshall Wace LLP raised its position in ACADIA Pharmaceuticals by 431.1% in the 2nd quarter. Marshall Wace LLP now owns 2,774,353 shares of the biopharmaceutical company’s stock valued at $45,083,000 after purchasing an additional 2,251,940 shares in the last quarter. Millennium Management LLC increased its stake in shares of ACADIA Pharmaceuticals by 36.2% during the second quarter. Millennium Management LLC now owns 2,937,714 shares of the biopharmaceutical company’s stock worth $47,738,000 after buying an additional 781,070 shares during the period. Dimensional Fund Advisors LP acquired a new stake in ACADIA Pharmaceuticals in the second quarter valued at approximately $10,550,000. Fred Alger Management LLC lifted its stake in ACADIA Pharmaceuticals by 19.8% in the second quarter. Fred Alger Management LLC now owns 2,704,439 shares of the biopharmaceutical company’s stock worth $43,947,000 after acquiring an additional 446,875 shares during the last quarter. Finally, SG Americas Securities LLC grew its holdings in ACADIA Pharmaceuticals by 419.8% during the 3rd quarter. SG Americas Securities LLC now owns 517,124 shares of the biopharmaceutical company’s stock worth $7,953,000 after acquiring an additional 417,648 shares in the last quarter. 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.