Research Analysts Set Expectations for ACAD FY2024 Earnings

ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD) – Leerink Partnrs cut their FY2024 earnings per share (EPS) estimates for ACADIA Pharmaceuticals in a research note issued to investors on Sunday, November 17th. Leerink Partnrs analyst M. Goodman now expects that the biopharmaceutical company will earn $0.59 per share for the year, down from their prior estimate of $0.60. The consensus estimate for ACADIA Pharmaceuticals’ current full-year earnings is $0.72 per share.

A number of other research analysts have also weighed in on the company. Raymond James restated a “market perform” rating on shares of ACADIA Pharmaceuticals in a research report on Thursday, October 10th. Needham & Company LLC restated a “buy” rating and issued a $28.00 price target on shares of ACADIA Pharmaceuticals in a research report on Thursday, November 7th. HC Wainwright reiterated a “buy” rating and set a $27.00 price objective on shares of ACADIA Pharmaceuticals in a research report on Thursday, November 7th. StockNews.com downgraded shares of ACADIA Pharmaceuticals from a “strong-buy” rating to a “buy” rating in a report on Thursday, November 14th. Finally, UBS Group lowered their price target on shares of ACADIA Pharmaceuticals from $25.00 to $23.00 and set a “buy” rating for the company in a report on Thursday, August 8th. Six research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $25.56.

ACADIA Pharmaceuticals Trading Down 4.8 %

NASDAQ ACAD opened at $16.21 on Tuesday. ACADIA Pharmaceuticals has a 12 month low of $14.15 and a 12 month high of $32.59. The stock has a market cap of $2.70 billion, a PE ratio of 20.78 and a beta of 0.38. The stock’s 50 day moving average is $15.60 and its 200 day moving average is $15.99.

ACADIA Pharmaceuticals (NASDAQ:ACAD) last released its quarterly earnings results on Wednesday, November 6th. The biopharmaceutical company reported $0.20 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.14 by $0.06. ACADIA Pharmaceuticals had a return on equity of 25.83% and a net margin of 13.83%. The business had revenue of $250.40 million during the quarter, compared to analyst estimates of $248.83 million. During the same quarter in the previous year, the company posted ($0.40) earnings per share. ACADIA Pharmaceuticals’s revenue for the quarter was up 18.3% on a year-over-year basis.

Insider Activity

In related news, insider James Kihara sold 4,073 shares of ACADIA Pharmaceuticals 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 completion of the transaction, the insider now directly owns 19,863 shares in the company, valued at approximately $333,897.03. This trade represents a 17.02 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Brendan Teehan sold 10,329 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 value of $173,630.49. Following the completion of the sale, the chief operating officer now owns 62,105 shares in the company, valued at approximately $1,043,985.05. This represents a 14.26 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 24,661 shares of company stock valued at $414,551 in the last ninety days. Insiders own 28.30% of the company’s stock.

Hedge Funds Weigh In On ACADIA Pharmaceuticals

Large investors have recently made changes to their positions in the company. M&G Plc increased its holdings in ACADIA Pharmaceuticals by 12.4% in the second quarter. M&G Plc now owns 351,115 shares of the biopharmaceutical company’s stock valued at $5,618,000 after buying an additional 38,790 shares in the last quarter. Fred Alger Management LLC increased its stake in shares of ACADIA Pharmaceuticals by 19.8% in the 2nd quarter. Fred Alger Management LLC now owns 2,704,439 shares of the biopharmaceutical company’s stock valued at $43,947,000 after purchasing an additional 446,875 shares in the last quarter. US Bancorp DE raised its holdings in ACADIA Pharmaceuticals by 2,084.0% in the 3rd quarter. US Bancorp DE now owns 32,934 shares of the biopharmaceutical company’s stock worth $507,000 after purchasing an additional 31,426 shares during the period. Sei Investments Co. boosted its position in ACADIA Pharmaceuticals by 6.2% during the first quarter. Sei Investments Co. now owns 34,752 shares of the biopharmaceutical company’s stock worth $642,000 after purchasing an additional 2,034 shares in the last quarter. Finally, Hohimer Wealth Management LLC grew its holdings in ACADIA Pharmaceuticals by 828.8% in the second quarter. Hohimer Wealth Management LLC now owns 159,133 shares of the biopharmaceutical company’s stock valued at $2,586,000 after purchasing an additional 142,000 shares during the period. 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.