ACADIA Pharmaceuticals (NASDAQ:ACAD) announced its quarterly earnings results on Tuesday. The biopharmaceutical company reported ($0.50) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.58) by $0.08, Briefing.com reports. The business had revenue of $58.31 million for the quarter, compared to analysts’ expectations of $56.31 million. ACADIA Pharmaceuticals had a negative return on equity of 78.56% and a negative net margin of 135.99%. The business’s quarterly revenue was up 63.9% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.53) EPS.
Shares of ACAD traded down $1.88 during mid-day trading on Wednesday, hitting $20.00. 5,127,400 shares of the company’s stock traded hands, compared to its average volume of 2,877,016. ACADIA Pharmaceuticals has a 1 year low of $12.77 and a 1 year high of $33.52. The stock has a market capitalization of $2.84 billion, a PE ratio of -8.47 and a beta of 3.35.
A number of equities analysts have commented on the company. Cantor Fitzgerald set a $27.00 price target on ACADIA Pharmaceuticals and gave the stock a “buy” rating in a research note on Wednesday, October 31st. HC Wainwright reaffirmed a “buy” rating and issued a $60.00 price target on shares of ACADIA Pharmaceuticals in a research note on Thursday, November 1st. Piper Jaffray Companies cut ACADIA Pharmaceuticals from an “overweight” rating to a “neutral” rating and set a $19.00 price target on the stock. in a research note on Monday, August 6th. ValuEngine raised ACADIA Pharmaceuticals from a “sell” rating to a “hold” rating in a research note on Thursday, October 18th. Finally, Zacks Investment Research raised ACADIA Pharmaceuticals from a “sell” rating to a “hold” rating and set a $24.00 price target on the stock in a research note on Monday, October 8th. Three equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. The stock has an average rating of “Buy” and a consensus price target of $33.78.
Several institutional investors and hedge funds have recently bought and sold shares of ACAD. Verition Fund Management LLC purchased a new position in shares of ACADIA Pharmaceuticals during the second quarter valued at approximately $163,000. Centaurus Financial Inc. purchased a new stake in ACADIA Pharmaceuticals in the second quarter worth $169,000. NEXT Financial Group Inc purchased a new stake in ACADIA Pharmaceuticals in the third quarter worth $176,000. Russell Investments Group Ltd. grew its stake in ACADIA Pharmaceuticals by 96.4% in the third quarter. Russell Investments Group Ltd. now owns 8,562 shares of the biopharmaceutical company’s stock worth $178,000 after purchasing an additional 4,202 shares during the period. Finally, Flagship Harbor Advisors LLC purchased a new stake in ACADIA Pharmaceuticals in the second quarter worth $179,000. 96.01% of the stock is currently owned by hedge funds and other institutional investors.
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About ACADIA Pharmaceuticals
ACADIA Pharmaceuticals Inc, a biopharmaceutical company, focuses on the development and commercialization of small molecule drugs that address unmet medical needs in central nervous system disorders. The company offers NUPLAZID (pimavanserin) for the treatment of hallucinations and delusions associated with Parkinson's disease psychosis.
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