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

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

ACADIA Pharmaceuticals Stock Performance

ACAD stock traded down $1.49 during trading on Thursday, reaching $15.64. 2,961,288 shares of the company traded hands, compared to its average volume of 1,758,547. ACADIA Pharmaceuticals has a 12 month low of $15.39 and a 12 month high of $33.99. The business has a 50 day simple moving average of $18.66 and a 200 day simple moving average of $23.21. The company has a market capitalization of $2.58 billion, a price-to-earnings ratio of -41.82 and a beta of 0.42.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on ACAD shares. HC Wainwright restated a “buy” rating and issued a $33.00 price target on shares of ACADIA Pharmaceuticals in a research note on Wednesday, February 28th. Oppenheimer reaffirmed a “market perform” rating and issued a $19.00 price objective on shares of ACADIA Pharmaceuticals in a research note on Monday. Needham & Company LLC reiterated a “buy” rating and issued a $30.00 target price on shares of ACADIA Pharmaceuticals in a research report on Thursday. Cantor Fitzgerald reiterated an “overweight” rating and issued a $37.00 target price on shares of ACADIA Pharmaceuticals in a research report on Thursday. Finally, Robert W. Baird decreased their price objective on ACADIA Pharmaceuticals from $31.00 to $28.00 and set an “outperform” rating on the stock in a research 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, ACADIA Pharmaceuticals presently has an average rating of “Moderate Buy” and a consensus price target of $30.25.

Insider Activity at ACADIA Pharmaceuticals

In related news, insider James Kihara sold 1,790 shares of the firm’s stock in a transaction dated Monday, April 8th. The stock was sold at an average price of $17.87, for a total transaction of $31,987.30. Following the sale, the insider now owns 13,100 shares of the company’s stock, valued at $234,097. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In related news, insider James Kihara sold 1,790 shares of the firm’s stock in a transaction dated Monday, April 8th. The stock was sold at an average price of $17.87, for a total transaction of $31,987.30. Following the sale, the insider now owns 13,100 shares of the company’s stock, valued at $234,097. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, COO Brendan Teehan sold 5,140 shares of the stock in a transaction dated Wednesday, March 27th. The shares were sold at an average price of $17.90, for a total value of $92,006.00. Following the completion of the sale, the chief operating officer now owns 36,340 shares of the company’s stock, valued at $650,486. The disclosure for this sale can be found here. Insiders have sold a total of 89,116 shares of company stock valued at $1,625,639 over the last quarter. 27.50% of the stock is owned by corporate insiders.

About ACADIA Pharmaceuticals

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.