ACADIA Pharmaceuticals Inc. (ACAD) Sees Large Drop in Short Interest
ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD) was the target of a significant decrease in short interest in the month of September. As of September 29th, there was short interest totalling 6,510,387 shares, a decrease of 60.7% from the September 15th total of 16,574,500 shares. Approximately 5.3% of the shares of the stock are short sold. Based on an average daily trading volume, of 1,050,533 shares, the days-to-cover ratio is currently 6.2 days.
ACAD has been the subject of several research analyst reports. Zacks Investment Research upgraded ACADIA Pharmaceuticals from a “hold” rating to a “buy” rating and set a $31.00 price objective for the company in a report on Tuesday, July 11th. Ladenburg Thalmann Financial Services reaffirmed a “buy” rating and set a $50.00 target price (up from $48.00) on shares of ACADIA Pharmaceuticals in a research report on Monday, October 2nd. Needham & Company LLC reaffirmed a “buy” rating and set a $49.00 target price on shares of ACADIA Pharmaceuticals in a research report on Sunday, September 17th. Goldman Sachs Group, Inc. (The) reaffirmed a “neutral” rating and set a $45.00 target price on shares of ACADIA Pharmaceuticals in a research report on Friday, October 6th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $60.00 target price on shares of ACADIA Pharmaceuticals in a research report on Wednesday, August 9th. Six analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. ACADIA Pharmaceuticals presently has a consensus rating of “Buy” and a consensus price target of $46.21.
In other news, EVP Glenn Baity sold 14,322 shares of the company’s stock in a transaction on Wednesday, August 9th. The stock was sold at an average price of $34.88, for a total value of $499,551.36. Following the completion of the sale, the executive vice president now owns 78,578 shares in the company, valued at $2,740,800.64. The sale was disclosed in a legal filing with the SEC, which is available at this link. In the last 90 days, insiders sold 116,426 shares of company stock valued at $4,100,885. Insiders own 22.25% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of ACAD. Nationwide Fund Advisors bought a new position in shares of ACADIA Pharmaceuticals in the first quarter worth approximately $424,000. Russell Investments Group Ltd. increased its holdings in ACADIA Pharmaceuticals by 379.7% during the first quarter. Russell Investments Group Ltd. now owns 24,150 shares of the biopharmaceutical company’s stock valued at $831,000 after buying an additional 19,116 shares during the last quarter. Bank of New York Mellon Corp increased its holdings in ACADIA Pharmaceuticals by 5.6% during the first quarter. Bank of New York Mellon Corp now owns 396,646 shares of the biopharmaceutical company’s stock valued at $13,636,000 after buying an additional 21,191 shares during the last quarter. UBS Asset Management Americas Inc. increased its holdings in ACADIA Pharmaceuticals by 2.8% during the first quarter. UBS Asset Management Americas Inc. now owns 710,367 shares of the biopharmaceutical company’s stock valued at $24,422,000 after buying an additional 19,024 shares during the last quarter. Finally, Karp Capital Management Corp purchased a new stake in ACADIA Pharmaceuticals during the first quarter valued at approximately $720,000. Hedge funds and other institutional investors own 97.10% of the company’s stock.
ACADIA Pharmaceuticals (NASDAQ:ACAD) opened at 35.50 on Friday. The firm has a 50-day moving average price of $36.58 and a 200 day moving average price of $31.73. The firm’s market capitalization is $4.35 billion. ACADIA Pharmaceuticals has a 12 month low of $20.68 and a 12 month high of $41.20.
ACADIA Pharmaceuticals (NASDAQ:ACAD) last announced its earnings results on Tuesday, August 8th. The biopharmaceutical company reported ($0.55) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.72) by $0.17. The firm had revenue of $30.50 million for the quarter, compared to analyst estimates of $20.02 million. ACADIA Pharmaceuticals had a negative net margin of 485.14% and a negative return on equity of 62.08%. The company’s revenue for the quarter was up 30400.0% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.63) EPS. On average, equities analysts forecast that ACADIA Pharmaceuticals will post ($2.55) EPS for the current year.
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About ACADIA Pharmaceuticals
ACADIA Pharmaceuticals Inc is a biopharmaceutical company. The Company is focused on the development and commercialization of medicines for central nervous system (CNS) disorders. Its lead drug candidate, NUPLAZID (pimavanserin), is used for the treatment of hallucinations and delusions associated with Parkinson’s disease psychosis (PD Psychosis).
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