ACADIA Pharmaceuticals (NASDAQ:ACAD) Reaches New 1-Year Low Following Analyst Downgrade

ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD)’s share price hit a new 52-week low during mid-day trading on Thursday after HC Wainwright lowered their price target on the stock from $33.00 to $27.00. HC Wainwright currently has a buy rating on the stock. ACADIA Pharmaceuticals traded as low as $15.68 and last traded at $15.81, with a volume of 407588 shares trading hands. The stock had previously closed at $17.13.

ACAD has been the topic of a number of other research reports. Mizuho lowered their price target on shares of ACADIA Pharmaceuticals from $25.00 to $21.00 and set a “neutral” rating on the stock in a report on Thursday. StockNews.com upgraded ACADIA Pharmaceuticals from a “hold” rating to a “buy” rating in a research note on Tuesday, January 30th. Citigroup cut their price target on ACADIA Pharmaceuticals from $30.19 to $30.00 and set a “buy” rating for the company in a research note on Thursday. Cantor Fitzgerald restated an “overweight” rating and issued a $37.00 price objective on shares of ACADIA Pharmaceuticals in a research note on Thursday. Finally, JPMorgan Chase & Co. cut their target price on shares of ACADIA Pharmaceuticals from $29.00 to $25.00 and set an “overweight” rating for the company in a research report on Monday, March 25th. Three analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $29.38.

Insider Buying and Selling at ACADIA Pharmaceuticals

In other news, CEO Stephen Davis sold 5,577 shares of the business’s stock in a transaction dated Monday, February 26th. The stock was sold at an average price of $24.67, for a total transaction of $137,584.59. Following the completion of the transaction, the chief executive officer now owns 101,890 shares of the company’s stock, valued at $2,513,626.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CEO Stephen Davis sold 5,577 shares of ACADIA Pharmaceuticals stock in a transaction on Monday, February 26th. The shares were sold at an average price of $24.67, for a total transaction of $137,584.59. Following the completion of the sale, the chief executive officer now directly owns 101,890 shares of the company’s stock, valued at approximately $2,513,626.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider James Kihara sold 1,790 shares of the stock in a transaction on Monday, April 8th. The shares were sold at an average price of $17.87, for a total value of $31,987.30. Following the completion of the transaction, the insider now directly owns 13,100 shares in the company, valued at approximately $234,097. 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 in the last 90 days. Corporate insiders own 27.50% of the company’s stock.

Hedge Funds Weigh In On ACADIA Pharmaceuticals

A number of large investors have recently modified their holdings of the company. Raymond James & Associates raised its stake in shares of ACADIA Pharmaceuticals by 18.1% during the third quarter. Raymond James & Associates now owns 10,614 shares of the biopharmaceutical company’s stock worth $221,000 after acquiring an additional 1,630 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in ACADIA Pharmaceuticals by 12.2% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 23,405 shares of the biopharmaceutical company’s stock worth $488,000 after purchasing an additional 2,548 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its stake in ACADIA Pharmaceuticals by 8.7% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 81,338 shares of the biopharmaceutical company’s stock worth $1,695,000 after purchasing an additional 6,519 shares during the last quarter. TD Asset Management Inc boosted its position in ACADIA Pharmaceuticals by 29.4% during the third quarter. TD Asset Management Inc now owns 225,696 shares of the biopharmaceutical company’s stock valued at $4,704,000 after buying an additional 51,273 shares during the period. Finally, Allspring Global Investments Holdings LLC grew its stake in shares of ACADIA Pharmaceuticals by 229.4% during the third quarter. Allspring Global Investments Holdings LLC now owns 125,091 shares of the biopharmaceutical company’s stock valued at $2,607,000 after buying an additional 87,111 shares during the last quarter. 96.71% of the stock is owned by hedge funds and other institutional investors.

ACADIA Pharmaceuticals Stock Down 11.2 %

The stock has a market cap of $2.51 billion, a PE ratio of -40.03 and a beta of 0.42. The company has a fifty day moving average price of $18.50 and a 200 day moving average price of $23.16.

ACADIA Pharmaceuticals (NASDAQ:ACAD) last announced its quarterly earnings data on Wednesday, May 8th. The biopharmaceutical company reported $0.10 earnings per share for the quarter, beating the consensus estimate of $0.04 by $0.06. 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 during the quarter, compared to the consensus estimate of $208.31 million. During the same quarter in the previous year, the company posted ($0.27) earnings per share. The business’s revenue was up 73.8% on a year-over-year basis. As a group, research analysts predict that ACADIA Pharmaceuticals Inc. will post 0.62 earnings per share for the current year.

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.