ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD) saw unusually-strong trading volume on Wednesday after the company announced better than expected quarterly earnings. Approximately 7,900,386 shares changed hands during mid-day trading, an increase of 419% from the previous session’s volume of 1,523,240 shares.The stock last traded at $33.21 and had previously closed at $29.54.

The biopharmaceutical company reported ($0.55) EPS for the quarter, beating analysts’ consensus estimates of ($0.72) by $0.17. ACADIA Pharmaceuticals had a negative return on equity of 62.08% and a negative net margin of 485.14%. The company had revenue of $30.50 million during the quarter, compared to analysts’ expectations of $20.02 million. During the same period last year, the business posted ($0.63) earnings per share. The firm’s revenue was up 30400.0% compared to the same quarter last year.

A number of research analysts have recently weighed in on the company. Zacks Investment Research raised ACADIA Pharmaceuticals from a “sell” rating to a “hold” rating in a report on Friday, May 12th. ValuEngine raised ACADIA Pharmaceuticals from a “strong sell” rating to a “sell” rating in a report on Thursday, August 10th. BidaskClub raised ACADIA Pharmaceuticals from a “sell” rating to a “hold” rating in a report on Monday, July 24th. Cowen and Company reissued an “outperform” rating and issued a $46.00 price objective (up from $42.00) on shares of ACADIA Pharmaceuticals in a report on Thursday, August 10th. Finally, Piper Jaffray Companies set a $54.00 price objective on ACADIA Pharmaceuticals and gave the company a “buy” rating in a report on Wednesday, August 9th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and ten have assigned a buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average target price of $43.23.

In related news, EVP Glenn Baity sold 14,322 shares of the firm’s stock in a transaction dated Wednesday, August 9th. The stock was sold at an average price of $34.88, for a total transaction of $499,551.36. Following the sale, the executive vice president now directly owns 78,578 shares of the company’s stock, valued at $2,740,800.64. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Over the last ninety days, insiders have sold 54,322 shares of company stock worth $1,699,551. 22.25% of the stock is owned by corporate insiders.

Hedge funds have recently modified their holdings of the stock. Elliott Management Corp raised its stake in shares of ACADIA Pharmaceuticals by 61.7% in the second quarter. Elliott Management Corp now owns 1,256,795 shares of the biopharmaceutical company’s stock valued at $35,052,000 after buying an additional 479,413 shares during the last quarter. York Capital Management Global Advisors LLC acquired a new stake in shares of ACADIA Pharmaceuticals during the second quarter valued at approximately $3,347,000. State Street Corp raised its stake in shares of ACADIA Pharmaceuticals by 15.8% in the second quarter. State Street Corp now owns 3,748,468 shares of the biopharmaceutical company’s stock valued at $104,551,000 after buying an additional 510,670 shares during the last quarter. Palo Alto Investors LLC raised its stake in shares of ACADIA Pharmaceuticals by 1.4% in the second quarter. Palo Alto Investors LLC now owns 1,613,330 shares of the biopharmaceutical company’s stock valued at $44,996,000 after buying an additional 22,900 shares during the last quarter. Finally, Janus Henderson Group PLC acquired a new stake in shares of ACADIA Pharmaceuticals during the second quarter valued at approximately $102,152,000. 97.82% of the stock is currently owned by institutional investors.

The firm’s market cap is $3.80 billion. The company’s 50 day moving average is $29.77 and its 200 day moving average is $32.03.

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ACADIA Pharmaceuticals Company Profile

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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