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

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

ACADIA Pharmaceuticals Stock Down 11.2 %

Shares of ACAD stock opened at $15.21 on Friday. ACADIA Pharmaceuticals has a 52 week low of $15.17 and a 52 week high of $33.99. The stock has a market capitalization of $2.51 billion, a PE ratio of -40.03 and a beta of 0.42. The firm has a 50 day moving average of $18.50 and a two-hundred day moving average of $23.16.

Wall Street Analysts Forecast Growth

ACAD has been the topic of several recent analyst reports. Bank of America lowered their target price on shares of ACADIA Pharmaceuticals from $26.00 to $22.00 and set a “neutral” rating on the stock in a research note on Friday. Cantor Fitzgerald reiterated an “overweight” rating and issued a $37.00 price objective on shares of ACADIA Pharmaceuticals in a report on Thursday. JPMorgan Chase & Co. cut their price objective on shares of ACADIA Pharmaceuticals from $29.00 to $25.00 and set an “overweight” rating for the company in a report on Monday, March 25th. Morgan Stanley cut their price objective on shares of ACADIA Pharmaceuticals from $40.00 to $30.00 and set an “overweight” rating for the company in a report on Wednesday, March 13th. Finally, Oppenheimer reissued a “market perform” rating and issued a $19.00 price target on shares of ACADIA Pharmaceuticals in a research note on Monday. Four investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $28.94.

Insider Buying and Selling at ACADIA Pharmaceuticals

In other ACADIA Pharmaceuticals news, CEO Stephen Davis sold 5,577 shares of the firm’s stock in a transaction that occurred on Monday, February 26th. The shares were sold at an average price of $24.67, for a total value 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 approximately $2,513,626.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other ACADIA Pharmaceuticals news, CEO Stephen Davis sold 5,577 shares of the firm’s stock in a transaction that occurred on Monday, February 26th. The shares were sold at an average price of $24.67, for a total value 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 approximately $2,513,626.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Mark C. Schneyer sold 3,503 shares of the firm’s stock in a transaction that occurred on Thursday, May 2nd. The shares were sold at an average price of $16.94, for a total transaction of $59,340.82. Following the completion of the transaction, the chief financial officer now directly owns 32,053 shares of the company’s stock, valued at approximately $542,977.82. The disclosure for this sale can be found here. Insiders sold 89,116 shares of company stock valued at $1,625,639 in the last 90 days. Company insiders own 27.50% of the company’s stock.

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.