ACADIA Pharmaceuticals (NASDAQ:ACAD) Sets New 12-Month High – Here’s What Happened

ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD)’s share price hit a new 52-week high on Monday . The stock traded as high as $27.96 and last traded at $27.92, with a volume of 247801 shares. The stock had previously closed at $27.16.

Analysts Set New Price Targets

A number of research firms have commented on ACAD. Piper Sandler set a $37.00 price target on ACADIA Pharmaceuticals in a report on Tuesday, December 16th. Wall Street Zen raised ACADIA Pharmaceuticals from a “hold” rating to a “buy” rating in a research note on Saturday, November 8th. Royal Bank Of Canada lowered their price target on ACADIA Pharmaceuticals from $34.00 to $32.00 and set an “outperform” rating on the stock in a report on Thursday, November 6th. Citigroup began coverage on shares of ACADIA Pharmaceuticals in a report on Tuesday, October 21st. They set a “buy” rating and a $33.00 price objective for the company. Finally, Cowen reiterated a “buy” rating on shares of ACADIA Pharmaceuticals in a research report on Thursday, September 11th. One analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $29.95.

ACADIA Pharmaceuticals Trading Down 0.4%

The firm has a market cap of $4.69 billion, a P/E ratio of 17.89, a P/E/G ratio of 8.35 and a beta of 0.67. The stock has a 50 day simple moving average of $24.16 and a 200-day simple moving average of $23.49.

ACADIA Pharmaceuticals (NASDAQ:ACAD) last posted its earnings results on Wednesday, November 5th. The biopharmaceutical company reported $0.42 earnings per share for the quarter, beating analysts’ consensus estimates of $0.14 by $0.28. The firm had revenue of $278.63 million during the quarter, compared to analyst estimates of $276.52 million. ACADIA Pharmaceuticals had a net margin of 24.94% and a return on equity of 14.61%. ACADIA Pharmaceuticals’s revenue for the quarter was up 11.3% compared to the same quarter last year. During the same period last year, the firm posted $0.20 earnings per share. As a group, equities analysts forecast that ACADIA Pharmaceuticals Inc. will post 0.7 earnings per share for the current fiscal year.

Insider Activity

In related news, Director James M. Daly sold 30,000 shares of the stock in a transaction dated Monday, November 10th. The shares were sold at an average price of $22.37, for a total value of $671,100.00. Following the completion of the transaction, the director owned 4,041 shares of the company’s stock, valued at approximately $90,397.17. This trade represents a 88.13% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Mark C. Schneyer sold 10,262 shares of ACADIA Pharmaceuticals stock in a transaction dated Tuesday, November 18th. The stock was sold at an average price of $23.69, for a total value of $243,106.78. Following the completion of the transaction, the executive vice president owned 53,338 shares of the company’s stock, valued at approximately $1,263,577.22. This represents a 16.14% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 44,346 shares of company stock worth $1,010,957. 26.50% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the business. Maryland State Retirement & Pension System lifted its position in shares of ACADIA Pharmaceuticals by 1.3% during the second quarter. Maryland State Retirement & Pension System now owns 36,397 shares of the biopharmaceutical company’s stock worth $785,000 after purchasing an additional 476 shares during the last quarter. PNC Financial Services Group Inc. grew its holdings in shares of ACADIA Pharmaceuticals by 11.2% in the third quarter. PNC Financial Services Group Inc. now owns 5,323 shares of the biopharmaceutical company’s stock worth $114,000 after purchasing an additional 534 shares during the last quarter. Vise Technologies Inc. increased its stake in ACADIA Pharmaceuticals by 4.0% in the 3rd quarter. Vise Technologies Inc. now owns 15,367 shares of the biopharmaceutical company’s stock worth $328,000 after buying an additional 585 shares during the period. Thrivent Financial for Lutherans lifted its holdings in ACADIA Pharmaceuticals by 0.7% during the 2nd quarter. Thrivent Financial for Lutherans now owns 91,067 shares of the biopharmaceutical company’s stock valued at $1,964,000 after buying an additional 626 shares in the last quarter. Finally, GAMMA Investing LLC boosted its position in ACADIA Pharmaceuticals by 25.8% in the 3rd quarter. GAMMA Investing LLC now owns 3,361 shares of the biopharmaceutical company’s stock valued at $72,000 after buying an additional 690 shares during the period. Institutional investors own 96.71% of the company’s stock.

ACADIA Pharmaceuticals Company Profile

ACADIA Pharmaceuticals Inc is a biopharmaceutical company focused on the development and commercialization of innovative therapies for central nervous system (CNS) disorders. Established in 1993 and headquartered in San Diego, California, ACADIA’s research centers concentrate on conditions with significant unmet medical needs, including Parkinson’s disease psychosis, Alzheimer’s disease psychosis, and schizophrenia. The company utilizes a range of scientific platforms, including selective receptor modulation and precision-targeted compounds, to advance its portfolio of small-molecule therapeutics.

The company’s flagship product, NUPLAZID® (pimavanserin), received U.S.