Citigroup Has Lowered Expectations for ACADIA Pharmaceuticals (NASDAQ:ACAD) Stock Price

ACADIA Pharmaceuticals (NASDAQ:ACAD) had its price target lowered by equities researchers at Citigroup from $40.00 to $33.00 in a report issued on Thursday, Benzinga reports. The brokerage presently has a “buy” rating on the biopharmaceutical company’s stock. Citigroup’s target price indicates a potential upside of 44.77% from the company’s current price.

Several other research analysts have also weighed in on the stock. Citizens Jmp upped their target price on shares of ACADIA Pharmaceuticals from $35.00 to $36.00 and gave the stock a “market outperform” rating in a research report on Wednesday, August 5th. Canaccord Genuity Group lifted their price objective on ACADIA Pharmaceuticals from $32.00 to $36.00 and gave the stock a “buy” rating in a research report on Monday, June 29th. Bank of America reiterated a “buy” rating and set a $14.50 target price on shares of ACADIA Pharmaceuticals in a report on Wednesday, July 29th. UBS Group boosted their price target on ACADIA Pharmaceuticals from $45.00 to $49.00 and gave the stock a “buy” rating in a report on Monday, August 17th. Finally, Deutsche Bank Aktiengesellschaft increased their price objective on ACADIA Pharmaceuticals from $37.00 to $38.00 and gave the company a “buy” rating in a research note on Tuesday, August 25th. Fourteen equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $33.97.

ACADIA Pharmaceuticals Price Performance

Shares of NASDAQ ACAD traded down $2.64 during mid-day trading on Thursday, hitting $22.79. The company had a trading volume of 3,814,830 shares, compared to its average volume of 1,671,862. The company has a market capitalization of $3.93 billion, a PE ratio of 10.27 and a beta of 0.86. The business’s 50-day simple moving average is $27.67 and its 200 day simple moving average is $24.21. ACADIA Pharmaceuticals has a 1-year low of $19.69 and a 1-year high of $30.96.

ACADIA Pharmaceuticals (NASDAQ:ACAD) last released its quarterly earnings data on Tuesday, August 4th. The biopharmaceutical company reported $0.18 EPS for the quarter, beating analysts’ consensus estimates of $0.07 by $0.11. ACADIA Pharmaceuticals had a return on equity of 9.03% and a net margin of 33.42%.The business had revenue of $308.00 million for the quarter, compared to the consensus estimate of $296.55 million. During the same quarter in the prior year, the business posted $0.16 EPS. The business’s revenue for the quarter was up 16.4% on a year-over-year basis. On average, analysts expect that ACADIA Pharmaceuticals will post 0.64 EPS for the current year.

Insider Activity

In other news, EVP Elizabeth Thompson sold 16,558 shares of the company’s stock in a transaction dated Thursday, July 30th. The shares were sold at an average price of $26.13, for a total value of $432,660.54. Following the sale, the executive vice president owned 18,994 shares of the company’s stock, valued at approximately $496,313.22. This represents a 46.57% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Mark Schneyer sold 14,292 shares of the business’s stock in a transaction dated Thursday, August 6th. The shares were sold at an average price of $29.22, for a total transaction of $417,612.24. Following the completion of the sale, the executive vice president directly owned 67,828 shares of the company’s stock, valued at approximately $1,981,934.16. The trade was a 17.40% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 36,699 shares of company stock valued at $1,019,894 in the last three months. Company insiders own 26.20% of the company’s stock.

Institutional Investors Weigh In On ACADIA Pharmaceuticals

Institutional investors and hedge funds have recently made changes to their positions in the business. Rice Hall James & Associates LLC purchased a new stake in ACADIA Pharmaceuticals in the 2nd quarter valued at $15,658,000. State of Wyoming purchased a new stake in shares of ACADIA Pharmaceuticals during the 2nd quarter valued at approximately $1,234,000. Bank of America Corp DE boosted its holdings in ACADIA Pharmaceuticals by 27.2% in the 1st quarter. Bank of America Corp DE now owns 1,553,770 shares of the biopharmaceutical company’s stock worth $34,587,000 after buying an additional 332,325 shares during the period. Virtus Advisers LLC purchased a new stake in shares of ACADIA Pharmaceuticals during the second quarter worth $1,123,000. Finally, GSA Capital Partners LLP purchased a new stake in ACADIA Pharmaceuticals during the 2nd quarter worth about $1,783,000. Institutional investors and hedge funds own 96.71% of the company’s stock.

Key Headlines Impacting ACADIA Pharmaceuticals

Here are the key news stories impacting ACADIA Pharmaceuticals this week:

• Positive Sentiment: Acadia said the RADIANT study showed favorable trends in reducing hallucinations and delusions, particularly with the 60 mg once-daily dose, and concluded that the results support advancing remlifanserin into Phase 3. Acadia Phase 2 RADIANT results
• Positive Sentiment: The treatment’s safety profile was described as clean, which could support further clinical testing and reduce concerns about development-related safety risks. Remlifanserin Phase 2 data
• Positive Sentiment: Needham reaffirmed its Buy rating and maintained a $41 price target, implying substantial upside from the referenced share price. Needham rating and price target
• Neutral Sentiment: The 60 mg dose performed better than placebo on the primary measure at six weeks, but the result narrowly missed statistical significance; management nevertheless plans to pursue Phase 3. Acadia mixed Alzheimer’s psychosis data
• Negative Sentiment: The failure to meet the main endpoint was viewed as a significant setback, sending ACAD shares lower as investors reassessed the probability of success for a potentially important pipeline asset. Reuters report on the mid-stage study
• Negative Sentiment: Analysts and biotech commentators cited the low effect size, the statistical miss at the high dose, and concerns about replicating the benefit in Phase 3. One assessment reduced the estimated Phase 3 success probability to 25%. Analysis of remlifanserin’s prospects

ACADIA Pharmaceuticals Company Profile

ACADIA Pharmaceuticals Inc is a biopharmaceutical company focused on developing and commercializing medicines for neurological and psychiatric disorders. The company is headquartered in San Diego, California, and conducts research and commercial activities primarily in the United States.

ACADIA’s marketed products include NUPLAZID (pimavanserin), an atypical antipsychotic approved for the treatment of hallucinations and delusions associated with Parkinson’s disease psychosis. The company also markets DAYBUE (trofinetide), a therapy for Rett syndrome, a rare neurodevelopmental disorder.

Founded in 1993, ACADIA continues to advance a pipeline of therapies for central nervous system conditions, including additional neurological and psychiatric disorders.