ACADIA Pharmaceuticals (NASDAQ:ACAD) Hits New 52-Week Low – Here’s What Happened

ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD) shares hit a new 52-week low during trading on Thursday. The company traded as low as $19.63 and last traded at $19.6850, with a volume of 246780 shares traded. The stock had previously closed at $20.15.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the company. BMO Capital Markets lowered their target price on ACADIA Pharmaceuticals from $36.00 to $34.00 and set an “outperform” rating for the company in a research note on Thursday, September 24th. TD Cowen reissued a “buy” rating on shares of ACADIA Pharmaceuticals in a research report on Thursday, September 24th. Weiss Ratings upgraded ACADIA Pharmaceuticals from a “hold (c)” rating to a “hold (c+)” rating in a report on Wednesday, August 12th. HC Wainwright dropped their price objective on shares of ACADIA Pharmaceuticals from $37.00 to $33.00 and set a “buy” rating on the stock in a research note on Friday, September 25th. Finally, Bank of America reaffirmed a “buy” rating and set a $14.50 target price on shares of ACADIA Pharmaceuticals in a research report on Wednesday, July 29th. Fourteen equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $32.76.

ACADIA Pharmaceuticals Price Performance

The stock has a market capitalization of $3.41 billion, a price-to-earnings ratio of 8.92 and a beta of 0.86. The firm’s fifty day moving average is $27.21 and its 200-day moving average is $24.16.

ACADIA Pharmaceuticals (NASDAQ:ACAD) last announced its quarterly earnings data on Tuesday, August 4th. The biopharmaceutical company reported $0.18 earnings per share for the quarter, topping the consensus estimate of $0.07 by $0.11. The company had revenue of $308.00 million during the quarter, compared to analyst estimates of $296.55 million. ACADIA Pharmaceuticals had a net margin of 33.42% and a return on equity of 9.03%. The firm’s revenue for the quarter was up 16.4% compared to the same quarter last year. During the same period last year, the business earned $0.16 EPS. On average, sell-side analysts expect that ACADIA Pharmaceuticals Inc. will post 0.64 EPS for the current year.

Insider Activity

In related news, EVP Elizabeth Thompson sold 16,558 shares of the business’s stock in a transaction dated Thursday, July 30th. The stock was sold at an average price of $26.13, for a total value of $432,660.54. Following the completion of the sale, the executive vice president directly owned 18,994 shares of the company’s stock, valued at $496,313.22. The trade was a 46.57% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Mark Schneyer sold 14,292 shares of the company’s stock in a transaction that occurred on Thursday, August 6th. The shares were sold at an average price of $29.22, for a total value of $417,612.24. Following the sale, the executive vice president owned 67,828 shares in the company, valued at $1,981,934.16. The trade was a 17.40% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 36,699 shares of company stock valued at $1,019,894. 26.20% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On ACADIA Pharmaceuticals

Several large investors have recently added to or reduced their stakes in the company. Nykredit A S bought a new stake in ACADIA Pharmaceuticals during the second quarter valued at $38,000. Integrated Wealth Concepts LLC bought a new position in shares of ACADIA Pharmaceuticals in the 2nd quarter worth about $50,000. Global Retirement Partners LLC acquired a new position in shares of ACADIA Pharmaceuticals in the 2nd quarter valued at about $64,000. GAMMA Investing LLC boosted its holdings in shares of ACADIA Pharmaceuticals by 15.6% in the 2nd quarter. GAMMA Investing LLC now owns 2,985 shares of the biopharmaceutical company’s stock valued at $76,000 after buying an additional 402 shares during the period. Finally, Transamerica Financial Advisors LLC bought a new stake in shares of ACADIA Pharmaceuticals during the 2nd quarter valued at about $104,000. 96.71% of the stock is currently owned by institutional investors.

About ACADIA Pharmaceuticals

ACADIA Pharmaceuticals Inc is a biopharmaceutical company focused on developing and commercializing medicines for central nervous system disorders and rare diseases. The company is headquartered in San Diego, California, and serves patients and healthcare providers primarily in the United States.

ACADIA’s commercial products include NUPLAZID (pimavanserin), an atypical antipsychotic approved in the United States for the treatment of hallucinations and delusions associated with Parkinson’s disease psychosis.