ACADIA Pharmaceuticals (NASDAQ:ACAD) Shares Down 10.3% – Time to Sell?

ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD)’s stock price was down 10.3% during trading on Thursday . The stock traded as low as $21.97 and last traded at $22.8140. 904,792 shares changed hands during mid-day trading, a decline of 45% from the average session volume of 1,656,982 shares. The stock had previously closed at $25.43.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the stock. Canaccord Genuity Group boosted their price target on shares of ACADIA Pharmaceuticals from $32.00 to $36.00 and gave the company a “buy” rating in a research report on Monday, June 29th. Morgan Stanley raised their price objective on shares of ACADIA Pharmaceuticals from $27.00 to $28.00 and gave the stock an “equal weight” rating in a report on Tuesday, August 25th. Royal Bank Of Canada lifted their price objective on ACADIA Pharmaceuticals from $36.00 to $37.00 and gave the company an “outperform” rating in a research report on Wednesday, August 5th. Needham & Company LLC reiterated a “buy” rating and set a $41.00 target price on shares of ACADIA Pharmaceuticals in a report on Thursday. Finally, Oppenheimer reissued a “market perform” rating on shares of ACADIA Pharmaceuticals in a research report on Wednesday. Fourteen analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $34.36.

ACADIA Pharmaceuticals Stock Performance

The stock’s 50-day moving average price is $27.67 and its two-hundred day moving average price is $24.21. The stock has a market capitalization of $4.05 billion, a PE ratio of 10.58 and a beta of 0.86.

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

Insider Activity at ACADIA Pharmaceuticals

In related news, EVP Mark C. Schneyer sold 14,292 shares of the company’s stock in a transaction that occurred on Thursday, August 6th. The stock was 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. This represents a 17.40% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Elizabeth Thompson sold 16,558 shares of the firm’s stock in a transaction on Thursday, July 30th. The shares were sold at an average price of $26.13, for a total value of $432,660.54. Following the transaction, the executive vice president 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 SEC filing for this sale provides additional information. Insiders have sold 36,699 shares of company stock valued at $1,019,894 over the last quarter. Company insiders own 26.20% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. GAMMA Investing LLC boosted its holdings in shares of ACADIA Pharmaceuticals by 15.6% in the second quarter. GAMMA Investing LLC now owns 2,985 shares of the biopharmaceutical company’s stock valued at $76,000 after purchasing an additional 402 shares during the period. Swiss National Bank increased its holdings in ACADIA Pharmaceuticals by 0.6% during the 1st quarter. Swiss National Bank now owns 234,404 shares of the biopharmaceutical company’s stock worth $5,218,000 after purchasing an additional 1,500 shares during the period. Nykredit A S purchased a new position in ACADIA Pharmaceuticals during the 2nd quarter worth $38,000. Leonteq Securities AG bought a new stake in ACADIA Pharmaceuticals during the 4th quarter valued at $52,000. Finally, Integrated Wealth Concepts LLC bought a new stake in ACADIA Pharmaceuticals during the 2nd quarter valued at $50,000. Hedge funds and other institutional investors own 96.71% of the company’s stock.

About ACADIA Pharmaceuticals

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.