ACADIA Pharmaceuticals (NASDAQ:ACAD) Hits New 52-Week Low at $14.60

ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD)’s stock price reached a new 52-week low during mid-day trading on Wednesday . The stock traded as low as $14.60 and last traded at $14.68, with a volume of 628880 shares traded. The stock had previously closed at $15.09.

Analysts Set New Price Targets

Several brokerages have issued reports on ACAD. HC Wainwright lowered their price target on shares of ACADIA Pharmaceuticals from $33.00 to $27.00 and set a “buy” rating on the stock in a report on Thursday, May 9th. Citigroup dropped their price objective on shares of ACADIA Pharmaceuticals from $30.19 to $30.00 and set a “buy” rating for the company in a report on Thursday, May 9th. JPMorgan Chase & Co. reduced their target price on shares of ACADIA Pharmaceuticals from $29.00 to $25.00 and set an “overweight” rating on the stock in a research note on Monday, March 25th. Bank of America reduced their price objective 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, May 10th. Finally, Royal Bank of Canada dropped their target price on shares of ACADIA Pharmaceuticals from $36.00 to $35.00 and set an “outperform” rating for the company in a research report on Wednesday, February 28th. Four research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $28.94.

ACADIA Pharmaceuticals Price Performance

The business’s 50-day moving average is $16.84 and its 200 day moving average is $22.47. The firm has a market capitalization of $2.42 billion, a P/E ratio of -1,507.49 and a beta of 0.42.

ACADIA Pharmaceuticals (NASDAQ:ACAD) last posted its quarterly earnings results on Wednesday, May 8th. The biopharmaceutical company reported $0.10 EPS for the quarter, topping analysts’ consensus estimates of $0.04 by $0.06. ACADIA Pharmaceuticals had a negative return on equity of 0.41% and a negative net margin of 0.21%. The company had revenue of $205.83 million during the quarter, compared to analysts’ expectations of $208.31 million. During the same quarter in the previous year, the firm earned ($0.27) EPS. ACADIA Pharmaceuticals’s revenue was up 73.8% on a year-over-year basis. Analysts anticipate that ACADIA Pharmaceuticals Inc. will post 0.57 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CFO Mark C. Schneyer sold 3,503 shares of ACADIA Pharmaceuticals stock in a transaction dated Thursday, May 2nd. The stock was sold at an average price of $16.94, for a total value 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 transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, insider James Kihara sold 1,790 shares of the stock in a transaction on Monday, April 8th. The stock was sold at an average price of $17.87, for a total value of $31,987.30. Following the transaction, the insider now directly owns 13,100 shares in the company, valued at approximately $234,097. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 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 value of $59,340.82. Following the completion of the transaction, the chief financial officer now owns 32,053 shares in the company, valued at approximately $542,977.82. The disclosure for this sale can be found here. Insiders sold 81,669 shares of company stock valued at $1,441,922 over the last quarter. Insiders own 28.30% of the company’s stock.

Institutional Investors Weigh In On ACADIA Pharmaceuticals

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Covestor Ltd raised its stake in shares of ACADIA Pharmaceuticals by 70.5% during the 1st quarter. Covestor Ltd now owns 2,032 shares of the biopharmaceutical company’s stock valued at $38,000 after purchasing an additional 840 shares during the period. Quest Partners LLC purchased a new stake in shares of ACADIA Pharmaceuticals in the fourth quarter worth about $39,000. Headlands Technologies LLC bought a new position in shares of ACADIA Pharmaceuticals in the first quarter valued at approximately $48,000. BI Asset Management Fondsmaeglerselskab A S purchased a new position in ACADIA Pharmaceuticals during the fourth quarter valued at approximately $100,000. Finally, Shell Asset Management Co. increased its holdings in ACADIA Pharmaceuticals by 65.7% during the 1st quarter. Shell Asset Management Co. now owns 7,339 shares of the biopharmaceutical company’s stock worth $136,000 after acquiring an additional 2,909 shares during the period. 96.71% of the stock is currently owned by institutional investors.

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.