ACADIA Pharmaceuticals (NASDAQ:ACAD) Posts Quarterly Earnings Results, Beats Estimates By $0.07 EPS

by · The Cerbat Gem

ACADIA Pharmaceuticals (NASDAQ:ACAD – Get Free Report) released its quarterly earnings data on Wednesday. The biopharmaceutical company reported $0.20 earnings per share for the quarter, topping analysts’ consensus estimates of $0.13 by $0.07, Briefing.com reports. The company had revenue of $250.40 million during the quarter, compared to analyst estimates of $248.83 million. ACADIA Pharmaceuticals had a net margin of 3.43% and a return on equity of 6.89%. The firm’s revenue for the quarter was up 18.3% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.40) earnings per share. ACADIA Pharmaceuticals updated its FY 2024 guidance to EPS.

ACADIA Pharmaceuticals Price Performance

NASDAQ:ACAD traded up $1.41 during mid-day trading on Thursday, hitting $17.20. The company’s stock had a trading volume of 3,216,794 shares, compared to its average volume of 1,690,694. The business’s fifty day moving average is $15.41 and its two-hundred day moving average is $15.96. The stock has a market cap of $2.85 billion, a price-to-earnings ratio of 96.17 and a beta of 0.38. ACADIA Pharmaceuticals has a 1 year low of $14.15 and a 1 year high of $32.59.

Analysts Set New Price Targets

ACAD has been the topic of a number of recent research reports. Cantor Fitzgerald dropped their price objective on shares of ACADIA Pharmaceuticals from $37.00 to $28.00 and set an “overweight” rating on the stock in a research note on Wednesday, August 7th. Citigroup dropped their price objective on ACADIA Pharmaceuticals from $30.00 to $23.00 and set a “buy” rating on the stock in a research report on Thursday, August 8th. Needham & Company LLC reiterated a “buy” rating and issued a $28.00 target price on shares of ACADIA Pharmaceuticals in a report on Thursday. Royal Bank of Canada lowered their price target on shares of ACADIA Pharmaceuticals from $29.00 to $26.00 and set an “outperform” rating on the stock in a report on Wednesday, August 7th. Finally, StockNews.com upgraded shares of ACADIA Pharmaceuticals from a “buy” rating to a “strong-buy” rating in a research note on Friday, September 13th. Six research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, ACADIA Pharmaceuticals presently has a consensus rating of “Moderate Buy” and a consensus target price of $25.56.

Get Our Latest Stock Report on ACAD

Insider Activity

In related news, CEO Stephen Davis sold 31,747 shares of ACADIA Pharmaceuticals stock in a transaction that occurred on Monday, August 19th. The stock was sold at an average price of $15.28, for a total transaction of $485,094.16. Following the completion of the transaction, the chief executive officer now directly owns 186,555 shares in the company, valued at approximately $2,850,560.40. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other ACADIA Pharmaceuticals news, CEO Stephen Davis sold 31,747 shares of the company’s stock in a transaction dated Monday, August 19th. The shares were sold at an average price of $15.28, for a total value of $485,094.16. Following the completion of the transaction, the chief executive officer now owns 186,555 shares in the company, valued at approximately $2,850,560.40. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, COO Brendan Teehan sold 9,534 shares of the firm’s stock in a transaction dated Monday, August 19th. The shares were sold at an average price of $15.28, for a total value of $145,679.52. Following the sale, the chief operating officer now owns 52,177 shares in the company, valued at $797,264.56. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 51,014 shares of company stock valued at $779,494 in the last quarter. 28.30% of the stock is currently owned by company insiders.

About ACADIA Pharmaceuticals

(Get Free Report)

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.

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