Leerink Partnrs Has Pessimistic View of ACAD FY2024 Earnings

ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD) – Equities researchers at Leerink Partnrs reduced their FY2024 earnings estimates for ACADIA Pharmaceuticals in a research report issued on Sunday, November 17th. Leerink Partnrs analyst M. Goodman now expects that the biopharmaceutical company will post earnings of $0.59 per share for the year, down from their prior estimate of $0.60. The consensus estimate for ACADIA Pharmaceuticals’ current full-year earnings is $0.72 per share.

Several other brokerages have also recently issued reports on ACAD. UBS Group lowered their target price on shares of ACADIA Pharmaceuticals from $25.00 to $23.00 and set a “buy” rating on the stock in a research note on Thursday, August 8th. Royal Bank of Canada dropped their price target on shares of ACADIA Pharmaceuticals from $29.00 to $26.00 and set an “outperform” rating for the company in a research report on Wednesday, August 7th. Cantor Fitzgerald dropped their price objective on shares of ACADIA Pharmaceuticals from $37.00 to $28.00 and set an “overweight” rating for the company in a report on Wednesday, August 7th. Citigroup reduced their price target 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. Finally, Morgan Stanley cut shares of ACADIA Pharmaceuticals from an “overweight” rating to an “equal weight” rating and decreased their price objective for the stock from $28.00 to $20.00 in a research report on Wednesday, August 7th. Six equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $25.56.

ACADIA Pharmaceuticals Trading Up 0.4 %

Shares of ACADIA Pharmaceuticals stock opened at $16.27 on Tuesday. The firm’s 50-day moving average price is $15.61 and its 200 day moving average price is $15.99. The firm has a market capitalization of $2.71 billion, a PE ratio of 20.86 and a beta of 0.38. ACADIA Pharmaceuticals has a twelve month low of $14.15 and a twelve month high of $32.59.

ACADIA Pharmaceuticals (NASDAQ:ACAD) last announced its earnings results on Wednesday, November 6th. The biopharmaceutical company reported $0.20 earnings per share for the quarter, topping the consensus estimate of $0.14 by $0.06. ACADIA Pharmaceuticals had a return on equity of 25.83% and a net margin of 13.83%. The business had revenue of $250.40 million during the quarter, compared to the consensus estimate of $248.83 million. During the same period in the prior year, the company posted ($0.40) EPS. The business’s quarterly revenue was up 18.3% on a year-over-year basis.

Institutional Investors Weigh In On ACADIA Pharmaceuticals

A number of institutional investors and hedge funds have recently modified their holdings of ACAD. Swiss National Bank increased its holdings in ACADIA Pharmaceuticals by 0.4% during the 1st quarter. Swiss National Bank now owns 210,604 shares of the biopharmaceutical company’s stock valued at $3,894,000 after acquiring an additional 800 shares in the last quarter. Sei Investments Co. lifted its position in shares of ACADIA Pharmaceuticals by 6.2% in the first quarter. Sei Investments Co. now owns 34,752 shares of the biopharmaceutical company’s stock valued at $642,000 after acquiring an additional 2,034 shares in the last quarter. Russell Investments Group Ltd. boosted its stake in shares of ACADIA Pharmaceuticals by 12.3% during the first quarter. Russell Investments Group Ltd. now owns 20,689 shares of the biopharmaceutical company’s stock valued at $383,000 after acquiring an additional 2,264 shares during the last quarter. ProShare Advisors LLC raised its stake in ACADIA Pharmaceuticals by 10.0% in the 1st quarter. ProShare Advisors LLC now owns 33,583 shares of the biopharmaceutical company’s stock valued at $621,000 after purchasing an additional 3,048 shares during the last quarter. Finally, State Board of Administration of Florida Retirement System lifted its holdings in ACADIA Pharmaceuticals by 15.3% in the 1st quarter. State Board of Administration of Florida Retirement System now owns 39,881 shares of the biopharmaceutical company’s stock valued at $751,000 after purchasing an additional 5,300 shares in the last quarter. Institutional investors and hedge funds own 96.71% of the company’s stock.

Insider Activity

In other ACADIA Pharmaceuticals news, CFO Mark C. Schneyer sold 10,259 shares of the stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $16.81, for a total value of $172,453.79. Following the completion of the transaction, the chief financial officer now owns 53,302 shares in the company, valued at approximately $896,006.62. This represents a 16.14 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider James Kihara sold 4,073 shares of the firm’s stock in a transaction dated Tuesday, November 19th. The shares were sold at an average price of $16.81, for a total transaction of $68,467.13. Following the completion of the sale, the insider now owns 19,863 shares of the company’s stock, valued at $333,897.03. This trade represents a 17.02 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 24,661 shares of company stock valued at $414,551. Company insiders own 28.30% of the company’s stock.

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.