ACADIA Pharmaceuticals (NASDAQ:ACAD) Releases Earnings Results, Beats Estimates By $0.06 EPS

ACADIA Pharmaceuticals (NASDAQ:ACAD) announced its earnings results on Wednesday. The biopharmaceutical company reported $0.20 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.14 by $0.06, Briefing.com reports. The business had revenue of $250.40 million for the quarter, compared to analyst estimates of $248.83 million. ACADIA Pharmaceuticals had a return on equity of 6.89% and a net margin of 3.43%. ACADIA Pharmaceuticals’s revenue for the quarter was up 18.3% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.40) EPS. ACADIA Pharmaceuticals updated its FY 2024 guidance to EPS.

ACADIA Pharmaceuticals Stock Performance

Shares of ACAD traded up $0.50 during mid-day trading on Friday, reaching $17.70. The company had a trading volume of 285,039 shares, compared to its average volume of 1,684,217. The company has a market capitalization of $2.94 billion, a price-to-earnings ratio of 95.56 and a beta of 0.38. The company’s 50 day simple moving average is $15.43 and its 200 day simple moving average is $15.97. ACADIA Pharmaceuticals has a 1-year low of $14.15 and a 1-year high of $32.59.

Insiders Place Their Bets

In other news, CEO Stephen Davis sold 31,747 shares of the stock in a transaction on Monday, August 19th. The stock was 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 directly owns 186,555 shares in the company, valued at approximately $2,850,560.40. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CEO Stephen Davis sold 31,747 shares of the firm’s stock in a transaction 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 of the company’s stock, valued at $2,850,560.40. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Mark C. Schneyer sold 9,733 shares of ACADIA Pharmaceuticals stock in a transaction dated Monday, August 19th. The stock was sold at an average price of $15.28, for a total value of $148,720.24. Following the transaction, the chief financial officer now directly owns 43,735 shares in the company, valued at $668,270.80. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 51,014 shares of company stock valued at $779,494. 28.30% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several research analysts recently commented on the stock. StockNews.com upgraded shares of ACADIA Pharmaceuticals from a “buy” rating to a “strong-buy” rating in a report on Friday, September 13th. Morgan Stanley downgraded shares of ACADIA Pharmaceuticals from an “overweight” rating to an “equal weight” rating and reduced their price objective for the stock from $28.00 to $20.00 in a research note on Wednesday, August 7th. Needham & Company LLC reaffirmed a “buy” rating and issued a $28.00 target price on shares of ACADIA Pharmaceuticals in a research report on Thursday. Cantor Fitzgerald reduced their price target on ACADIA Pharmaceuticals from $37.00 to $28.00 and set an “overweight” rating for the company in a research report on Wednesday, August 7th. Finally, 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 note on Thursday, August 8th. Six research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, ACADIA Pharmaceuticals presently has a consensus rating of “Moderate Buy” and an average target price of $25.56.

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.