ACADIA Pharmaceuticals (NASDAQ:ACAD) Lowered to “Underperform” at Jefferies Financial Group

ACADIA Pharmaceuticals (NASDAQ:ACADGet Rating) was downgraded by investment analysts at Jefferies Financial Group from a “buy” rating to an “underperform” rating in a report released on Tuesday, Marketbeat.com reports. They currently have a $10.00 price target on the biopharmaceutical company’s stock, down from their prior price target of $25.00. Jefferies Financial Group’s target price indicates a potential downside of 22.72% from the stock’s current price. Jefferies Financial Group also issued estimates for ACADIA Pharmaceuticals’ FY2023 earnings at ($1.38) EPS, FY2024 earnings at $0.07 EPS, FY2025 earnings at $2.29 EPS and FY2026 earnings at $4.71 EPS.

ACAD has been the topic of several other reports. The Goldman Sachs Group reduced their target price on ACADIA Pharmaceuticals from $27.00 to $24.00 and set a “neutral” rating on the stock in a report on Monday, March 7th. Canaccord Genuity Group upgraded ACADIA Pharmaceuticals from a “hold” rating to a “buy” rating and lifted their target price for the stock from $30.00 to $31.00 in a report on Wednesday, March 16th. Morgan Stanley restated a “hold” rating and issued a $24.00 price target on shares of ACADIA Pharmaceuticals in a report on Friday, March 18th. Citigroup boosted their price target on ACADIA Pharmaceuticals from $30.00 to $32.00 in a report on Tuesday, March 1st. Finally, Mizuho cut their price target on ACADIA Pharmaceuticals from $28.00 to $27.00 and set a “neutral” rating on the stock in a report on Tuesday, April 19th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and nine have issued a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $26.26.

ACAD stock traded down $6.57 during midday trading on Tuesday, hitting $12.94. 362,762 shares of the company’s stock were exchanged, compared to its average volume of 2,794,001. The stock’s fifty day moving average price is $18.47 and its 200-day moving average price is $22.17. The company has a market cap of $2.09 billion, a PE ratio of -9.77 and a beta of 0.68. ACADIA Pharmaceuticals has a one year low of $15.16 and a one year high of $28.06.

ACADIA Pharmaceuticals (NASDAQ:ACADGet Rating) last posted its earnings results on Wednesday, May 4th. The biopharmaceutical company reported ($0.70) earnings per share for the quarter, missing the consensus estimate of ($0.49) by ($0.21). The business had revenue of $115.47 million for the quarter, compared to the consensus estimate of $122.22 million. ACADIA Pharmaceuticals had a negative return on equity of 40.52% and a negative net margin of 43.50%. The business’s revenue was up 8.4% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.42) earnings per share. On average, analysts predict that ACADIA Pharmaceuticals will post -1.41 earnings per share for the current fiscal year.

In other news, President Srdjan R. Stankovic sold 2,865 shares of the company’s stock in a transaction that occurred on Monday, May 2nd. The stock was sold at an average price of $18.18, for a total value of $52,085.70. Following the transaction, the president now owns 55,188 shares of the company’s stock, valued at $1,003,317.84. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider James Kihara sold 1,025 shares of the company’s stock in a transaction that occurred on Friday, April 8th. The shares were sold at an average price of $27.05, for a total value of $27,726.25. Following the completion of the transaction, the insider now directly owns 2,433 shares in the company, valued at approximately $65,812.65. The disclosure for this sale can be found here. In the last three months, insiders have sold 11,472 shares of company stock worth $217,476. Company insiders own 28.50% of the company’s stock.

Institutional investors have recently bought and sold shares of the company. Allworth Financial LP grew its position in shares of ACADIA Pharmaceuticals by 1,081.3% in the fourth quarter. Allworth Financial LP now owns 1,075 shares of the biopharmaceutical company’s stock valued at $25,000 after purchasing an additional 984 shares during the last quarter. Parallel Advisors LLC grew its position in shares of ACADIA Pharmaceuticals by 74.8% in the fourth quarter. Parallel Advisors LLC now owns 1,365 shares of the biopharmaceutical company’s stock valued at $32,000 after purchasing an additional 584 shares during the last quarter. Lazard Asset Management LLC grew its position in shares of ACADIA Pharmaceuticals by 19.4% in the fourth quarter. Lazard Asset Management LLC now owns 3,115 shares of the biopharmaceutical company’s stock valued at $72,000 after purchasing an additional 506 shares during the last quarter. Neo Ivy Capital Management acquired a new position in shares of ACADIA Pharmaceuticals in the fourth quarter valued at approximately $76,000. Finally, Point72 Hong Kong Ltd grew its position in shares of ACADIA Pharmaceuticals by 664.7% in the first quarter. Point72 Hong Kong Ltd now owns 6,003 shares of the biopharmaceutical company’s stock valued at $145,000 after purchasing an additional 5,218 shares during the last quarter. 91.74% of the stock is currently owned by institutional investors.

ACADIA Pharmaceuticals Company Profile (Get Rating)

ACADIA Pharmaceuticals Inc, a biopharmaceutical company, focuses on the development and commercialization of small molecule drugs that address unmet medical needs in central nervous system disorders. The company offers NUPLAZID (pimavanserin) for the treatment of hallucinations and delusions associated with Parkinson's disease psychosis.

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