ACADIA Pharmaceuticals (NASDAQ:ACAD) Reaches New 1-Year Low After Analyst Downgrade

ACADIA Pharmaceuticals Inc. (NASDAQ:ACADGet Rating) reached a new 52-week low during mid-day trading on Tuesday after Jefferies Financial Group downgraded the stock from a buy rating to an underperform rating. Jefferies Financial Group now has a $10.00 price target on the stock, down from their previous price target of $25.00. ACADIA Pharmaceuticals traded as low as $11.96 and last traded at $12.64, with a volume of 299555 shares. The stock had previously closed at $19.51.

A number of other analysts have also weighed in on ACAD. JMP Securities cut their price objective on shares of ACADIA Pharmaceuticals from $42.00 to $35.00 and set a “market outperform” rating on the stock in a research note on Tuesday, March 1st. HC Wainwright cut their price objective on shares of ACADIA Pharmaceuticals from $36.00 to $20.00 in a research note on Tuesday. Citigroup increased their price objective on shares of ACADIA Pharmaceuticals from $30.00 to $32.00 in a research note on Tuesday, March 1st. Canaccord Genuity Group upgraded shares of ACADIA Pharmaceuticals from a “hold” rating to a “buy” rating and increased their price objective for the stock from $30.00 to $31.00 in a research note on Wednesday, March 16th. Finally, Mizuho cut their price objective on shares of ACADIA Pharmaceuticals from $28.00 to $27.00 and set a “neutral” rating on the stock in a research note on Tuesday, April 19th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat.com, ACADIA Pharmaceuticals presently has an average rating of “Hold” and a consensus target price of $26.26.

In other news, insider James Kihara sold 1,025 shares of the firm’s stock in a transaction dated Friday, April 8th. The shares were sold at an average price of $27.05, for a total value of $27,726.25. Following the transaction, the insider now directly owns 2,433 shares of the company’s stock, valued at $65,812.65. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, President Srdjan R. Stankovic sold 2,865 shares of the firm’s stock in a transaction dated Monday, May 2nd. The stock was sold at an average price of $18.18, for a total transaction of $52,085.70. Following the completion of the transaction, the president now directly owns 55,188 shares in the company, valued at $1,003,317.84. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 11,472 shares of company stock worth $217,476. Insiders own 28.50% of the company’s stock.

A number of hedge funds have recently modified their holdings of the business. Lazard Asset Management LLC raised its stake in ACADIA Pharmaceuticals by 19.4% during the fourth quarter. Lazard Asset Management LLC now owns 3,115 shares of the biopharmaceutical company’s stock worth $72,000 after purchasing an additional 506 shares during the period. Parallel Advisors LLC raised its stake in ACADIA Pharmaceuticals by 74.8% during the fourth quarter. Parallel Advisors LLC now owns 1,365 shares of the biopharmaceutical company’s stock worth $32,000 after purchasing an additional 584 shares during the period. Voya Investment Management LLC raised its stake in ACADIA Pharmaceuticals by 1.4% during the third quarter. Voya Investment Management LLC now owns 47,779 shares of the biopharmaceutical company’s stock worth $794,000 after purchasing an additional 644 shares during the period. Principal Financial Group Inc. increased its position in shares of ACADIA Pharmaceuticals by 2.2% during the first quarter. Principal Financial Group Inc. now owns 40,349 shares of the biopharmaceutical company’s stock valued at $977,000 after acquiring an additional 884 shares during the last quarter. Finally, Allworth Financial LP increased its position in shares of ACADIA Pharmaceuticals by 1,081.3% during the fourth quarter. Allworth Financial LP now owns 1,075 shares of the biopharmaceutical company’s stock valued at $25,000 after acquiring an additional 984 shares during the last quarter. 91.74% of the stock is currently owned by institutional investors.

The firm has a market capitalization of $2.09 billion, a price-to-earnings ratio of -9.77 and a beta of 0.68. The business’s 50-day simple moving average is $18.47 and its two-hundred day simple moving average is $22.17.

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

About ACADIA Pharmaceuticals (NASDAQ:ACAD)

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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