Oppenheimer Equities Analysts Boost Earnings Estimates for ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD)

ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD – Get Rating) – Equities researchers at Oppenheimer increased their FY2023 earnings per share estimates for shares of ACADIA Pharmaceuticals in a research note issued to investors on Tuesday, February 28th. Oppenheimer analyst J. Olson now forecasts that the biopharmaceutical company will post earnings per share of ($0.45) for the year, up from their prior estimate of ($1.46). Oppenheimer currently has a “Market Perform” rating and a $20.00 price objective on the stock. The consensus estimate for ACADIA Pharmaceuticals’ current full-year earnings is ($0.81) per share. Oppenheimer also issued estimates for ACADIA Pharmaceuticals’ FY2024 earnings at $0.18 EPS, FY2025 earnings at $1.54 EPS and FY2026 earnings at $2.33 EPS.

Other research analysts have also recently issued reports about the company. Guggenheim upgraded ACADIA Pharmaceuticals from a “neutral” rating to a “buy” rating and set a $22.00 price target for the company in a research note on Tuesday, January 3rd. Royal Bank of Canada increased their price target on ACADIA Pharmaceuticals from $19.00 to $27.00 and gave the company an “outperform” rating in a research note on Tuesday. Mizuho increased their price target on ACADIA Pharmaceuticals from $15.00 to $19.00 and gave the company a “neutral” rating in a research note on Tuesday. StockNews.com upgraded ACADIA Pharmaceuticals from a “hold” rating to a “buy” rating in a research note on Thursday, December 1st. Finally, JMP Securities lowered their target price on ACADIA Pharmaceuticals from $24.00 to $22.00 and set a “market perform” rating for the company in a research report on Tuesday. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and eleven have given a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $20.52.

ACADIA Pharmaceuticals Stock Performance

Shares of ACAD opened at $20.34 on Friday. ACADIA Pharmaceuticals has a 52 week low of $12.24 and a 52 week high of $28.06. The stock has a market capitalization of $3.30 billion, a price-to-earnings ratio of -15.18 and a beta of 0.59. The stock has a fifty day moving average of $18.44 and a 200-day moving average of $16.92.

ACADIA Pharmaceuticals (NASDAQ:ACAD – Get Rating) last issued its earnings results on Monday, February 27th. The biopharmaceutical company reported ($0.26) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.25) by ($0.01). The business had revenue of $136.49 million during the quarter, compared to analyst estimates of $135.18 million. ACADIA Pharmaceuticals had a negative net margin of 41.76% and a negative return on equity of 50.65%. The company’s revenue for the quarter was up 4.4% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.27) EPS.

Insider Activity

In other news, CEO Stephen Davis sold 3,904 shares of the firm’s stock in a transaction dated Monday, January 9th. The stock was sold at an average price of $17.13, for a total value of $66,875.52. Following the completion of the sale, the chief executive officer now directly owns 84,633 shares in the company, valued at approximately $1,449,763.29. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In other ACADIA Pharmaceuticals news, CEO Stephen Davis sold 3,904 shares of ACADIA Pharmaceuticals stock in a transaction dated Monday, January 9th. The stock was sold at an average price of $17.13, for a total transaction of $66,875.52. Following the completion of the transaction, the chief executive officer now owns 84,633 shares in the company, valued at approximately $1,449,763.29. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Laura Brege sold 12,500 shares of ACADIA Pharmaceuticals stock in a transaction dated Thursday, January 12th. The shares were sold at an average price of $18.25, for a total value of $228,125.00. The disclosure for this sale can be found here. Insiders sold a total of 23,567 shares of company stock worth $427,672 in the last three months. Company insiders own 28.40% of the company’s stock.

Hedge Funds Weigh In On ACADIA Pharmaceuticals

A number of hedge funds have recently added to or reduced their stakes in the stock. Voya Investment Management LLC boosted its stake in ACADIA Pharmaceuticals by 2.4% during the 4th quarter. Voya Investment Management LLC now owns 241,563 shares of the biopharmaceutical company’s stock valued at $3,846,000 after purchasing an additional 5,765 shares during the last quarter. Alliancebernstein L.P. boosted its stake in ACADIA Pharmaceuticals by 32.9% during the 4th quarter. Alliancebernstein L.P. now owns 202,201 shares of the biopharmaceutical company’s stock valued at $3,219,000 after purchasing an additional 50,000 shares during the last quarter. State of Wyoming acquired a new position in ACADIA Pharmaceuticals during the 4th quarter valued at about $92,000. Millennium Management LLC boosted its stake in shares of ACADIA Pharmaceuticals by 226.1% in the 4th quarter. Millennium Management LLC now owns 1,202,329 shares of the biopharmaceutical company’s stock worth $19,141,000 after buying an additional 833,651 shares during the last quarter. Finally, Man Group plc boosted its stake in shares of ACADIA Pharmaceuticals by 4,022.0% in the 4th quarter. Man Group plc now owns 955,688 shares of the biopharmaceutical company’s stock worth $15,215,000 after buying an additional 932,503 shares during the last quarter. Institutional investors and hedge funds own 92.79% of the company’s stock.

About ACADIA Pharmaceuticals

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ACADIA Pharmaceuticals, Inc operates as a biopharmaceutical company. It focuses on the development and commercialization of medicines to address unmet medical needs in central nervous system, or CNS, disorders. The firm’s products include Nuplazid, which is used for the treatment of hallucinations and delusions associated with Parkinson’s disease psychosis.