ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD) to Post Q2 2024 Earnings of $0.17 Per Share, Leerink Partnrs Forecasts

ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD) – Research analysts at Leerink Partnrs decreased their Q2 2024 EPS estimates for shares of ACADIA Pharmaceuticals in a research note issued on Tuesday, April 9th. Leerink Partnrs analyst M. Goodman now expects that the biopharmaceutical company will post earnings of $0.17 per share for the quarter, down from their prior estimate of $0.19. The consensus estimate for ACADIA Pharmaceuticals’ current full-year earnings is $0.63 per share. Leerink Partnrs also issued estimates for ACADIA Pharmaceuticals’ Q3 2024 earnings at $0.21 EPS, Q4 2024 earnings at $0.21 EPS, FY2024 earnings at $0.62 EPS and FY2025 earnings at $1.11 EPS.

ACADIA Pharmaceuticals (NASDAQ:ACAD) last released its quarterly earnings data on Tuesday, February 27th. The biopharmaceutical company reported $0.28 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.32 by ($0.04). ACADIA Pharmaceuticals had a negative net margin of 8.44% and a negative return on equity of 15.67%. The business had revenue of $231.04 million for the quarter, compared to the consensus estimate of $223.79 million. During the same quarter in the prior year, the business posted ($0.26) earnings per share. ACADIA Pharmaceuticals’s revenue for the quarter was up 69.3% on a year-over-year basis.

A number of other research analysts have also recently issued reports on the stock. JPMorgan Chase & Co. decreased their price target on shares of ACADIA Pharmaceuticals from $29.00 to $25.00 and set an “overweight” rating for the company in a report on Monday, March 25th. Needham & Company LLC reaffirmed a “buy” rating and issued a $32.00 price target on shares of ACADIA Pharmaceuticals in a report on Tuesday. Oppenheimer reaffirmed a “market perform” rating and issued a $25.00 price target on shares of ACADIA Pharmaceuticals in a report on Monday, February 5th. Mizuho cut shares of ACADIA Pharmaceuticals from a “buy” rating to a “neutral” rating and decreased their price target for the stock from $39.00 to $25.00 in a report on Tuesday, March 12th. Finally, JMP Securities reiterated a “market outperform” rating and issued a $42.00 price objective on shares of ACADIA Pharmaceuticals in a research note on Wednesday, February 7th. Three research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $35.82.

ACADIA Pharmaceuticals Stock Down 1.6 %

NASDAQ:ACAD opened at $17.14 on Thursday. ACADIA Pharmaceuticals has a 52 week low of $16.85 and a 52 week high of $33.99. The firm has a 50 day moving average of $21.70 and a 200 day moving average of $23.91. The stock has a market capitalization of $2.82 billion, a price-to-earnings ratio of -45.10 and a beta of 0.37.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its position in ACADIA Pharmaceuticals by 4.2% in the 3rd quarter. Vanguard Group Inc. now owns 12,925,641 shares of the biopharmaceutical company’s stock valued at $211,463,000 after purchasing an additional 525,048 shares during the last quarter. RTW Investments LP raised its position in ACADIA Pharmaceuticals by 18.3% in the 3rd quarter. RTW Investments LP now owns 11,576,537 shares of the biopharmaceutical company’s stock valued at $241,255,000 after purchasing an additional 1,793,288 shares during the last quarter. BlackRock Inc. raised its position in ACADIA Pharmaceuticals by 1.7% in the 2nd quarter. BlackRock Inc. now owns 10,039,501 shares of the biopharmaceutical company’s stock valued at $240,446,000 after purchasing an additional 170,370 shares during the last quarter. State Street Corp raised its position in ACADIA Pharmaceuticals by 2.8% in the 3rd quarter. State Street Corp now owns 6,778,871 shares of the biopharmaceutical company’s stock valued at $110,902,000 after purchasing an additional 184,921 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD raised its position in ACADIA Pharmaceuticals by 6.3% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 4,550,906 shares of the biopharmaceutical company’s stock valued at $85,649,000 after purchasing an additional 271,652 shares during the last quarter. Institutional investors and hedge funds own 96.71% of the company’s stock.

Insiders Place Their Bets

In other ACADIA Pharmaceuticals news, CEO Stephen Davis sold 26,574 shares of ACADIA Pharmaceuticals stock in a transaction dated Monday, April 8th. The shares were sold at an average price of $17.87, for a total transaction of $474,877.38. Following the transaction, the chief executive officer now directly owns 144,267 shares of the company’s stock, valued at $2,578,051.29. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CFO Mark C. Schneyer sold 5,434 shares of the business’s stock in a transaction that occurred on Wednesday, March 27th. The shares were sold at an average price of $17.90, for a total value of $97,268.60. Following the sale, the chief financial officer now directly owns 26,183 shares of the company’s stock, valued at approximately $468,675.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Stephen Davis sold 26,574 shares of ACADIA Pharmaceuticals stock in a transaction that occurred on Monday, April 8th. The shares were sold at an average price of $17.87, for a total transaction of $474,877.38. Following the completion of the transaction, the chief executive officer now owns 144,267 shares of the company’s stock, valued at approximately $2,578,051.29. The disclosure for this sale can be found here. Insiders have sold 69,383 shares of company stock valued at $1,291,362 over the last ninety days. Company insiders own 27.50% 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.