ACADIA Pharmaceuticals (NASDAQ:ACAD) Shares Gap Down - Here's What Happened

ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD - Get Free Report)'s share price gapped down before the market opened on Friday . The stock had previously closed at $18.66, but opened at $18.25. ACADIA Pharmaceuticals shares last traded at $18.39, with a volume of 386,029 shares.

Analyst Upgrades and Downgrades

ACAD has been the topic of a number of recent analyst reports. Needham & Company LLC reiterated a "buy" rating and issued a $28.00 price objective on shares of ACADIA Pharmaceuticals in a report on Thursday, November 7th. Guggenheim downgraded ACADIA Pharmaceuticals from a "buy" rating to a "neutral" rating and reduced their price target for the company from $23.00 to $20.00 in a report on Friday. HC Wainwright restated a "buy" rating and set a $27.00 price objective on shares of ACADIA Pharmaceuticals in a research note on Thursday, November 7th. Raymond James reaffirmed a "market perform" rating on shares of ACADIA Pharmaceuticals in a research report on Thursday, October 10th. Finally, StockNews.com downgraded shares of ACADIA Pharmaceuticals from a "strong-buy" rating to a "buy" rating in a research report on Thursday, November 14th. Seven research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat.com, ACADIA Pharmaceuticals has a consensus rating of "Moderate Buy" and an average target price of $25.25.

ACADIA Pharmaceuticals Stock Down 1.3 %

The company has a market capitalization of $3.06 billion, a price-to-earnings ratio of 23.60 and a beta of 0.40. The stock has a 50 day simple moving average of $16.81 and a 200 day simple moving average of $16.40.

ACADIA Pharmaceuticals (NASDAQ:ACAD - Get Free Report) last released its quarterly earnings data on Wednesday, November 6th. The biopharmaceutical company reported $0.20 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.14 by $0.06. ACADIA Pharmaceuticals had a return on equity of 25.83% and a net margin of 13.83%. The business had revenue of $250.40 million during the quarter, compared to analyst estimates of $248.83 million. During the same quarter in the previous year, the firm posted ($0.40) EPS. The business's revenue for the quarter was up 18.3% compared to the same quarter last year. As a group, analysts forecast that ACADIA Pharmaceuticals Inc. will post 0.73 EPS for the current year.

Insider Transactions at ACADIA Pharmaceuticals

In other ACADIA Pharmaceuticals news, COO Brendan Teehan sold 10,329 shares of the business's stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $16.81, for a total transaction of $173,630.49. Following the completion of the transaction, the chief operating officer now owns 62,105 shares in the company, valued at approximately $1,043,985.05. The trade was a 14.26 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider James Kihara sold 4,073 shares of the firm's stock in a transaction on Tuesday, November 19th. The shares were sold at an average price of $16.81, for a total value of $68,467.13. Following the transaction, the insider now directly owns 19,863 shares in the company, valued at $333,897.03. This trade represents a 17.02 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 24,661 shares of company stock worth $414,551. Insiders own 28.30% of the company's stock.

Institutional Investors Weigh In On ACADIA Pharmaceuticals

Several institutional investors have recently bought and sold shares of ACAD. Park Place Capital Corp acquired a new stake in shares of ACADIA Pharmaceuticals in the 3rd quarter worth approximately $25,000. Values First Advisors Inc. acquired a new stake in ACADIA Pharmaceuticals in the third quarter worth approximately $27,000. Quest Partners LLC lifted its position in ACADIA Pharmaceuticals by 42.3% in the third quarter. Quest Partners LLC now owns 3,520 shares of the biopharmaceutical company's stock worth $54,000 after purchasing an additional 1,047 shares during the period. Stonepine Capital Management LLC bought a new position in ACADIA Pharmaceuticals during the 2nd quarter valued at $81,000. Finally, Mirae Asset Global Investments Co. Ltd. increased its position in shares of ACADIA Pharmaceuticals by 21.6% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 5,999 shares of the biopharmaceutical company's stock valued at $94,000 after purchasing an additional 1,066 shares during the period. Institutional investors and hedge funds own 96.71% 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.