FY2024 Earnings Forecast for ACAD Issued By Leerink Partnrs

ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD - Free Report) - Leerink Partnrs reduced their FY2024 earnings estimates for shares of ACADIA Pharmaceuticals in a research report issued to clients and investors on Sunday, November 17th. Leerink Partnrs analyst M. Goodman now forecasts that the biopharmaceutical company will post earnings per share of $0.59 for the year, down from their previous forecast of $0.60. The consensus estimate for ACADIA Pharmaceuticals' current full-year earnings is $0.72 per share.

ACADIA Pharmaceuticals (NASDAQ:ACAD - Get Free Report) last released its earnings results on Wednesday, November 6th. The biopharmaceutical company reported $0.20 earnings per share for the quarter, beating the consensus estimate of $0.14 by $0.06. The company had revenue of $250.40 million for the quarter, compared to the consensus estimate of $248.83 million. ACADIA Pharmaceuticals had a return on equity of 25.83% and a net margin of 13.83%. ACADIA Pharmaceuticals's quarterly revenue was up 18.3% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.40) earnings per share.

Other research analysts also recently issued reports about the company. HC Wainwright restated a "buy" rating and issued a $27.00 price target on shares of ACADIA Pharmaceuticals in a research note on Thursday, November 7th. Morgan Stanley cut ACADIA Pharmaceuticals from an "overweight" rating to an "equal weight" rating and reduced their target price for the stock from $28.00 to $20.00 in a report on Wednesday, August 7th. Royal Bank of Canada dropped their price target on ACADIA Pharmaceuticals from $29.00 to $26.00 and set an "outperform" rating for the company in a research note on Wednesday, August 7th. Cantor Fitzgerald lowered their price target on shares of ACADIA Pharmaceuticals from $37.00 to $28.00 and set an "overweight" rating for the company in a report on Wednesday, August 7th. Finally, Raymond James reissued a "market perform" rating on shares of ACADIA Pharmaceuticals in a research note on Thursday, October 10th. Six analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, ACADIA Pharmaceuticals has a consensus rating of "Moderate Buy" and a consensus price target of $25.56.

ACADIA Pharmaceuticals Price Performance

Shares of ACAD stock traded down $0.82 on Tuesday, hitting $16.21. 1,562,268 shares of the stock traded hands, compared to its average volume of 1,681,843. The firm has a 50 day simple moving average of $15.60 and a two-hundred day simple moving average of $15.99. The firm has a market cap of $2.70 billion, a price-to-earnings ratio of 20.78 and a beta of 0.38. ACADIA Pharmaceuticals has a 52 week low of $14.15 and a 52 week high of $32.59.

Insider Transactions at ACADIA Pharmaceuticals

In related news, insider James Kihara sold 4,073 shares of ACADIA Pharmaceuticals stock in a transaction dated Tuesday, November 19th. The stock was sold at an average price of $16.81, for a total value of $68,467.13. Following the completion of the sale, the insider now directly owns 19,863 shares in the company, valued at $333,897.03. The trade was a 17.02 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO Mark C. Schneyer sold 10,259 shares of the stock in a transaction dated Tuesday, November 19th. The stock was sold at an average price of $16.81, for a total transaction of $172,453.79. Following the transaction, the chief financial officer now owns 53,302 shares in the company, valued at approximately $896,006.62. The trade was a 16.14 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 24,661 shares of company stock valued at $414,551. 28.30% of the stock is currently owned by company insiders.

Institutional Trading of ACADIA Pharmaceuticals

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Park Place Capital Corp purchased a new stake in shares of ACADIA Pharmaceuticals during the 3rd quarter worth $25,000. Values First Advisors Inc. acquired a new stake in shares of ACADIA Pharmaceuticals in the 3rd quarter worth $27,000. Covestor Ltd grew its stake in ACADIA Pharmaceuticals by 70.5% during the 1st quarter. Covestor Ltd now owns 2,032 shares of the biopharmaceutical company's stock worth $38,000 after buying an additional 840 shares during the last quarter. Quest Partners LLC grew its stake in ACADIA Pharmaceuticals by 42.3% during the 3rd quarter. Quest Partners LLC now owns 3,520 shares of the biopharmaceutical company's stock worth $54,000 after buying an additional 1,047 shares during the last quarter. Finally, Stonepine Capital Management LLC acquired a new position in shares of ACADIA Pharmaceuticals during the second quarter valued at about $81,000. Institutional investors 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.