ACADIA Pharmaceuticals (NASDAQ:ACAD) Trading Down 6.9% – Here’s What Happened

ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD) traded down 6.9% during trading on Tuesday . The company traded as low as $16.64 and last traded at $16.67. 1,724,583 shares changed hands during trading, a decline of 74% from the average session volume of 6,695,666 shares. The stock had previously closed at $17.90.

Analyst Ratings Changes

Several brokerages have recently weighed in on ACAD. HC Wainwright restated a “buy” rating and issued a $27.00 target price on shares of ACADIA Pharmaceuticals in a research note on Thursday, November 7th. Needham & Company LLC reissued a “buy” rating and issued a $28.00 price objective on shares of ACADIA Pharmaceuticals in a research report on Thursday, November 7th. Guggenheim lowered ACADIA Pharmaceuticals from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $23.00 to $20.00 in a research report on Friday, January 3rd. StockNews.com downgraded ACADIA Pharmaceuticals from a “strong-buy” rating to a “buy” rating in a report on Thursday, November 14th. Finally, Raymond James restated a “market perform” rating on shares of ACADIA Pharmaceuticals in a report on Thursday, October 10th. Seven equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, ACADIA Pharmaceuticals has a consensus rating of “Moderate Buy” and a consensus price target of $25.25.

ACADIA Pharmaceuticals Stock Performance

The firm has a market cap of $2.81 billion, a P/E ratio of 21.65 and a beta of 0.37. The firm has a fifty day moving average of $17.15 and a 200-day moving average of $16.50.

ACADIA Pharmaceuticals (NASDAQ:ACAD) last announced its quarterly earnings results on Wednesday, November 6th. The biopharmaceutical company reported $0.20 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.14 by $0.06. The company had revenue of $250.40 million during the quarter, compared to analyst estimates of $248.83 million. ACADIA Pharmaceuticals had a return on equity of 25.83% and a net margin of 13.83%. The firm’s quarterly revenue was up 18.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.40) EPS. Equities research analysts expect that ACADIA Pharmaceuticals Inc. will post 0.73 earnings per share for the current year.

Insider Activity at ACADIA Pharmaceuticals

In other news, insider James Kihara sold 4,073 shares of the firm’s stock in a transaction dated Tuesday, November 19th. The shares were sold at an average price of $16.81, for a total transaction of $68,467.13. Following the completion of the transaction, the insider now owns 19,863 shares in the company, valued at approximately $333,897.03. This trade represents a 17.02 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO Mark C. Schneyer sold 10,259 shares of ACADIA Pharmaceuticals stock in a transaction that occurred on Tuesday, November 19th. The stock was sold at an average price of $16.81, for a total transaction of $172,453.79. Following the completion of the transaction, the chief financial officer now directly owns 53,302 shares in the company, valued at $896,006.62. This represents a 16.14 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 24,661 shares of company stock worth $414,551 over the last quarter. 28.30% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On ACADIA Pharmaceuticals

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Arizona State Retirement System lifted its stake in ACADIA Pharmaceuticals by 2.2% during the second quarter. Arizona State Retirement System now owns 29,983 shares of the biopharmaceutical company’s stock valued at $487,000 after buying an additional 655 shares in the last quarter. Commonwealth Equity Services LLC lifted its position in shares of ACADIA Pharmaceuticals by 5.6% in the 2nd quarter. Commonwealth Equity Services LLC now owns 14,770 shares of the biopharmaceutical company’s stock valued at $240,000 after acquiring an additional 778 shares in the last quarter. Quest Partners LLC boosted its stake in ACADIA Pharmaceuticals by 42.3% in the 3rd 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. Mirae Asset Global Investments Co. Ltd. raised its position in ACADIA Pharmaceuticals by 21.6% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 5,999 shares of the biopharmaceutical company’s stock valued at $94,000 after buying an additional 1,066 shares during the period. Finally, Park Place Capital Corp acquired a new stake in ACADIA Pharmaceuticals during the 3rd quarter worth about $25,000. 96.71% of the stock is owned by institutional investors and hedge funds.

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.