ACADIA Pharmaceuticals (NASDAQ:ACAD) Shares Up 6.6%

ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD) shot up 6.6% during mid-day trading on Tuesday . The stock traded as high as $17.44 and last traded at $17.39. 1,188,029 shares changed hands during trading, a decline of 31% from the average session volume of 1,727,179 shares. The stock had previously closed at $16.32.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on ACAD. Royal Bank of Canada restated an “outperform” rating and set a $29.00 target price on shares of ACADIA Pharmaceuticals in a research report on Tuesday, June 25th. Oppenheimer restated a “market perform” rating and set a $19.00 target price on shares of ACADIA Pharmaceuticals in a research report on Monday, May 6th. Citigroup reduced their price objective on shares of ACADIA Pharmaceuticals from $30.19 to $30.00 and set a “buy” rating on the stock in a research report on Thursday, May 9th. Bank of America reduced their price objective on shares of ACADIA Pharmaceuticals from $26.00 to $22.00 and set a “neutral” rating on the stock in a research report on Friday, May 10th. Finally, BMO Capital Markets began coverage on shares of ACADIA Pharmaceuticals in a research report on Thursday, June 27th. They issued an “outperform” rating and a $31.00 price objective on the stock. Four analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, ACADIA Pharmaceuticals presently has a consensus rating of “Moderate Buy” and a consensus price target of $28.71.

ACADIA Pharmaceuticals Stock Up 3.2 %

The company has a market capitalization of $2.92 billion, a price-to-earnings ratio of -1,763.24 and a beta of 0.38. The company’s 50 day simple moving average is $15.58 and its two-hundred day simple moving average is $20.60.

ACADIA Pharmaceuticals (NASDAQ:ACAD) last announced its earnings results on Wednesday, May 8th. The biopharmaceutical company reported $0.10 earnings per share for the quarter, beating the consensus estimate of $0.04 by $0.06. ACADIA Pharmaceuticals had a negative net margin of 0.21% and a negative return on equity of 0.41%. The company had revenue of $205.83 million during the quarter, compared to the consensus estimate of $208.31 million. During the same period last year, the firm earned ($0.27) earnings per share. ACADIA Pharmaceuticals’s revenue was up 73.8% compared to the same quarter last year. Analysts anticipate that ACADIA Pharmaceuticals Inc. will post 0.58 EPS for the current year.

Insider Transactions at ACADIA Pharmaceuticals

In other news, CEO Stephen Davis sold 11,427 shares of ACADIA Pharmaceuticals stock in a transaction on Thursday, May 2nd. The shares were sold at an average price of $16.94, for a total transaction of $193,573.38. Following the completion of the sale, the chief executive officer now directly owns 155,231 shares in the company, valued at $2,629,613.14. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, CEO Stephen Davis sold 11,427 shares of the firm’s stock in a transaction on Thursday, May 2nd. The shares were sold at an average price of $16.94, for a total transaction of $193,573.38. Following the completion of the transaction, the chief executive officer now owns 155,231 shares of the company’s stock, valued at $2,629,613.14. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Mark C. Schneyer sold 3,503 shares of the firm’s stock in a transaction on Thursday, May 2nd. The stock was sold at an average price of $16.94, for a total transaction of $59,340.82. Following the transaction, the chief financial officer now directly owns 32,053 shares of the company’s stock, valued at approximately $542,977.82. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 20,708 shares of company stock worth $348,697. Company insiders own 28.30% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ACAD. Covestor Ltd increased its holdings in ACADIA Pharmaceuticals by 70.5% in the first quarter. Covestor Ltd now owns 2,032 shares of the biopharmaceutical company’s stock valued at $38,000 after buying an additional 840 shares in the last quarter. Quest Partners LLC purchased a new position in ACADIA Pharmaceuticals in the fourth quarter valued at $39,000. Headlands Technologies LLC purchased a new position in ACADIA Pharmaceuticals in the first quarter valued at $48,000. BI Asset Management Fondsmaeglerselskab A S purchased a new position in ACADIA Pharmaceuticals in the fourth quarter valued at $100,000. Finally, Shell Asset Management Co. increased its holdings in ACADIA Pharmaceuticals by 65.7% in the first quarter. Shell Asset Management Co. now owns 7,339 shares of the biopharmaceutical company’s stock valued at $136,000 after buying an additional 2,909 shares in the last quarter. Hedge funds and other institutional investors own 96.71% of the company’s stock.

ACADIA Pharmaceuticals Company Profile

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.