ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD) Short Interest Up 23.4% in March

ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD) was the recipient of a significant increase in short interest during the month of March. As of March 31st, there was short interest totaling 10,638,508 shares, an increase of 23.4% from the March 15th total of 8,624,024 shares. Based on an average trading volume of 2,158,686 shares, the days-to-cover ratio is presently 4.9 days. Currently, 8.5% of the company’s shares are sold short.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on ACAD shares. Royal Bank Of Canada decreased their target price on shares of ACADIA Pharmaceuticals from $31.00 to $30.00 and set an “outperform” rating on the stock in a research report on Thursday, February 26th. Citigroup lifted their price target on shares of ACADIA Pharmaceuticals from $33.00 to $36.00 and gave the company a “buy” rating in a report on Tuesday, January 6th. Stifel Nicolaus decreased their price target on shares of ACADIA Pharmaceuticals from $25.00 to $24.00 and set a “hold” rating on the stock in a report on Thursday, February 26th. UBS Group lifted their price target on shares of ACADIA Pharmaceuticals from $35.00 to $40.00 and gave the company a “buy” rating in a report on Tuesday, January 6th. Finally, Oppenheimer reiterated a “market perform” rating on shares of ACADIA Pharmaceuticals in a report on Friday, February 6th. One research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $31.21.

ACADIA Pharmaceuticals Stock Up 4.3%

Shares of ACAD opened at $22.17 on Friday. The firm has a market cap of $3.78 billion, a PE ratio of 9.68, a price-to-earnings-growth ratio of 22.21 and a beta of 0.83. The company’s fifty day moving average is $22.29 and its two-hundred day moving average is $23.77. ACADIA Pharmaceuticals has a fifty-two week low of $14.08 and a fifty-two week high of $28.35.

ACADIA Pharmaceuticals (NASDAQ:ACAD) last announced its quarterly earnings results on Thursday, February 26th. The biopharmaceutical company reported $1.60 earnings per share for the quarter, beating analysts’ consensus estimates of $0.12 by $1.48. ACADIA Pharmaceuticals had a net margin of 36.49% and a return on equity of 12.49%. The company had revenue of $298.00 million for the quarter, compared to analyst estimates of $292.54 million. During the same quarter last year, the business earned $0.86 EPS. ACADIA Pharmaceuticals’s revenue for the quarter was up 9.4% on a year-over-year basis. As a group, equities research analysts anticipate that ACADIA Pharmaceuticals will post 0.7 earnings per share for the current year.

Insider Buying and Selling

In related news, EVP Mark C. Schneyer sold 2,709 shares of the firm’s stock in a transaction that occurred on Tuesday, April 7th. The shares were sold at an average price of $22.20, for a total transaction of $60,139.80. Following the sale, the executive vice president owned 62,836 shares in the company, valued at approximately $1,394,959.20. This trade represents a 4.13% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Jennifer J. Rhodes sold 6,950 shares of the firm’s stock in a transaction that occurred on Monday, February 9th. The stock was sold at an average price of $23.38, for a total transaction of $162,491.00. Following the sale, the executive vice president owned 7,609 shares in the company, valued at approximately $177,898.42. This trade represents a 47.74% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 10,689 shares of company stock worth $245,497. 26.50% of the stock is owned by company insiders.

Hedge Funds Weigh In On ACADIA Pharmaceuticals

Hedge funds have recently made changes to their positions in the business. Farther Finance Advisors LLC raised its stake in shares of ACADIA Pharmaceuticals by 67.5% in the 4th quarter. Farther Finance Advisors LLC now owns 958 shares of the biopharmaceutical company’s stock valued at $26,000 after acquiring an additional 386 shares during the period. Meeder Asset Management Inc. purchased a new position in shares of ACADIA Pharmaceuticals in the 4th quarter valued at $26,000. Transamerica Financial Advisors LLC raised its stake in shares of ACADIA Pharmaceuticals by 304.5% in the 4th quarter. Transamerica Financial Advisors LLC now owns 1,335 shares of the biopharmaceutical company’s stock valued at $36,000 after acquiring an additional 1,005 shares during the period. Geneos Wealth Management Inc. raised its stake in shares of ACADIA Pharmaceuticals by 113.0% in the 3rd quarter. Geneos Wealth Management Inc. now owns 1,425 shares of the biopharmaceutical company’s stock valued at $30,000 after acquiring an additional 756 shares during the period. Finally, Federated Hermes Inc. raised its stake in shares of ACADIA Pharmaceuticals by 277.5% in the 4th quarter. Federated Hermes Inc. now owns 1,612 shares of the biopharmaceutical company’s stock valued at $43,000 after acquiring an additional 1,185 shares during the period. Hedge funds and other institutional investors own 96.71% of the company’s stock.

ACADIA Pharmaceuticals Company Profile

ACADIA Pharmaceuticals Inc is a biopharmaceutical company focused on the development and commercialization of innovative therapies for central nervous system (CNS) disorders. Established in 1993 and headquartered in San Diego, California, ACADIA’s research centers concentrate on conditions with significant unmet medical needs, including Parkinson’s disease psychosis, Alzheimer’s disease psychosis, and schizophrenia. The company utilizes a range of scientific platforms, including selective receptor modulation and precision-targeted compounds, to advance its portfolio of small-molecule therapeutics.

The company’s flagship product, NUPLAZID® (pimavanserin), received U.S.