ACADIA Pharmaceuticals (NASDAQ:ACAD – Free Report) had its price target reduced by Citigroup from $40.00 to $33.00 in a research note released on Thursday morning, Marketbeat Ratings reports. Citigroup currently has a buy rating on the biopharmaceutical company’s stock.
Several other research firms have also recently weighed in on ACAD. Weiss Ratings upgraded ACADIA Pharmaceuticals from a “hold (c)” rating to a “hold (c+)” rating in a report on Wednesday, August 12th. Needham & Company LLC reissued a “buy” rating and issued a $41.00 price objective on shares of ACADIA Pharmaceuticals in a research report on Thursday. Stifel Nicolaus boosted their target price on shares of ACADIA Pharmaceuticals from $24.00 to $25.00 and gave the company a “hold” rating in a research report on Tuesday, July 21st. Citizens Jmp increased their price target on ACADIA Pharmaceuticals from $35.00 to $36.00 and gave the stock a “market outperform” rating in a report on Wednesday, August 5th. Finally, HC Wainwright reiterated a “buy” rating on shares of ACADIA Pharmaceuticals in a report on Thursday, August 6th. Fourteen analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $32.75.
Get Our Latest Stock Report on ACADIA Pharmaceuticals
ACADIA Pharmaceuticals Stock Performance
ACADIA Pharmaceuticals (NASDAQ:ACAD – Get Free Report) last released its quarterly earnings data on Tuesday, August 4th. The biopharmaceutical company reported $0.18 earnings per share for the quarter, beating the consensus estimate of $0.07 by $0.11. ACADIA Pharmaceuticals had a return on equity of 9.03% and a net margin of 33.42%.The business had revenue of $308.00 million for the quarter, compared to analyst estimates of $296.55 million. During the same period last year, the firm posted $0.16 earnings per share. ACADIA Pharmaceuticals’s revenue was up 16.4% compared to the same quarter last year. On average, research analysts forecast that ACADIA Pharmaceuticals will post 0.64 earnings per share for the current year.
Insider Transactions at ACADIA Pharmaceuticals
In related news, EVP Mark Schneyer sold 14,292 shares of the firm’s stock in a transaction dated Thursday, August 6th. The shares were sold at an average price of $29.22, for a total transaction of $417,612.24. Following the completion of the sale, the executive vice president owned 67,828 shares in the company, valued at approximately $1,981,934.16. This trade represents a 17.40% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Elizabeth Thompson sold 16,558 shares of the firm’s stock in a transaction that occurred on Thursday, July 30th. The stock was sold at an average price of $26.13, for a total transaction of $432,660.54. Following the sale, the executive vice president owned 18,994 shares of the company’s stock, valued at approximately $496,313.22. The trade was a 46.57% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 36,699 shares of company stock valued at $1,019,894 in the last 90 days. 26.20% of the stock is currently owned by corporate insiders.
Institutional Trading of ACADIA Pharmaceuticals
A number of institutional investors have recently added to or reduced their stakes in ACAD. BlackRock Inc. purchased a new stake in ACADIA Pharmaceuticals in the 2nd quarter worth approximately $569,634,000. Geode Capital Management LLC boosted its stake in shares of ACADIA Pharmaceuticals by 3.4% in the 4th quarter. Geode Capital Management LLC now owns 3,239,451 shares of the biopharmaceutical company’s stock valued at $86,539,000 after purchasing an additional 106,807 shares in the last quarter. First Trust Advisors LP grew its stake in shares of ACADIA Pharmaceuticals by 47.3% during the first quarter. First Trust Advisors LP now owns 3,343,868 shares of the biopharmaceutical company’s stock valued at $74,435,000 after buying an additional 1,073,834 shares during the last quarter. Palo Alto Investors LP bought a new position in ACADIA Pharmaceuticals during the 2nd quarter worth approximately $72,461,629. Finally, Dimensional Fund Advisors LP boosted its stake in shares of ACADIA Pharmaceuticals by 8.0% during the first quarter. Dimensional Fund Advisors LP now owns 3,155,160 shares of the biopharmaceutical company’s stock valued at $70,222,000 after purchasing an additional 234,186 shares during the period. Hedge funds and other institutional investors own 96.71% of the company’s stock.
Trending Headlines about ACADIA Pharmaceuticals
Here are the key news stories impacting ACADIA Pharmaceuticals this week:
- Positive Sentiment: The once-daily 60 mg dose reduced hallucinations and delusions more than placebo and produced results that were directionally supportive, despite narrowly missing statistical significance on the primary endpoint. ACADIA said the findings are sufficient to justify Phase 3 testing. ACAD Stock Down 13% as Phase II Alzheimer’s Study Misses Primary Goal
- Positive Sentiment: Analysts maintained bullish ratings, though they reduced price targets to reflect the clinical risk. HC Wainwright and Citizens lowered targets to $33 while retaining “buy” and “market outperform” ratings, respectively. Needham also reaffirmed its “buy” rating with a $41 target.
- Neutral Sentiment: ACADIA’s reported safety profile for remlifanserin was viewed as clean, but the company must demonstrate a larger and more reliable treatment effect in Phase 3. Acadia chugs on with Alzheimer’s psychosis programme despite Phase II miss
- Neutral Sentiment: Unusually high call-option activity indicates increased trading interest and potentially bullish positioning, but it does not establish a fundamental change in the company’s outlook.
- Neutral Sentiment: Construction was completed on ACADIA’s Princeton office, an operational update with limited near-term financial significance. Construction finished on Acadia Pharmaceuticals’ Princeton office
- Negative Sentiment: Remlifanserin missed the RADIANT Phase 2 study’s primary endpoint because the 60 mg benefit did not reach statistical significance at six weeks. The miss undermines confidence in the drug’s efficacy and increases the risk that Phase 3 testing could fail. Acadia’s Alzheimer’s psychosis drug misses main goal
- Negative Sentiment: Analysts cut success expectations and price targets following the data. Citi reportedly reduced its estimated probability of Phase 3 success to 20%, while other commentary cited a modest effect size and concerns about replicability and clinical utility.
About ACADIA Pharmaceuticals
ACADIA Pharmaceuticals Inc is a biopharmaceutical company focused on developing and commercializing medicines for neurological and psychiatric disorders. The company is headquartered in San Diego, California, and conducts research and commercial activities primarily in the United States.
ACADIA’s marketed products include NUPLAZID (pimavanserin), an atypical antipsychotic approved for the treatment of hallucinations and delusions associated with Parkinson’s disease psychosis. The company also markets DAYBUE (trofinetide), a therapy for Rett syndrome, a rare neurodevelopmental disorder.
Founded in 1993, ACADIA continues to advance a pipeline of therapies for central nervous system conditions, including additional neurological and psychiatric disorders.
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