ACADIA Pharmaceuticals (NASDAQ:ACAD – Free Report) had its price target lowered by HC Wainwright from $37.00 to $33.00 in a research report report published on Friday,Benzinga reports. The firm currently has a buy rating on the biopharmaceutical company’s stock.
A number of other brokerages have also recently commented on ACAD. Morgan Stanley lifted their price target on ACADIA Pharmaceuticals from $27.00 to $28.00 and gave the stock an “equal weight” rating in a research report on Tuesday, August 25th. Oppenheimer restated a “market perform” rating on shares of ACADIA Pharmaceuticals in a research note on Wednesday. Needham & Company LLC decreased their target price on ACADIA Pharmaceuticals from $41.00 to $35.00 and set a “buy” rating for the company in a report on Friday. BMO Capital Markets dropped their target price on ACADIA Pharmaceuticals from $36.00 to $34.00 and set an “outperform” rating on the stock in a research report on Thursday. Finally, Citigroup reiterated a “buy” rating and issued a $33.00 price target (down from $40.00) on shares of ACADIA Pharmaceuticals in a report on Friday. Fourteen analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat.com, ACADIA Pharmaceuticals has a consensus rating of “Moderate Buy” and an average price target of $32.75.
Read Our Latest Stock Analysis on ACAD
ACADIA Pharmaceuticals Price Performance
ACADIA Pharmaceuticals (NASDAQ:ACAD – Get Free Report) last issued its quarterly earnings results on Tuesday, August 4th. The biopharmaceutical company reported $0.18 earnings per share for the quarter, topping the consensus estimate of $0.07 by $0.11. The business had revenue of $308.00 million during the quarter, compared to the consensus estimate of $296.55 million. ACADIA Pharmaceuticals had a return on equity of 9.03% and a net margin of 33.42%.The company’s quarterly revenue was up 16.4% on a year-over-year basis. During the same quarter last year, the company earned $0.16 earnings per share. As a group, sell-side analysts expect that ACADIA Pharmaceuticals will post 0.64 EPS for the current year.
Insider Activity
In related news, EVP Mark Schneyer sold 14,292 shares of ACADIA Pharmaceuticals stock in a transaction that occurred on Thursday, August 6th. The stock was sold at an average price of $29.22, for a total transaction of $417,612.24. Following the completion of the transaction, the executive vice president directly 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Elizabeth Thompson sold 16,558 shares of the business’s stock in a transaction that occurred on Thursday, July 30th. The shares were sold at an average price of $26.13, for a total value of $432,660.54. Following the completion of the transaction, the executive vice president directly owned 18,994 shares of the company’s stock, valued at $496,313.22. The trade was a 46.57% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 36,699 shares of company stock worth $1,019,894. 26.20% of the stock is owned by corporate insiders.
Institutional Trading of ACADIA Pharmaceuticals
A number of hedge funds have recently added to or reduced their stakes in the company. Envestnet Portfolio Solutions Inc. acquired a new stake in ACADIA Pharmaceuticals during the second quarter valued at $597,000. Integrated Wealth Concepts LLC purchased a new stake in shares of ACADIA Pharmaceuticals during the 2nd quarter worth about $50,000. Baird Financial Group Inc. acquired a new stake in shares of ACADIA Pharmaceuticals during the 2nd quarter valued at about $232,000. Nykredit A S acquired a new stake in shares of ACADIA Pharmaceuticals during the 2nd quarter valued at about $38,000. Finally, Amundi increased its stake in shares of ACADIA Pharmaceuticals by 27.7% in the 2nd quarter. Amundi now owns 34,153 shares of the biopharmaceutical company’s stock valued at $864,000 after purchasing an additional 7,400 shares in the last quarter. 96.71% of the stock is owned by hedge funds and other institutional investors.
Key ACADIA Pharmaceuticals News
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.
ACADIA Pharmaceuticals Company Profile
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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