ACADIA Pharmaceuticals (NASDAQ:ACAD) Stock Price Target Lowered at HC Wainwright

ACADIA Pharmaceuticals (NASDAQ:ACAD) had its target price lowered by HC Wainwright from $37.00 to $33.00 in a report released on Friday, Benzinga reports. The firm currently has a “buy” rating on the biopharmaceutical company’s stock. HC Wainwright’s price target would indicate a potential upside of 56.66% from the stock’s previous close.

Several other brokerages have also commented on ACAD. BMO Capital Markets decreased their price objective on shares of ACADIA Pharmaceuticals from $36.00 to $34.00 and set an “outperform” rating for the company in a report on Thursday. Weiss Ratings upgraded shares of ACADIA Pharmaceuticals from a “hold (c)” rating to a “hold (c+)” rating in a research report on Wednesday, August 12th. Stifel Nicolaus increased their price target on shares of ACADIA Pharmaceuticals from $24.00 to $25.00 and gave the stock a “hold” rating in a research note on Tuesday, July 21st. Citigroup restated a “buy” rating and issued a $33.00 price objective (down from $40.00) on shares of ACADIA Pharmaceuticals in a report on Friday. Finally, UBS Group upped their target price on ACADIA Pharmaceuticals from $45.00 to $49.00 and gave the stock a “buy” rating in a report on Monday, August 17th. Fourteen research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $33.14.

ACADIA Pharmaceuticals Trading Down 5.0%

Shares of ACAD stock traded down $1.11 during trading hours on Friday, reaching $21.07. The company’s stock had a trading volume of 502,549 shares, compared to its average volume of 1,681,486. ACADIA Pharmaceuticals has a one year low of $19.69 and a one year high of $30.96. The stock has a market capitalization of $3.63 billion, a P/E ratio of 9.48 and a beta of 0.86. The firm’s fifty day simple moving average is $27.60 and its 200 day simple moving average is $24.21.

ACADIA Pharmaceuticals (NASDAQ:ACAD) last announced its earnings results on Tuesday, August 4th. The biopharmaceutical company reported $0.18 EPS for the quarter, beating analysts’ consensus estimates of $0.07 by $0.11. ACADIA Pharmaceuticals had a return on equity of 9.03% and a net margin of 33.42%.The company had revenue of $308.00 million during the quarter, compared to the consensus estimate of $296.55 million. During the same quarter in the prior year, the company earned $0.16 earnings per share. The firm’s revenue for the quarter was up 16.4% on a year-over-year basis. As a group, equities research analysts forecast that ACADIA Pharmaceuticals will post 0.64 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, EVP Mark C. Schneyer sold 14,292 shares of the company’s stock in a transaction that occurred on Thursday, August 6th. The stock was sold at an average price of $29.22, for a total value of $417,612.24. Following the sale, the executive vice president owned 67,828 shares in the company, valued at $1,981,934.16. This represents a 17.40% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at 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 company’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 value of $432,660.54. Following the completion of the sale, the executive vice president owned 18,994 shares in the company, valued at $496,313.22. The trade was a 46.57% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 36,699 shares of company stock valued at $1,019,894 in the last ninety days. Insiders own 26.20% of the company’s stock.

Institutional Investors Weigh In On ACADIA Pharmaceuticals

Hedge funds have recently added to or reduced their stakes in the stock. Envestnet Portfolio Solutions Inc. purchased a new stake in shares of ACADIA Pharmaceuticals in the second quarter worth $597,000. Integrated Wealth Concepts LLC purchased a new position in shares of ACADIA Pharmaceuticals in the 2nd quarter worth about $50,000. Baird Financial Group Inc. bought a new position in ACADIA Pharmaceuticals in the 2nd quarter worth about $232,000. Nykredit A S purchased a new stake in ACADIA Pharmaceuticals during the 2nd quarter valued at about $38,000. Finally, Amundi grew its position in ACADIA Pharmaceuticals by 27.7% during 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 during the last quarter. 96.71% of the stock is owned by institutional investors.

Trending Headlines about ACADIA Pharmaceuticals

Here are the key news stories impacting ACADIA Pharmaceuticals this week:

• Positive Sentiment: ACADIA said the 60 mg once-daily dose reduced hallucinations and delusions more than placebo, although the improvement narrowly missed statistical significance on the study’s primary six-week endpoint. The company believes the data support advancing remlifanserin into Phase 3, citing favorable safety and efficacy trends. ACADIA Phase 2 RADIANT results
• Positive Sentiment: Needham reaffirmed its Buy rating and maintained a $41 price target, while Citigroup kept a Buy rating despite reducing its target to $33 from $40. These targets indicate that some analysts still see meaningful upside if the Phase 3 program succeeds. Citizens lowers ACADIA price target
• Neutral Sentiment: ACADIA plans to proceed with Phase 3 development, but the decision increases spending and execution risk for a program whose pivotal design and likelihood of success are now under greater scrutiny.
• Negative Sentiment: The primary endpoint miss was the main catalyst for the selloff. Although the high-dose arm showed a positive trend, the effect size was considered modest, raising concerns about clinical usefulness and whether the result can be reproduced in Phase 3. Reuters report on the Phase 2 endpoint miss
• Negative Sentiment: Analysts became more cautious following the results: Citi reportedly cut its estimated probability of remlifanserin success to 20%, while other commentary placed the odds near 25%. BMO also lowered its price target to $34 amid heavy selling. Yahoo Finance report on analyst reaction

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.