Brokers Set Expectations for ACADIA Pharmaceuticals Inc.’s Q2 2024 Earnings (NASDAQ:ACAD)

ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD) – Stock analysts at Leerink Partnrs dropped their Q2 2024 earnings per share (EPS) estimates for ACADIA Pharmaceuticals in a research note issued on Wednesday, May 8th. Leerink Partnrs analyst M. Goodman now anticipates that the biopharmaceutical company will post earnings per share of $0.09 for the quarter, down from their prior forecast of $0.17. The consensus estimate for ACADIA Pharmaceuticals’ current full-year earnings is $0.62 per share. Leerink Partnrs also issued estimates for ACADIA Pharmaceuticals’ Q3 2024 earnings at $0.14 EPS, Q4 2024 earnings at $0.16 EPS, FY2024 earnings at $0.50 EPS and FY2025 earnings at $1.10 EPS.

ACAD has been the topic of several other reports. Morgan Stanley decreased their target price on shares of ACADIA Pharmaceuticals from $40.00 to $30.00 and set an “overweight” rating on the stock in a research report on Wednesday, March 13th. Citigroup lowered their target price 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. Royal Bank of Canada reduced their price target on shares of ACADIA Pharmaceuticals from $36.00 to $35.00 and set an “outperform” rating for the company in a research report on Wednesday, February 28th. JPMorgan Chase & Co. lowered their price target on ACADIA Pharmaceuticals from $29.00 to $25.00 and set an “overweight” rating on the stock in a report on Monday, March 25th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $30.00 target price on shares of ACADIA Pharmaceuticals in a research report on Thursday. Three investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to MarketBeat.com, ACADIA Pharmaceuticals presently has an average rating of “Moderate Buy” and an average price target of $29.38.

ACADIA Pharmaceuticals Price Performance

ACAD opened at $15.21 on Friday. ACADIA Pharmaceuticals has a 12 month low of $15.17 and a 12 month high of $33.99. The stock has a market capitalization of $2.51 billion, a P/E ratio of -40.03 and a beta of 0.42. The business has a 50 day simple moving average of $18.50 and a 200-day simple moving average of $23.16.

ACADIA Pharmaceuticals (NASDAQ:ACAD) last posted its quarterly earnings results on Wednesday, May 8th. The biopharmaceutical company reported $0.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.04 by $0.06. ACADIA Pharmaceuticals had a negative net margin of 8.44% and a negative return on equity of 15.67%. The firm had revenue of $205.83 million during the quarter, compared to analysts’ expectations of $208.31 million. During the same period in the prior year, the company posted ($0.27) earnings per share. The firm’s revenue for the quarter was up 73.8% on a year-over-year basis.

Institutional Trading of ACADIA Pharmaceuticals

Several large investors have recently added to or reduced their stakes in ACAD. State Board of Administration of Florida Retirement System grew its stake in shares of ACADIA Pharmaceuticals by 15.3% in the first quarter. State Board of Administration of Florida Retirement System now owns 39,881 shares of the biopharmaceutical company’s stock valued at $751,000 after buying an additional 5,300 shares in the last quarter. ProShare Advisors LLC grew its position in ACADIA Pharmaceuticals by 10.0% in the first quarter. ProShare Advisors LLC now owns 33,583 shares of the biopharmaceutical company’s stock valued at $621,000 after acquiring an additional 3,048 shares in the last quarter. Russell Investments Group Ltd. raised its stake in shares of ACADIA Pharmaceuticals by 12.3% during the first quarter. Russell Investments Group Ltd. now owns 20,689 shares of the biopharmaceutical company’s stock valued at $383,000 after purchasing an additional 2,264 shares during the period. Headlands Technologies LLC purchased a new position in ACADIA Pharmaceuticals in the first quarter valued at about $48,000. Finally, Sei Investments Co. grew its position in shares of ACADIA Pharmaceuticals by 6.2% during the first quarter. Sei Investments Co. now owns 34,752 shares of the biopharmaceutical company’s stock worth $642,000 after buying an additional 2,034 shares in the last quarter. 96.71% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, CEO Stephen Davis sold 11,427 shares of the firm’s stock in a transaction that occurred on Thursday, May 2nd. The shares were sold at an average price of $16.94, for a total value of $193,573.38. Following the sale, the chief executive officer now directly owns 155,231 shares of the company’s stock, valued at $2,629,613.14. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CEO Stephen Davis sold 11,427 shares of ACADIA Pharmaceuticals stock in a transaction dated Thursday, May 2nd. The stock was sold at an average price of $16.94, for a total value of $193,573.38. Following the transaction, the chief executive officer now directly owns 155,231 shares of the company’s stock, valued at approximately $2,629,613.14. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Mark C. Schneyer sold 3,503 shares of the stock in a transaction that occurred 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 sale, 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. In the last three months, insiders sold 89,116 shares of company stock valued at $1,625,639. Company insiders own 27.50% 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.