ACADIA Pharmaceuticals (NASDAQ:ACAD) Shares Gap Down to $17.84

ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD)’s share price gapped down before the market opened on Thursday . The stock had previously closed at $17.84, but opened at $17.41. ACADIA Pharmaceuticals shares last traded at $16.89, with a volume of 7,302 shares trading hands.

A number of research firms recently issued reports on ACAD. Needham & Company LLC dropped their target price on shares of ACADIA Pharmaceuticals from $30.00 to $26.00 and set a “buy” rating on the stock in a research report on Thursday, August 5th. Morgan Stanley downgraded shares of ACADIA Pharmaceuticals from an “overweight” rating to an “equal weight” rating and set a $20.00 price objective on the stock. in a report on Thursday. SVB Leerink lowered their price objective on shares of ACADIA Pharmaceuticals from $31.00 to $28.00 and set an “outperform” rating on the stock in a report on Thursday, August 5th. Raymond James set a $23.71 price objective on shares of ACADIA Pharmaceuticals in a report on Saturday, July 10th. Finally, Cantor Fitzgerald lowered their price objective on shares of ACADIA Pharmaceuticals from $33.00 to $27.00 and set an “overweight” rating on the stock in a report on Thursday, August 5th. One analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $29.93.

The stock has a market cap of $2.67 billion, a P/E ratio of -10.18 and a beta of 0.66. The company’s 50 day moving average price is $17.12 and its 200-day moving average price is $20.81.

ACADIA Pharmaceuticals (NASDAQ:ACAD) last posted its earnings results on Tuesday, August 3rd. The biopharmaceutical company reported ($0.27) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.30) by $0.03. ACADIA Pharmaceuticals had a negative net margin of 56.49% and a negative return on equity of 43.11%. The firm had revenue of $115.22 million during the quarter, compared to analyst estimates of $124.94 million. During the same quarter in the prior year, the business posted ($0.27) EPS. The business’s revenue was up 4.7% compared to the same quarter last year. As a group, sell-side analysts anticipate that ACADIA Pharmaceuticals Inc. will post -1.23 earnings per share for the current year.

A number of institutional investors and hedge funds have recently bought and sold shares of ACAD. Cambridge Investment Research Advisors Inc. bought a new position in ACADIA Pharmaceuticals during the first quarter valued at about $319,000. Principal Financial Group Inc. grew its position in ACADIA Pharmaceuticals by 4.6% during the first quarter. Principal Financial Group Inc. now owns 48,191 shares of the biopharmaceutical company’s stock valued at $1,243,000 after buying an additional 2,111 shares during the period. Russell Investments Group Ltd. grew its position in ACADIA Pharmaceuticals by 12.6% during the first quarter. Russell Investments Group Ltd. now owns 27,424 shares of the biopharmaceutical company’s stock valued at $705,000 after buying an additional 3,062 shares during the period. Rockefeller Capital Management L.P. grew its position in ACADIA Pharmaceuticals by 87.0% during the first quarter. Rockefeller Capital Management L.P. now owns 5,362 shares of the biopharmaceutical company’s stock valued at $138,000 after buying an additional 2,494 shares during the period. Finally, Teacher Retirement System of Texas grew its position in ACADIA Pharmaceuticals by 22.2% during the first quarter. Teacher Retirement System of Texas now owns 13,149 shares of the biopharmaceutical company’s stock valued at $339,000 after buying an additional 2,386 shares during the period. Institutional investors own 91.18% of the company’s stock.

ACADIA Pharmaceuticals Company Profile (NASDAQ:ACAD)

ACADIA Pharmaceuticals, Inc operates as a biopharmaceutical company. It focuses on the development and commercialization of medicines to address unmet medical needs in central nervous system, or CNS, disorders. The firm’s products include Nuplazid, which is used for the treatment of hallucinations and delusions associated with Parkinson’s disease psychosis.

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