ACADIA Pharmaceuticals (NASDAQ:ACAD) Reaches New 52-Week Low – Should You Sell?

ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD)’s stock price reached a new 52-week low on Wednesday. The company traded as low as $19.50 and last traded at $19.74, with a volume of 37838 shares. The stock had previously closed at $19.74.

Wall Street Analyst Weigh In

A number of analysts have issued reports on ACAD shares. Citigroup reissued a “buy” rating and issued a $33.00 target price (down from $40.00) on shares of ACADIA Pharmaceuticals in a research report on Friday, September 25th. Weiss Ratings raised ACADIA Pharmaceuticals from a “hold (c)” rating to a “hold (c+)” rating in a research note on Wednesday, August 12th. Morgan Stanley increased their target price on ACADIA Pharmaceuticals from $27.00 to $28.00 and gave the stock an “equal weight” rating in a research note on Tuesday, August 25th. Citizens Jmp dropped their target price on ACADIA Pharmaceuticals from $36.00 to $33.00 and set a “market outperform” rating for the company in a research report on Friday, September 25th. Finally, TD Cowen reiterated a “buy” rating on shares of ACADIA Pharmaceuticals in a research note on Thursday, September 24th. 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, the company has a consensus rating of “Moderate Buy” and an average price target of $32.76.

ACADIA Pharmaceuticals Stock Performance

The business has a 50-day simple moving average of $26.78 and a 200-day simple moving average of $24.14. The company has a market cap of $3.39 billion, a price-to-earnings ratio of 8.84 and a beta of 0.88.

ACADIA Pharmaceuticals (NASDAQ:ACAD) last announced its quarterly earnings data on Tuesday, August 4th. The biopharmaceutical company reported $0.18 EPS for the quarter, topping 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 business had revenue of $308.00 million during the quarter, compared to the consensus estimate of $296.55 million. During the same period in the previous year, the company posted $0.16 earnings per share. The business’s revenue for the quarter was up 16.4% on a year-over-year basis. Research analysts anticipate that ACADIA Pharmaceuticals Inc. will post 0.64 EPS for the current year.

Insider Buying and Selling

In other news, EVP Mark Schneyer sold 14,292 shares of the firm’s stock in a transaction on Thursday, August 6th. The shares were sold at an average price of $29.22, for a total value of $417,612.24. Following the sale, 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 position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed 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 business’s stock in a transaction 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 transaction, 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. Over the last three months, insiders sold 36,699 shares of company stock worth $1,019,894. Insiders own 26.20% of the company’s stock.

Hedge Funds Weigh In On ACADIA Pharmaceuticals

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ACAD. Cim Investment Management Inc. increased its stake in ACADIA Pharmaceuticals by 7.3% in the second quarter. Cim Investment Management Inc. now owns 15,273 shares of the biopharmaceutical company’s stock valued at $386,000 after purchasing an additional 1,034 shares during the last quarter. Envestnet Portfolio Solutions Inc. purchased a new position in shares of ACADIA Pharmaceuticals during the second quarter worth approximately $597,000. Integrated Wealth Concepts LLC acquired a new position in shares of ACADIA Pharmaceuticals in the 2nd quarter valued at $50,000. Baird Financial Group Inc. purchased a new stake in ACADIA Pharmaceuticals in the 2nd quarter valued at $232,000. Finally, Nykredit A S purchased a new stake in ACADIA Pharmaceuticals in the 2nd quarter valued at $38,000. 96.71% of the stock is owned by institutional investors and hedge funds.

About ACADIA Pharmaceuticals

ACADIA Pharmaceuticals Inc is a biopharmaceutical company focused on developing and commercializing medicines for central nervous system disorders and rare diseases. The company is headquartered in San Diego, California, and serves patients and healthcare providers primarily in the United States.

ACADIA’s commercial products include NUPLAZID (pimavanserin), an atypical antipsychotic approved in the United States for the treatment of hallucinations and delusions associated with Parkinson’s disease psychosis.