ACADIA Pharmaceuticals (NASDAQ:ACAD) Shares Gap Down to $18.85

ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD) gapped down before the market opened on Wednesday . The stock had previously closed at $18.85, but opened at $15.40. ACADIA Pharmaceuticals shares last traded at $15.41, with a volume of 1,345,260 shares traded.

Analysts Set New Price Targets

Several equities analysts recently weighed in on the company. Bank of America reduced their target price on ACADIA Pharmaceuticals from $26.00 to $22.00 and set a “neutral” rating on the stock in a research report on Friday, May 10th. BMO Capital Markets initiated coverage on ACADIA Pharmaceuticals in a report on Thursday, June 27th. They issued an “outperform” rating and a $31.00 price objective on the stock. Cantor Fitzgerald restated an “overweight” rating and issued a $37.00 price objective on shares of ACADIA Pharmaceuticals in a report on Thursday, May 9th. Citigroup cut their price objective on ACADIA Pharmaceuticals from $30.19 to $30.00 and set a “buy” rating on the stock in a report on Thursday, May 9th. Finally, Morgan Stanley lowered ACADIA Pharmaceuticals from an “overweight” rating to an “equal weight” rating and decreased their target price for the stock from $28.00 to $20.00 in a research report on Wednesday. Five equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $27.50.

ACADIA Pharmaceuticals Price Performance

The business has a fifty day moving average of $16.61 and a 200 day moving average of $19.02. The stock has a market cap of $2.63 billion, a price-to-earnings ratio of -1,539.46 and a beta of 0.38.

ACADIA Pharmaceuticals (NASDAQ:ACAD) last announced its quarterly earnings results on Tuesday, August 6th. The biopharmaceutical company reported $0.20 EPS for the quarter, beating the consensus estimate of $0.18 by $0.02. ACADIA Pharmaceuticals had a negative return on equity of 0.41% and a negative net margin of 0.21%. The company had revenue of $241.96 million for the quarter, compared to the consensus estimate of $235.95 million. During the same quarter last year, the company posted $0.01 earnings per share. The company’s revenue for the quarter was up 46.4% compared to the same quarter last year. On average, analysts expect that ACADIA Pharmaceuticals Inc. will post 0.58 EPS for the current year.

Hedge Funds Weigh In On ACADIA Pharmaceuticals

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Covestor Ltd lifted its position in ACADIA Pharmaceuticals by 70.5% in the first quarter. Covestor Ltd now owns 2,032 shares of the biopharmaceutical company’s stock worth $38,000 after purchasing an additional 840 shares during the period. Quest Partners LLC acquired a new position in shares of ACADIA Pharmaceuticals during the 4th quarter worth about $39,000. Headlands Technologies LLC acquired a new position in shares of ACADIA Pharmaceuticals during the 1st quarter worth about $48,000. BI Asset Management Fondsmaeglerselskab A S acquired a new position in shares of ACADIA Pharmaceuticals during the 4th quarter worth about $100,000. Finally, Acadian Asset Management LLC acquired a new position in shares of ACADIA Pharmaceuticals during the 2nd quarter worth about $111,000. Institutional investors and hedge funds own 96.71% 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.