Zacks Investment Research Lowers ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD) to Sell
Zacks Investment Research downgraded shares of ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD) from a buy rating to a sell rating in a research note issued to investors on Monday morning.
According to Zacks, “Acadia Pharmaceuticals is a biopharmaceutical company focused on the discovery, development and commercialization of small molecule drugs for the treatment of central nervous system disorders. Their three clinical programs are ACP-103 for treatment-induced dysfunction in Parkinson’s disease, and ACP-104 and ACP-103, both for the treatment of schizophrenia. “
A number of other research analysts also recently issued reports on the stock. Needham & Company LLC restated a buy rating and set a $49.00 target price on shares of ACADIA Pharmaceuticals in a research report on Wednesday, April 5th. BidaskClub upgraded shares of ACADIA Pharmaceuticals from a strong sell rating to a sell rating in a research report on Wednesday, June 21st. Rodman & Renshaw restated a buy rating and set a $60.00 target price on shares of ACADIA Pharmaceuticals in a research report on Monday, May 22nd. ValuEngine upgraded shares of ACADIA Pharmaceuticals from a strong sell rating to a sell rating in a research report on Friday, June 2nd. Finally, HC Wainwright restated a buy rating on shares of ACADIA Pharmaceuticals in a research report on Wednesday, May 10th. Three investment analysts have rated the stock with a sell rating, five have assigned a hold rating and ten have assigned a buy rating to the company. The company has an average rating of Hold and a consensus target price of $42.14.
Shares of ACADIA Pharmaceuticals (NASDAQ ACAD) opened at 29.00 on Monday. The stock’s market capitalization is $3.54 billion. ACADIA Pharmaceuticals has a one year low of $20.68 and a one year high of $40.83. The stock has a 50 day moving average of $27.80 and a 200-day moving average of $32.17.
ACADIA Pharmaceuticals (NASDAQ:ACAD) last released its earnings results on Tuesday, May 9th. The biopharmaceutical company reported ($0.72) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.73) by $0.01. ACADIA Pharmaceuticals had a negative net margin of 948.93% and a negative return on equity of 63.07%. The company had revenue of $15.30 million for the quarter, compared to the consensus estimate of $15.17 million. During the same period in the prior year, the company posted ($0.45) EPS. Equities analysts predict that ACADIA Pharmaceuticals will post ($2.82) earnings per share for the current fiscal year.
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In other ACADIA Pharmaceuticals news, EVP Glenn Baity sold 1,903 shares of the firm’s stock in a transaction that occurred on Thursday, June 22nd. The shares were sold at an average price of $30.00, for a total transaction of $57,090.00. Following the sale, the executive vice president now directly owns 83,059 shares in the company, valued at approximately $2,491,770. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 22.25% of the company’s stock.
A number of hedge funds have recently made changes to their positions in the company. Legato Capital Management LLC bought a new stake in shares of ACADIA Pharmaceuticals during the second quarter valued at approximately $223,000. Harvey Capital Management Inc. increased its stake in shares of ACADIA Pharmaceuticals by 0.8% in the second quarter. Harvey Capital Management Inc. now owns 232,150 shares of the biopharmaceutical company’s stock valued at $6,474,000 after buying an additional 1,800 shares during the period. Creative Planning increased its stake in shares of ACADIA Pharmaceuticals by 4.9% in the second quarter. Creative Planning now owns 24,915 shares of the biopharmaceutical company’s stock valued at $695,000 after buying an additional 1,159 shares during the period. Handelsinvest Investeringsforvaltning increased its stake in shares of ACADIA Pharmaceuticals by 167.6% in the second quarter. Handelsinvest Investeringsforvaltning now owns 58,600 shares of the biopharmaceutical company’s stock valued at $1,634,000 after buying an additional 36,700 shares during the period. Finally, Handelsbanken Fonder AB increased its stake in shares of ACADIA Pharmaceuticals by 12.7% in the second quarter. Handelsbanken Fonder AB now owns 177,000 shares of the biopharmaceutical company’s stock valued at $4,937,000 after buying an additional 20,000 shares during the period. Hedge funds and other institutional investors own 97.13% of the company’s stock.
ACADIA Pharmaceuticals Company Profile
ACADIA Pharmaceuticals Inc is a biopharmaceutical company. The Company is focused on the development and commercialization of medicines for central nervous system (CNS) disorders. Its lead drug candidate, NUPLAZID (pimavanserin), is used for the treatment of hallucinations and delusions associated with Parkinson’s disease psychosis (PD Psychosis).
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