ACADIA Pharmaceuticals (NASDAQ:ACAD) Hits New 1-Year High After Strong Earnings

Shares of ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD) hit a new 52-week high during trading on Wednesday after the company announced better than expected quarterly earnings. The company traded as high as $29.17 and last traded at $28.33, with a volume of 1054406 shares. The stock had previously closed at $27.15.

The biopharmaceutical company reported $0.18 earnings per share for the quarter, topping the consensus estimate of $0.06 by $0.12. ACADIA Pharmaceuticals had a return on equity of 9.61% and a net margin of 34.30%.The company had revenue of $308.00 million for the quarter, compared to the consensus estimate of $295.51 million. During the same quarter in the prior year, the business posted $0.16 EPS. The firm’s quarterly revenue was up 16.4% compared to the same quarter last year.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the company. Royal Bank Of Canada raised their price target on ACADIA Pharmaceuticals from $29.00 to $36.00 and gave the company an “outperform” rating in a report on Tuesday, July 7th. Weiss Ratings reiterated a “hold (c)” rating on shares of ACADIA Pharmaceuticals in a research note on Wednesday, July 29th. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and set a $37.00 price objective on shares of ACADIA Pharmaceuticals in a research report on Monday, June 29th. Canaccord Genuity Group raised their price objective on shares of ACADIA Pharmaceuticals from $32.00 to $36.00 and gave the company a “buy” rating in a research note on Monday, June 29th. Finally, HC Wainwright cut shares of ACADIA Pharmaceuticals from a “buy” rating to a “hold” rating in a report on Tuesday, June 30th. Thirteen research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $32.42.

Insiders Place Their Bets

In other ACADIA Pharmaceuticals news, EVP Elizabeth H.Z. Thompson sold 16,558 shares of ACADIA Pharmaceuticals stock in a transaction on Thursday, July 30th. The stock was sold at an average price of $26.13, for a total value of $432,660.54. Following the completion of the sale, the executive vice president owned 18,994 shares of the company’s stock, valued at approximately $496,313.22. This trade represents a 46.57% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider James Kihara sold 5,401 shares of the business’s stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $21.18, for a total value of $114,393.18. Following the completion of the transaction, the insider owned 24,509 shares of the company’s stock, valued at $519,100.62. This represents a 18.06% decrease in their position. The SEC filing for this sale provides additional information. 26.20% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On ACADIA Pharmaceuticals

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Farther Finance Advisors LLC grew its stake in shares of ACADIA Pharmaceuticals by 67.5% in the fourth quarter. Farther Finance Advisors LLC now owns 958 shares of the biopharmaceutical company’s stock worth $26,000 after acquiring an additional 386 shares during the period. Meeder Asset Management Inc. bought a new position in ACADIA Pharmaceuticals during the fourth quarter valued at approximately $26,000. Transamerica Financial Advisors LLC lifted its position in ACADIA Pharmaceuticals by 304.5% during the fourth quarter. Transamerica Financial Advisors LLC now owns 1,335 shares of the biopharmaceutical company’s stock valued at $36,000 after purchasing an additional 1,005 shares during the period. Federated Hermes Inc. lifted its position in ACADIA Pharmaceuticals by 277.5% during the fourth quarter. Federated Hermes Inc. now owns 1,612 shares of the biopharmaceutical company’s stock valued at $43,000 after purchasing an additional 1,185 shares during the period. Finally, Leonteq Securities AG purchased a new stake in ACADIA Pharmaceuticals in the fourth quarter worth approximately $52,000. Institutional investors own 96.71% of the company’s stock.

ACADIA Pharmaceuticals Stock Up 6.3%

The company has a market cap of $4.94 billion, a PE ratio of 13.12, a PEG ratio of 17.76 and a beta of 0.81. The company’s fifty day moving average is $23.95 and its 200-day moving average is $23.20.

ACADIA Pharmaceuticals Company Profile

ACADIA Pharmaceuticals Inc is a biopharmaceutical company focused on the development and commercialization of innovative therapies for central nervous system (CNS) disorders. Established in 1993 and headquartered in San Diego, California, ACADIA’s research centers concentrate on conditions with significant unmet medical needs, including Parkinson’s disease psychosis, Alzheimer’s disease psychosis, and schizophrenia. The company utilizes a range of scientific platforms, including selective receptor modulation and precision-targeted compounds, to advance its portfolio of small-molecule therapeutics.

The company’s flagship product, NUPLAZID® (pimavanserin), received U.S.