Research Analysts Issue Forecasts for ACAD FY2024 Earnings

ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD) – Equities researchers at Leerink Partnrs cut their FY2024 earnings per share estimates for shares of ACADIA Pharmaceuticals in a research note issued to investors on Sunday, November 17th. Leerink Partnrs analyst M. Goodman now expects that the biopharmaceutical company will post earnings of $0.59 per share for the year, down from their previous estimate of $0.60. The consensus estimate for ACADIA Pharmaceuticals’ current full-year earnings is $0.72 per share.

Several other research firms have also issued reports on ACAD. StockNews.com lowered ACADIA Pharmaceuticals from a “strong-buy” rating to a “buy” rating in a report on Thursday, November 14th. HC Wainwright reissued a “buy” rating and issued a $27.00 price objective on shares of ACADIA Pharmaceuticals in a report on Thursday, November 7th. Raymond James reissued a “market perform” rating on shares of ACADIA Pharmaceuticals in a research note on Thursday, October 10th. Morgan Stanley cut shares of ACADIA Pharmaceuticals from an “overweight” rating to an “equal weight” rating and cut their price target for the company from $28.00 to $20.00 in a research note on Wednesday, August 7th. Finally, Cantor Fitzgerald lowered their price objective on shares of ACADIA Pharmaceuticals from $37.00 to $28.00 and set an “overweight” rating on the stock in a research note on Wednesday, August 7th. Six analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $25.56.

ACADIA Pharmaceuticals Price Performance

Shares of NASDAQ:ACAD opened at $17.03 on Tuesday. The company’s 50-day moving average price is $15.59 and its two-hundred day moving average price is $15.99. ACADIA Pharmaceuticals has a one year low of $14.15 and a one year high of $32.59. The stock has a market capitalization of $2.83 billion, a PE ratio of 21.83 and a beta of 0.38.

ACADIA Pharmaceuticals (NASDAQ:ACAD) last announced its quarterly earnings data on Wednesday, November 6th. The biopharmaceutical company reported $0.20 EPS for the quarter, topping analysts’ consensus estimates of $0.14 by $0.06. The business had revenue of $250.40 million for the quarter, compared to analyst estimates of $248.83 million. ACADIA Pharmaceuticals had a net margin of 13.83% and a return on equity of 25.83%. The firm’s revenue for the quarter was up 18.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.40) earnings per share.

Institutional Trading of ACADIA Pharmaceuticals

Hedge funds have recently added to or reduced their stakes in the company. Park Place Capital Corp bought a new position in ACADIA Pharmaceuticals during the 3rd quarter worth $25,000. Values First Advisors Inc. acquired a new position in shares of ACADIA Pharmaceuticals in the third quarter valued at about $27,000. Covestor Ltd grew its stake in shares of ACADIA Pharmaceuticals by 70.5% in the first quarter. Covestor Ltd now owns 2,032 shares of the biopharmaceutical company’s stock valued at $38,000 after acquiring an additional 840 shares in the last quarter. Quest Partners LLC increased its position in ACADIA Pharmaceuticals by 42.3% during the third quarter. Quest Partners LLC now owns 3,520 shares of the biopharmaceutical company’s stock worth $54,000 after acquiring an additional 1,047 shares during the period. Finally, Stonepine Capital Management LLC acquired a new stake in ACADIA Pharmaceuticals in the 2nd quarter worth about $81,000. 96.71% of the stock is owned by institutional investors and hedge funds.

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.