ACADIA Pharmaceuticals (NASDAQ:ACAD) Shares Down 12% – Should You Sell?

ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD) traded down 12% on Monday. The stock traded as low as $20.62 and last traded at $18.6830. 1,716,763 shares were traded during trading, a decline of 2% from the average session volume of 1,750,585 shares. The stock had previously closed at $21.23.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on ACAD. Wall Street Zen lowered ACADIA Pharmaceuticals from a “buy” rating to a “hold” rating in a research note on Wednesday, November 4th. Royal Bank Of Canada raised their target price on shares of ACADIA Pharmaceuticals from $36.00 to $38.00 and gave the stock an “outperform” rating in a research report on Thursday, November 5th. UBS Group lowered shares of ACADIA Pharmaceuticals from a “buy” rating to a “neutral” rating and decreased their price target for the company from $49.00 to $23.00 in a report on Tuesday, October 13th. Weiss Ratings restated a “hold (c+)” rating on shares of ACADIA Pharmaceuticals in a report on Tuesday. Finally, William Blair set a $33.00 target price on ACADIA Pharmaceuticals in a report on Monday, September 28th. Thirteen research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $31.55.

ACADIA Pharmaceuticals Trading Up 0.5%

The stock’s 50 day moving average price is $22.39 and its 200 day moving average price is $23.49. The firm has a market cap of $3.17 billion, a PE ratio of 8.71 and a beta of 0.87.

ACADIA Pharmaceuticals (NASDAQ:ACAD) last announced its quarterly earnings results on Wednesday, November 4th. The biopharmaceutical company reported $0.31 earnings per share for the quarter, topping analysts’ consensus estimates of $0.20 by $0.11. ACADIA Pharmaceuticals had a net margin of 30.13% and a return on equity of 8.90%. The firm had revenue of $342.30 million during the quarter, compared to analysts’ expectations of $332.58 million. During the same period in the prior year, the company earned $0.42 EPS. The firm’s revenue was up 22.8% on a year-over-year basis. Analysts forecast that ACADIA Pharmaceuticals Inc. will post 0.76 earnings per share for the current year.

Insider Buying and Selling at ACADIA Pharmaceuticals

In other news, EVP Mark Schneyer sold 3,321 shares of the stock in a transaction dated Friday, October 30th. The stock was sold at an average price of $20.88, for a total value of $69,342.48. Following the completion of the sale, the executive vice president owned 71,322 shares in the company, valued at approximately $1,489,203.36. This trade represents a 4.45% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 26.20% of the stock is owned by insiders.

Hedge Funds Weigh In On ACADIA Pharmaceuticals

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Ieq Capital LLC grew its position in ACADIA Pharmaceuticals by 46.3% in the third quarter. Ieq Capital LLC now owns 23,991 shares of the biopharmaceutical company’s stock valued at $483,000 after acquiring an additional 7,597 shares in the last quarter. Meeder Asset Management Inc. acquired a new position in shares of ACADIA Pharmaceuticals during the third quarter worth $40,000. Voya Investment Management LLC lifted its position in shares of ACADIA Pharmaceuticals by 197.0% during the third quarter. Voya Investment Management LLC now owns 243,262 shares of the biopharmaceutical company’s stock worth $4,902,000 after purchasing an additional 161,342 shares in the last quarter. Public Sector Pension Investment Board boosted its stake in shares of ACADIA Pharmaceuticals by 25.1% in the third quarter. Public Sector Pension Investment Board now owns 544,617 shares of the biopharmaceutical company’s stock valued at $10,097,000 after purchasing an additional 109,242 shares during the period. Finally, Global Retirement Partners LLC boosted its stake in shares of ACADIA Pharmaceuticals by 58.2% in the third quarter. Global Retirement Partners LLC now owns 3,997 shares of the biopharmaceutical company’s stock valued at $81,000 after purchasing an additional 1,471 shares during the period. 96.71% of the stock is owned by institutional investors and hedge funds.

About ACADIA Pharmaceuticals

ACADIA Pharmaceuticals is a biopharmaceutical company focused on developing and commercializing medicines for neurological and rare diseases. Founded in 1993 and headquartered in San Diego, California, the company conducts research and development alongside its commercial operations. Its marketed products include NUPLAZID (pimavanserin), approved in the United States to treat hallucinations and delusions associated with Parkinson’s disease psychosis, and DAYBUE (trofinetide), a treatment for Rett syndrome.