ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD) Short Interest Update

ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD) was the recipient of a large drop in short interest in the month of September. As of September 15th, there was short interest totalling 9,230,000 shares, a drop of 10.1% from the August 31st total of 10,270,000 shares. Based on an average daily trading volume, of 1,690,000 shares, the days-to-cover ratio is presently 5.5 days.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the company. HC Wainwright restated a “buy” rating and set a $27.00 price objective on shares of ACADIA Pharmaceuticals in a research report on Thursday, August 8th. BMO Capital Markets assumed coverage on shares of ACADIA Pharmaceuticals in a report on Thursday, June 27th. They issued an “outperform” rating and a $31.00 price objective for the company. Morgan Stanley lowered shares of ACADIA Pharmaceuticals from an “overweight” rating to an “equal weight” rating and reduced their target price for the stock from $28.00 to $20.00 in a report on Wednesday, August 7th. UBS Group reduced their price objective on shares of ACADIA Pharmaceuticals from $25.00 to $23.00 and set a “buy” rating on the stock in a research note on Thursday, August 8th. Finally, Cantor Fitzgerald cut their target price on ACADIA Pharmaceuticals from $37.00 to $28.00 and set an “overweight” rating on the stock in a report on Wednesday, August 7th. Five analysts have rated the stock with a hold rating, eleven have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $25.56.

Insider Buying and Selling at ACADIA Pharmaceuticals

In other news, COO Brendan Teehan sold 9,534 shares of the company’s stock in a transaction that occurred on Monday, August 19th. The shares were sold at an average price of $15.28, for a total transaction of $145,679.52. Following the completion of the sale, the chief operating officer now owns 52,177 shares of the company’s stock, valued at approximately $797,264.56. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, COO Brendan Teehan sold 9,534 shares of ACADIA Pharmaceuticals stock in a transaction on Monday, August 19th. The stock was sold at an average price of $15.28, for a total value of $145,679.52. Following the transaction, the chief operating officer now owns 52,177 shares in the company, valued at approximately $797,264.56. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Stephen Davis sold 31,747 shares of the company’s stock in a transaction on Monday, August 19th. The stock was sold at an average price of $15.28, for a total value of $485,094.16. Following the sale, the chief executive officer now owns 186,555 shares of the company’s stock, valued at $2,850,560.40. The disclosure for this sale can be found here. Insiders have sold a total of 51,014 shares of company stock valued at $779,494 in the last ninety days. 28.30% of the stock is currently owned by company insiders.

Institutional Trading of ACADIA Pharmaceuticals

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ACAD. Marshall Wace LLP boosted its holdings in ACADIA Pharmaceuticals by 431.1% during the 2nd quarter. Marshall Wace LLP now owns 2,774,353 shares of the biopharmaceutical company’s stock worth $45,083,000 after acquiring an additional 2,251,940 shares during the last quarter. Eventide Asset Management LLC purchased a new position in ACADIA Pharmaceuticals during the fourth quarter worth about $25,342,000. Millennium Management LLC grew its position in ACADIA Pharmaceuticals by 36.2% in the 2nd quarter. Millennium Management LLC now owns 2,937,714 shares of the biopharmaceutical company’s stock worth $47,738,000 after purchasing an additional 781,070 shares in the last quarter. Dimensional Fund Advisors LP purchased a new stake in ACADIA Pharmaceuticals in the 2nd quarter valued at about $10,550,000. Finally, Fred Alger Management LLC lifted its position in shares of ACADIA Pharmaceuticals by 19.8% during the 2nd quarter. Fred Alger Management LLC now owns 2,704,439 shares of the biopharmaceutical company’s stock worth $43,947,000 after buying an additional 446,875 shares in the last quarter. 96.71% of the stock is owned by institutional investors.

ACADIA Pharmaceuticals Stock Down 2.0 %

NASDAQ ACAD opened at $15.38 on Tuesday. ACADIA Pharmaceuticals has a 52 week low of $14.55 and a 52 week high of $32.59. The business has a 50 day moving average price of $16.52 and a 200-day moving average price of $16.54. The company has a market cap of $2.54 billion, a price-to-earnings ratio of -1,538.00, a P/E/G ratio of 0.55 and a beta of 0.40.

ACADIA Pharmaceuticals (NASDAQ:ACAD) last released its quarterly earnings data on Tuesday, August 6th. The biopharmaceutical company reported $0.20 earnings per share for the quarter, beating analysts’ consensus estimates of $0.18 by $0.02. The firm had revenue of $241.96 million for the quarter, compared to analyst estimates of $235.95 million. ACADIA Pharmaceuticals had a net margin of 3.43% and a return on equity of 6.89%. The business’s quarterly revenue was up 46.4% compared to the same quarter last year. During the same period last year, the firm earned $0.01 earnings per share. On average, equities research analysts anticipate that ACADIA Pharmaceuticals will post 0.52 earnings per share for the current year.

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.