ACADIA Pharmaceuticals (ACAD) stock soared 5.24% in pre-market trading on Thursday, following the company's impressive third-quarter earnings report. The biopharmaceutical firm significantly outperformed analyst expectations, reporting adjusted earnings of 42 cents per share, nearly tripling the mean estimate of 15 cents per share.
The company's revenue also showed strong growth, rising 11.3% to $278.63 million, slightly above the analysts' forecast of $276.47 million. ACADIA reported a quarterly net income of $71.78 million, demonstrating solid financial performance.
Despite the positive earnings results, analyst reactions were mixed. While Needham maintained a Buy rating and raised its price target to $29 from $28, RBC Capital Markets cut its target price to $32 from $34. Morgan Stanley also adjusted its stance, raising the target price to $25 from $24.
The market's enthusiastic response to ACADIA's earnings appears to be outweighing the cautious analyst adjustments. With a median 12-month price target of $29.00, about 23% above its last closing price, ACADIA Pharmaceuticals continues to attract investor interest in the competitive biotechnology and medical research sector.
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