# Acadia Pharmaceuticals Inc. (ACAD)

> Source: Nexqual · https://nexqual.com/ACAD · data as of 2026-10-29 20:00 UTC · cite as "Nexqual, Acadia Pharmaceuticals Inc. (ACAD), nexqual.com/ACAD" · informational, not investment advice.

**Price:** USD 20.76 (+2.17% on the day) · last close of Oct 29, 2026; US market after hours, not a live price. Prev close 20.32 · day 20.5–20.88 · 52w 18.39–30.96 · market cap $3.58B · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $1.14B, net income $380M (33.4% margin), free cash flow $146M (SEC filings).
- Valuation: P/E 9.4x (avg 12.6x at the last 2 fiscal year-ends).
- Insider open-market sales, last ~7 months: 6 Form 4 filings, $1.5M; 1 not under a Rule 10b5-1 plan ($114K); 0 by opportunistic insiders, 5 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.15 on a 1–5 scale) (20 analysts), mean target USD 30.53 (range 16–37).
- Total return with dividends: 1Y -8.7% vs S&P 500 +14.4%; 5Y +15.7% vs S&P 500 +79.1%.
- Next earnings: 2026-11-04, EPS estimate USD 0.18, revenue estimate $333M. All companies reporting that day: https://nexqual.com/earnings/2026-11-04
- Dividend: ACAD paid no cash dividend in the last five years.
- Short interest: 8.34% of float (as of 2026-10-15), 3.8 days to cover.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $484M | $517M | $726M | $958M | $1.07B | $1.14B |
| Gross profit | $473M | $507M | $685M | $876M | $983M | — |
| Operating income | -$170M | -$224M | -$73.4M | $231M | $105M | $86.4M |
| Net income | -$168M | -$216M | -$61.3M | $226M | $391M | $380M |
| EPS (diluted) | -$1.05 | -$1.34 | -$0.37 | $1.36 | $2.30 | — |
| Free cash flow | -$127M | -$114M | $16.7M | $157M | $105M | $146M |
| Gross margin | 97.8% | 98.0% | 94.3% | 91.5% | 91.7% | — |
| Operating margin | -35.2% | -43.2% | -10.1% | 24.1% | 9.8% | 7.6% |
| Net margin | -34.7% | -41.8% | -8.4% | 23.6% | 36.5% | 33.4% |
| Revenue growth | +9.6% | +6.8% | +40.4% | +31.8% | +11.9% | — |
| Cash + short-term investments | $521M | $417M | $439M | $756M | $820M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 9.4x · P/S 3.1x · P/FCF 24.6x · P/B 2.7x · FCF yield 4.07% · Earnings yield 10.64%
P/E at fiscal year-ends: Dec 2025 11.6x, Dec 2024 13.5x.

## Insider sales (SEC Form 4, open-market, last ~7 months)
5 of 6 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-08-05…2026-08-06 | Schneyer Mark C. | EVP, CHIEF FINANCIAL OFFICER | 20,141 | $587K | 22.9% | Yes (adopted May 19, 2025) | Routine (sold in Feb & Apr & May & Aug & Nov each year 2023–2025) |
| 2026-07-30 | Thompson Elizabeth H.Z. | EVP, Head of Research & Dev | 16,558 | $433K | 46.6% | Yes | Too little history (no open-market trades in 2023–2025) |
| 2026-06-26 | Kihara James | PRINCIPAL ACCOUNTING OFFICER | 11,421 | $298K | 46.6% | Yes (adopted December 9, 2025) | Routine (sold in Feb & Apr & May & Nov each year 2023–2025; this trade is outside those months) |
| 2026-05-26 | Kihara James | PRINCIPAL ACCOUNTING OFFICER | 5,401 | $114K | 18.1% | No | Routine (sold in Feb & Apr & May & Nov each year 2023–2025) |
| 2026-05-04 | Kihara James | PRINCIPAL ACCOUNTING OFFICER | 1,332 | $29K | 4.4% | Yes | Routine (sold in Feb & Apr & May & Nov each year 2023–2025) |
| 2026-05-04 | Schneyer Mark C. | EVP, CHIEF FINANCIAL OFFICER | 3,506 | $76K | 5% | Yes | Routine (sold in Feb & Apr & May & Aug & Nov each year 2023–2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.15 on a 1–5 scale), 20 analysts; mean target USD 30.53 (low 16, high 37).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-19 | Needham | Reiterated | Buy | $35 |
| 2026-10-13 | UBS | Downgrade | Buy → Neutral | $49 → $23 |
| 2026-10-08 | RBC Capital | Target lowered | Outperform | $37 → $36 |
| 2026-09-25 | Deutsche Bank | Target lowered | Buy | $38 → $31 |
| 2026-09-25 | HC Wainwright & Co. | Target lowered | Buy | $37 → $33 |
| 2026-09-25 | Citizens | Target lowered | Market Outperform | $36 → $33 |
| 2026-09-25 | BMO Capital | Target lowered | Outperform | $36 → $34 |
| 2026-09-25 | Needham | Target lowered | Buy | $41 → $35 |
| 2026-09-24 | Citigroup | Target lowered | Buy | $40 → $33 |
| 2026-09-24 | Needham | Reiterated | Buy | $41 |
| 2026-08-25 | Deutsche Bank | Target raised | Buy | $37 → $38 |
| 2026-08-25 | Morgan Stanley | Target raised | Equal-Weight | $27 → $28 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-30) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | -8.7% | +15.7% |
| S&P 500 (SPY) | +14.4% | +79.1% |
| Per year | -8.7% | +2.9% |
| Volatility (annualized) | 39.1% | 49.9% |
| Max drawdown | -39.1% (Aug 2026→Oct 2026) | -55.4% (Jul 2023→Oct 2024) |

## Dividends
ACAD paid no cash dividend in the last five years.

## Short interest
9,094,151 shares sold short, 8.34% of the float, as of Oct 15, 2026 (exchange short-interest report, published about twice a month). Prior report (Sep 15, 2026): 9,666,972 shares (-5.9%). Days to cover: 3.8 (short shares ÷ average daily volume).

## Peers (Biotechnology)
LGND (Ligand Pharmaceuticals Incorpor) USD 317.33 -0.45% · ORKA (Oruka Therapeutics, Inc.) USD 96.65 +0.71% · RYTM (Rhythm Pharmaceuticals, Inc.) USD 93.07 +1.20% · IONS (Ionis Pharmaceuticals, Inc.) USD 44.39 -1.14% · AXSM (Axsome Therapeutics, Inc.) USD 143.45 -0.04% · ABVX (Abivax SA) USD 89.06 -0.87%

## More
Full page: https://nexqual.com/ACAD · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in ACAD's own 10-K filed 2026-02-26 (https://www.sec.gov/Archives/edgar/data/1070494/000119312526072519/acad-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | General | "General business and economic conditions that could affect our business, financial condition or results of operations include fluctuations in economic growth, debt and equity capital markets, liquidity of the global fina…" |
| Partner | Neuren Pharmaceuticals | "In July 2023, we expanded the 2018 licensing agreement with Neuren to acquire rights to trofinetide outside of North America as well as global rights to Neuren's development candidate NNZ-2591 in Rett syndrome and Fragil…" |
| Partner | Stoke Therapeutics, Inc. (STOK) | "In January 2022, we entered into a license and collaboration with Stoke Therapeutics, Inc. (Stoke) to discover, develop and commercialize novel RNA-based medicines for the potential treatment of severe and rare genetic n…" |
| Partner | Patheon Pharmaceuticals | "Under the manufacturing agreement with Patheon, we have agreed to purchase from Patheon a specified percentage of our commercial requirements of NUPLAZID for the United States." |
| Partner | Siegfried | "Under the manufacturing agreement with Siegfried, Acadia GmbH has agreed to purchase specified percentages of our commercial requirements of the pimavanserin API at a predefined price." |
| Partner | Catalent Pharma Solutions | "Under the manufacturing agreement with Catalent, we have agreed to purchase from Catalent NUPLAZID for commercial use in the United States." |
| Partner | Corden Pharma Bergamo | "Under the manufacturing agreement with Corden, we have agreed to purchase from Corden the API for trofinetide products at specified price per volume and a specified percentage of our commercial requirements of trofinetid…" |
| Partner | Halo Pharmaceuticals | "Under the manufacturing agreement with Halo, we have agreed to purchase from Halo a specified number of bathes of our commercial requirements of DAYBUE STIX for the United States." |

Other companies that name ACAD in their own reports (relationship from ACAD's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | Stoke Therapeutics, Inc. (STOK) | 10-K 2026-03-16 | "the success of our collaborations with Acadia Pharmaceuticals and Biogen and our ability to enter into successful collaborations in the future;" |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Nuplazid | $183.1M | 59.5% | +8.7% |
| Daybue | $124.8M | 40.5% | +29.9% |
| Total revenue | $308.0M | 100% | — |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.18 | $0.13 | +40.7% | $332.6M | 14 |
| Next quarter (ends 2026-12-31) | $0.21 | $0.17 | +21.9% | $361.6M | 13 |
| Current fiscal year (ends 2026-12-31) | $0.60 | $0.37 | +62.3% | $1.27B | 14 |
| Next fiscal year (ends 2027-12-31) | $0.92 | $0.85 | +7.7% | $1.43B | 13 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-04): ±9.6%; last 8 reports averaged ±4.6%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 22 | 52.9% | ±9.6% |
| 2026-12-18 | 50 | 35.2% | ±13.1% |
| 2027-01-15 | 78 | 31.9% | ±16.3% |
| 2027-03-19 | 141 | 29.7% | ±18.0% |
| 2027-06-17 | 231 | 47.3% | ±29.6% |

## Earnings history and stock reaction
| Results filed | Quarter | EPS | Consensus | Surprise | Stock reaction |
|---|---|---|---|---|---|
| Aug 4, 2026 | Quarter ended Jun 30, 2026 | $0.18 | $0.04 | Beat +$0.14 | +12.5% |
| May 6, 2026 | Quarter ended Mar 31, 2026 | $0.02 | $0.08 | Miss −75.0% | +0.9% |
| Feb 25, 2026 | Quarter ended Dec 31, 2025 | $0.14 | $0.14 | In line | +0.2% |
| Jan 13, 2026 | Quarter ended Dec 31, 2025 | $0.14 | $0.14 | In line | +1.0% |
| Nov 5, 2025 | Quarter ended Sep 30, 2025 | $0.42 | $0.15 | Beat +180.0% | -0.9% |
| Aug 6, 2025 | — | — | — | — | +3.2% |
| May 7, 2025 | — | — | — | — | +16.4% |
| Feb 26, 2025 | — | — | — | — | +1.7% |
EPS as reported against the analyst consensus before the release; surprise uses the cent-rounded figures shown (in dollars when EPS and consensus have opposite signs). Stock reaction = close before the results to close after (the first close following a release after the bell or before the open).

## Recent SEC filings (last 120 days)
| Filed | Form | What it says | Filing |
|---|---|---|---|
| 2026-10-23 | 8-K | Director or executive officer change, or pay arrangement | https://www.sec.gov/Archives/edgar/data/1070494/000119312526430596/0001193125-26-430596-index.htm |
| 2026-09-24 | 8-K | Regulation FD disclosure; Other material event — “On September 24, 2026, the Company announced Phase 3 enabling topline results from the Phase 2 portion of the ongoing RADIANT clinical trial program evaluating remlifanserin for the treatment of hallucinations and delusions associated with ADP. For the primary endpoint of change from baseline in the Scale for the Assessment of Positive Symptoms-Hallucinations and Delusions subscales (SAPS-H+D), once daily 60 mg remlifanserin demonstrated a change of -12.6 versus a -10.4 change for placebo at week 6, yielding a…” | https://www.sec.gov/Archives/edgar/data/1070494/000119312526401157/0001193125-26-401157-index.htm |
| 2026-09-11 | 8-K | Other material event — “On August 24, 2026, the United States District Court for the Southern District of California (the "Court") preliminarily approved the settlement ("Settlement") of the stockholder derivative action captioned Kanner et al. v. Biggar et al. , Case No. 3:23-cv-02293-WQH-MSB. Pursuant to the Court's order granting preliminary approval of the Settlement, Acadia Pharmaceuticals Inc. (the "Company") is required to publish the Notice of Pendency and Proposed Settlement of Derivative Matters (the "Notice"), attached hereto…” | https://www.sec.gov/Archives/edgar/data/1070494/000119312526389400/0001193125-26-389400-index.htm |
| 2026-08-07 | Schedule 13G | STATE STREET CORPORATION: 5.3% of shares, passive 5%+ holder | https://www.sec.gov/Archives/edgar/data/1070494/000009375126000400/0000093751-26-000400-index.htm |
| 2026-08-05 | 10-Q | Quarterly report · period ended Jun 30, 2026 | https://www.sec.gov/Archives/edgar/data/1070494/000119312526333243/0001193125-26-333243-index.htm |
| 2026-08-04 | 8-K | Quarterly results | https://www.sec.gov/Archives/edgar/data/1070494/000119312526332858/0001193125-26-332858-index.htm |
Source: SEC EDGAR. Quotes are the opening words of each item as filed.