ACADIA Pharmaceuticals Inc. (ACAD) experienced a significant pre-market plunge, with its stock falling 6.49%.
The sharp decline follows the company's latest earnings report, which revealed a mixed financial performance. While ACADIA's adjusted earnings per share of $0.14 for the quarter beat analyst estimates, its quarterly sales of approximately $284 million fell short of consensus expectations. This revenue miss appears to be the primary driver behind the negative investor sentiment in the pre-market session.
According to the earnings summary, analyst earnings estimates for the company had fallen by about 4.3% over the prior three months. Despite the current setback, the average analyst rating on the shares remains "buy," with a median 12-month price target significantly above the recent closing price.