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Tuesday, June 6, 2023

ACADIA Pharmaceuticals Inc. (ACAD) Stock on a Rally, Here’s the Reason

ACADIA Pharmaceuticals Inc. (ACAD), a biopharmaceutical company, has gained an increase of 4.58% in aftermarket trading session. As a result, ACAD stock is trading at $28.33 at the time of the writing. On Monday, ACAD closed the day at $27.09 after increasing by 5.16% during regular trading hours. The consistent increase could be attributed to plans of the company to resubmit NDA to the FDA.

Why ACAD on a Rise?

On Monday, ACAD announced that it plans to resubmit the supplemental New Drug Application (sNDA) to the pimavanserin for the treatment of hallucinations and delusions which are associated with dementia focused on Alzheimer’s disease psychosis (ADP). The resubmission of sNDA to the U.S. Food and Drug Administration (FDA) is planned for the first quarter of 2022.

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Q3 2021 Operational Results

In early November, ACAD released the operational results for the third quarter of the fiscal year 2021. The quarter ended on 30th September. The company generated total revenue of $131.6 million during the quarter against $120.5 million for the same period of 2020. The total operating expenses bore b the company during the quarter were $146.9 million against $206.4 million for the same period of 2020. The net loss suffered by the company during the three months was $14.4 million (or $0.09 per basic and diluted share) against $84.6 million (or $0.54 per basic and diluted share) for the same period of 2020.

Executive Commentary

Steve Davis, Chief Executive Officer of ACAD, while commenting on the results said that the company third-quarter results reflect the growth across all of the channels and the strong relative performance highlights the commercial team’s ability to drive the sales of NUPLAZID, the company’s prime product, in challenging environments. The company hopes that the upcoming times would provide it with further financial stability.

Future Outlook for ACAD

Statistics reveal that ACAD stock has mostly been following an increasing trajectory during the past few months. With analysts hoping the trend is expected to continue this way in future as well, potential investors should keep a close eye on the performance of ACAD stock.

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