Intrinsic value of ACADIA Pharmaceuticals - ACAD

Previous Close

$18.63

  Intrinsic Value

$0.66

stock screener

  Rating & Target

str. sell

-96%

Previous close

$18.63

 
Intrinsic value

$0.66

 
Up/down potential

-96%

 
Rating

str. sell

We calculate the intrinsic value of ACAD stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 0001), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 2.3

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  60.00
  54.50
  49.55
  45.10
  41.09
  37.48
  34.23
  31.31
  28.68
  26.31
  24.18
  22.26
  20.53
  18.98
  17.58
  16.32
  15.19
  14.17
  13.26
  12.43
  11.69
  11.02
  10.42
  9.87
  9.39
  8.95
  8.55
  8.20
  7.88
  7.59
Revenue, $m
  200
  309
  462
  670
  945
  1,299
  1,744
  2,290
  2,947
  3,722
  4,622
  5,651
  6,812
  8,105
  9,530
  11,085
  12,769
  14,579
  16,511
  18,564
  20,733
  23,018
  25,415
  27,925
  30,546
  33,280
  36,126
  39,088
  42,168
  45,368
Variable operating expenses, $m
  670
  1,034
  1,546
  2,243
  3,165
  4,351
  5,840
  7,668
  9,866
  12,462
  15,474
  18,918
  22,803
  27,131
  31,901
  37,109
  42,746
  48,804
  55,273
  62,144
  69,406
  77,053
  85,079
  93,481
  102,256
  111,406
  120,935
  130,850
  141,159
  151,873
Fixed operating expenses, $m
  242
  248
  253
  259
  264
  270
  276
  282
  288
  295
  301
  308
  314
  321
  328
  336
  343
  351
  358
  366
  374
  383
  391
  400
  408
  417
  427
  436
  445
  455
Total operating expenses, $m
  912
  1,282
  1,799
  2,502
  3,429
  4,621
  6,116
  7,950
  10,154
  12,757
  15,775
  19,226
  23,117
  27,452
  32,229
  37,445
  43,089
  49,155
  55,631
  62,510
  69,780
  77,436
  85,470
  93,881
  102,664
  111,823
  121,362
  131,286
  141,604
  152,328
Operating income, $m
  -712
  -973
  -1,338
  -1,832
  -2,484
  -3,321
  -4,371
  -5,659
  -7,207
  -9,034
  -11,153
  -13,575
  -16,306
  -19,348
  -22,700
  -26,359
  -30,320
  -34,576
  -39,120
  -43,946
  -49,047
  -54,418
  -60,055
  -65,955
  -72,118
  -78,544
  -85,235
  -92,198
  -99,437
  -106,960
EBITDA, $m
  -709
  -969
  -1,333
  -1,825
  -2,474
  -3,308
  -4,354
  -5,637
  -7,178
  -8,998
  -11,108
  -13,520
  -16,240
  -19,270
  -22,608
  -26,253
  -30,197
  -34,436
  -38,962
  -43,768
  -48,848
  -54,197
  -59,811
  -65,687
  -71,825
  -78,224
  -84,889
  -91,822
  -99,032
  -106,525
Interest expense (income), $m
  0
  0
  2
  4
  7
  12
  17
  25
  34
  46
  60
  77
  96
  118
  142
  170
  200
  233
  269
  308
  349
  392
  439
  487
  538
  592
  647
  706
  766
  829
  895
Earnings before tax, $m
  -712
  -975
  -1,341
  -1,839
  -2,495
  -3,339
  -4,396
  -5,694
  -7,253
  -9,094
  -11,229
  -13,670
  -16,423
  -19,490
  -22,870
  -26,559
  -30,553
  -34,845
  -39,428
  -44,295
  -49,440
  -54,857
  -60,542
  -66,493
  -72,709
  -79,191
  -85,941
  -92,964
  -100,266
  -107,855
Tax expense, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Net income, $m
  -712
  -975
  -1,341
  -1,839
  -2,495
  -3,339
  -4,396
  -5,694
  -7,253
  -9,094
  -11,229
  -13,670
  -16,423
  -19,490
  -22,870
  -26,559
  -30,553
  -34,845
  -39,428
  -44,295
  -49,440
  -54,857
  -60,542
  -66,493
  -72,709
  -79,191
  -85,941
  -92,964
  -100,266
  -107,855

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  143
  222
  331
  481
  679
  933
  1,252
  1,644
  2,116
  2,672
  3,318
  4,057
  4,890
  5,818
  6,841
  7,958
  9,167
  10,466
  11,853
  13,326
  14,884
  16,524
  18,245
  20,047
  21,928
  23,891
  25,934
  28,060
  30,271
  32,569
Adjusted assets (=assets-cash), $m
  143
  222
  331
  481
  679
  933
  1,252
  1,644
  2,116
  2,672
  3,318
  4,057
  4,890
  5,818
  6,841
  7,958
  9,167
  10,466
  11,853
  13,326
  14,884
  16,524
  18,245
  20,047
  21,928
  23,891
  25,934
  28,060
  30,271
  32,569
Revenue / Adjusted assets
  1.399
  1.392
  1.396
  1.393
  1.392
  1.392
  1.393
  1.393
  1.393
  1.393
  1.393
  1.393
  1.393
  1.393
  1.393
  1.393
  1.393
  1.393
  1.393
  1.393
  1.393
  1.393
  1.393
  1.393
  1.393
  1.393
  1.393
  1.393
  1.393
  1.393
Average production assets, $m
  10
  15
  22
  32
  45
  62
  84
  110
  141
  179
  222
  271
  327
  389
  457
  532
  613
  700
  793
  891
  995
  1,105
  1,220
  1,340
  1,466
  1,597
  1,734
  1,876
  2,024
  2,178
Working capital, $m
  -31
  -48
  -72
  -104
  -147
  -201
  -270
  -355
  -457
  -577
  -716
  -876
  -1,056
  -1,256
  -1,477
  -1,718
  -1,979
  -2,260
  -2,559
  -2,877
  -3,214
  -3,568
  -3,939
  -4,328
  -4,735
  -5,158
  -5,600
  -6,059
  -6,536
  -7,032
Total debt, $m
  30
  72
  133
  215
  323
  463
  638
  853
  1,112
  1,418
  1,773
  2,178
  2,635
  3,145
  3,707
  4,320
  4,983
  5,697
  6,458
  7,267
  8,122
  9,022
  9,967
  10,956
  11,989
  13,067
  14,189
  15,356
  16,570
  17,831
Total liabilities, $m
  79
  122
  182
  264
  373
  512
  687
  903
  1,161
  1,467
  1,822
  2,227
  2,685
  3,194
  3,756
  4,369
  5,033
  5,746
  6,507
  7,316
  8,171
  9,072
  10,017
  11,006
  12,039
  13,116
  14,238
  15,405
  16,619
  17,880
Total equity, $m
  65
  100
  149
  217
  306
  421
  565
  742
  954
  1,205
  1,497
  1,830
  2,205
  2,624
  3,085
  3,589
  4,134
  4,720
  5,346
  6,010
  6,713
  7,452
  8,228
  9,041
  9,890
  10,775
  11,696
  12,655
  13,652
  14,689
Total liabilities and equity, $m
  144
  222
  331
  481
  679
  933
  1,252
  1,645
  2,115
  2,672
  3,319
  4,057
  4,890
  5,818
  6,841
  7,958
  9,167
  10,466
  11,853
  13,326
  14,884
  16,524
  18,245
  20,047
  21,929
  23,891
  25,934
  28,060
  30,271
  32,569
Debt-to-equity ratio
  0.460
  0.720
  0.890
  0.990
  1.060
  1.100
  1.130
  1.150
  1.170
  1.180
  1.180
  1.190
  1.190
  1.200
  1.200
  1.200
  1.210
  1.210
  1.210
  1.210
  1.210
  1.210
  1.210
  1.210
  1.210
  1.210
  1.210
  1.210
  1.210
  1.210
Adjusted equity ratio
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -712
  -975
  -1,341
  -1,839
  -2,495
  -3,339
  -4,396
  -5,694
  -7,253
  -9,094
  -11,229
  -13,670
  -16,423
  -19,490
  -22,870
  -26,559
  -30,553
  -34,845
  -39,428
  -44,295
  -49,440
  -54,857
  -60,542
  -66,493
  -72,709
  -79,191
  -85,941
  -92,964
  -100,266
  -107,855
Depreciation, amort., depletion, $m
  2
  4
  5
  7
  10
  13
  17
  23
  29
  36
  44
  54
  65
  78
  91
  106
  123
  140
  159
  178
  199
  221
  244
  268
  293
  319
  347
  375
  405
  436
Funds from operations, $m
  -709
  -971
  -1,336
  -1,832
  -2,486
  -3,326
  -4,379
  -5,671
  -7,225
  -9,058
  -11,185
  -13,616
  -16,358
  -19,412
  -22,778
  -26,453
  -30,430
  -34,705
  -39,269
  -44,117
  -49,240
  -54,636
  -60,298
  -66,225
  -72,416
  -78,872
  -85,594
  -92,589
  -99,861
  -107,420
Change in working capital, $m
  -12
  -17
  -24
  -32
  -43
  -55
  -69
  -85
  -102
  -120
  -139
  -159
  -180
  -200
  -221
  -241
  -261
  -281
  -300
  -318
  -336
  -354
  -372
  -389
  -406
  -424
  -441
  -459
  -477
  -496
Cash from operations, $m
  -698
  -954
  -1,313
  -1,800
  -2,443
  -3,271
  -4,310
  -5,587
  -7,123
  -8,937
  -11,045
  -13,457
  -16,178
  -19,212
  -22,557
  -26,212
  -30,169
  -34,424
  -38,970
  -43,798
  -48,904
  -54,282
  -59,927
  -65,836
  -72,010
  -78,448
  -85,153
  -92,130
  -99,384
  -106,924
Maintenance CAPEX, $m
  -1
  -2
  -3
  -4
  -6
  -9
  -12
  -17
  -22
  -28
  -36
  -44
  -54
  -65
  -78
  -91
  -106
  -123
  -140
  -159
  -178
  -199
  -221
  -244
  -268
  -293
  -319
  -347
  -375
  -405
New CAPEX, $m
  -4
  -5
  -7
  -10
  -13
  -17
  -21
  -26
  -32
  -37
  -43
  -49
  -56
  -62
  -68
  -75
  -81
  -87
  -93
  -99
  -104
  -110
  -115
  -120
  -126
  -131
  -137
  -142
  -148
  -154
Cash from investing activities, $m
  -5
  -7
  -10
  -14
  -19
  -26
  -33
  -43
  -54
  -65
  -79
  -93
  -110
  -127
  -146
  -166
  -187
  -210
  -233
  -258
  -282
  -309
  -336
  -364
  -394
  -424
  -456
  -489
  -523
  -559
Free cash flow, $m
  -703
  -961
  -1,323
  -1,814
  -2,463
  -3,297
  -4,344
  -5,630
  -7,176
  -9,003
  -11,124
  -13,550
  -16,288
  -19,339
  -22,704
  -26,378
  -30,357
  -34,634
  -39,202
  -44,055
  -49,187
  -54,590
  -60,263
  -66,201
  -72,404
  -78,872
  -85,609
  -92,619
  -99,907
  -107,482
Issuance/(repayment) of debt, $m
  30
  43
  60
  82
  108
  140
  175
  215
  259
  306
  355
  406
  457
  510
  562
  613
  664
  713
  762
  809
  855
  900
  945
  989
  1,033
  1,077
  1,122
  1,167
  1,214
  1,261
Issuance/(repurchase) of shares, $m
  736
  1,010
  1,391
  1,906
  2,584
  3,453
  4,540
  5,871
  7,466
  9,345
  11,520
  14,003
  16,799
  19,909
  23,331
  27,063
  31,098
  35,431
  40,053
  44,959
  50,142
  55,596
  61,318
  67,306
  73,558
  80,076
  86,863
  93,923
  101,263
  108,891
Cash from financing (excl. dividends), $m  
  766
  1,053
  1,451
  1,988
  2,692
  3,593
  4,715
  6,086
  7,725
  9,651
  11,875
  14,409
  17,256
  20,419
  23,893
  27,676
  31,762
  36,144
  40,815
  45,768
  50,997
  56,496
  62,263
  68,295
  74,591
  81,153
  87,985
  95,090
  102,477
  110,152
Total cash flow (excl. dividends), $m
  63
  91
  128
  174
  230
  296
  372
  456
  549
  648
  751
  859
  968
  1,079
  1,189
  1,298
  1,405
  1,510
  1,613
  1,713
  1,810
  1,906
  2,001
  2,094
  2,187
  2,281
  2,375
  2,471
  2,570
  2,671
Retained Cash Flow (-), $m
  -736
  -1,010
  -1,391
  -1,906
  -2,584
  -3,453
  -4,540
  -5,871
  -7,466
  -9,345
  -11,520
  -14,003
  -16,799
  -19,909
  -23,331
  -27,063
  -31,098
  -35,431
  -40,053
  -44,959
  -50,142
  -55,596
  -61,318
  -67,306
  -73,558
  -80,076
  -86,863
  -93,923
  -101,263
  -108,891
Prev. year cash balance distribution, $m
  295
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
  -378
  -918
  -1,263
  -1,732
  -2,354
  -3,157
  -4,169
  -5,414
  -6,917
  -8,697
  -10,769
  -13,145
  -15,831
  -18,830
  -22,142
  -25,765
  -29,693
  -33,921
  -38,441
  -43,247
  -48,332
  -53,690
  -59,318
  -65,212
  -71,371
  -77,795
  -84,487
  -91,451
  -98,693
  -106,221
Discount rate, %
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
  -363
  -841
  -1,099
  -1,426
  -1,825
  -2,291
  -2,816
  -3,384
  -3,974
  -4,560
  -5,114
  -5,609
  -6,019
  -6,321
  -6,501
  -6,547
  -6,461
  -6,247
  -5,919
  -5,495
  -4,999
  -4,455
  -3,888
  -3,321
  -2,776
  -2,270
  -1,813
  -1,415
  -1,077
  -800
Current shareholders' claim on cash, %
  27.6
  8.5
  2.8
  1.0
  0.4
  0.1
  0.1
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0

ACADIA Pharmaceuticals Inc. is a biopharmaceutical company. The Company is focused on the development and commercialization of medicines for central nervous system (CNS) disorders. Its lead drug candidate, NUPLAZID (pimavanserin), is used for the treatment of hallucinations and delusions associated with Parkinson's disease psychosis (PD Psychosis). NUPLAZID is a selective serotonin inverse agonist (SSIA), preferentially targeting 5-HT2A receptors. The Company is conducting a Phase II trial, referred to as the SERENE Study, designed to examine the efficacy and safety of pimavanserin as a treatment for Alzheimer's disease (AD) Agitation. It is also conducting a Phase III, six-week, randomized, double-blind, placebo-controlled, multi-center, outpatient study, referred to as the ENHANCE-1 study, designed to examine the use of pimavanserin in patients with schizophrenia.

FINANCIAL RATIOS  of  ACADIA Pharmaceuticals (ACAD)

Valuation Ratios
P/E Ratio -8.3
Price to Sales 133
Price to Book 4.4
Price to Tangible Book
Price to Cash Flow -10.8
Price to Free Cash Flow -10.7
Growth Rates
Sales Growth Rate -100%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 0%
Cap. Spend. - 3 Yr. Gr. Rate 14.9%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets -69.2%
Ret/ On Assets - 3 Yr. Avg. -55%
Return On Total Capital -75.5%
Ret/ On T. Cap. - 3 Yr. Avg. -59.1%
Return On Equity -75.5%
Return On Equity - 3 Yr. Avg. -59.1%
Asset Turnover 0
Profitability Ratios
Gross Margin 82.4%
Gross Margin - 3 Yr. Avg. 27.5%
EBITDA Margin -1576.5%
EBITDA Margin - 3 Yr. Avg. -525.5%
Operating Margin -1605.9%
Oper. Margin - 3 Yr. Avg. -535.3%
Pre-Tax Margin -1588.2%
Pre-Tax Margin - 3 Yr. Avg. -529.4%
Net Profit Margin -1594.1%
Net Profit Margin - 3 Yr. Avg. -531.4%
Effective Tax Rate -0.4%
Eff/ Tax Rate - 3 Yr. Avg. -0.1%
Payout Ratio 0%

ACAD stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ACAD stock intrinsic value calculation we used $124.901 million for the last fiscal year's total revenue generated by ACADIA Pharmaceuticals. The default revenue input number comes from 0001 income statement of ACADIA Pharmaceuticals. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our ACAD stock valuation model: a) initial revenue growth rate of 60% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for ACAD is calculated based on our internal credit rating of ACADIA Pharmaceuticals, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of ACADIA Pharmaceuticals.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of ACAD stock the variable cost ratio is equal to 335.2%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $237 million in the base year in the intrinsic value calculation for ACAD stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.4% for ACADIA Pharmaceuticals.

Corporate tax rate of 27% is the nominal tax rate for ACADIA Pharmaceuticals. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the ACAD stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for ACAD are equal to 4.8%.

Life of production assets of 3.4 years is the average useful life of capital assets used in ACADIA Pharmaceuticals operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for ACAD is equal to -15.5%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $335.285 million for ACADIA Pharmaceuticals - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 124.826 million for ACADIA Pharmaceuticals is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of ACADIA Pharmaceuticals at the current share price and the inputted number of shares is $2.3 billion.

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