Acadia Pharmaceuticals (ACAD) Stock Tanks Today on Delayed Regulatory Application

NEW YORK (TheStreet) -- Acadia Pharmaceuticals (ACAD - Get Report) shares are down $21.08% to $35.33 in trading on Thursday after the company announced that it would not seek regulatory approval for itsParkinson's disease psychosis treatment nuplazid until the second half of this year.

The company said that the delayed application was due to the need for the company to make sure that it could support the production and distribution of the treatment in case it was approved by regulators.

That information was released at the same time the company said that its longtime CEOUli Hacksell would be resigning from his post effective immediately. Hacksell will be replaced by current Executive VP and CFOStephen Davis on an interim basis.

"Steve's strong operational experience and demonstrated leadership skills will be important as ACADIA moves NUPLAZID towards registration and prepares for the planned launch of NUPLAZID in the United States," saidLeslie L. Iversen, Ph.D., the chairperson of the company's board.

TheStreet Ratings team rates ACADIA PHARMACEUTICALS INC as a Sell with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation:

"We rate ACADIA PHARMACEUTICALS INC (ACAD) a SELL. This is driven by several weaknesses, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its feeble growth in its earnings per share, deteriorating net income and disappointing return on equity."

Highlights from the analysis by TheStreet Ratings Team goes as follows:

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Acadia Pharmaceuticals (ACAD) Stock Tanks Today on Delayed Regulatory Application