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Late Movers: Acadia Pharmaceuticals shares fall after lowering sales guidance for hallucination drug

Sales guidance for Nuplazid was lowered to US$210mln to US$225mln compared with its previous range of US$255mln to US$270mln
Pills in a pile on a table
Nuplazid was designed to treat patients experiencing hallucinations

Acadia Pharmaceuticals Inc (NASDAQ:ACAD) shares sunk following disappointing second-quarter earnings results. The biopharma reported a net loss of US$0.51 per share on revenue of US$57.1mln, falling below analyst expectations of a net loss of US$0.45 per share on revenue of US$58.9mln. The company also lowered its guidance for sales of Nuplazid, its hallucination treatment drug, to US$210mln to US$225mln compared with its previous range of US$255mln to US$270mln.

Shares of the San Diego-based company were down more than 14% to US$12.02 in Wednesday after-hours trading.

Carvana Co (NYSE:CVNA) shares were on the rise after the online used car dealer reported better-than-expected second-quarter results. The car company saw revenue double to US$475.3mln from US$209.4mln in the previous second quarter. Its platform allows users to buy, trade and finance cars.

Shares of the Arizona-based company were up more than 12% to US$52.75.

READ: Carvana shares soar after acquisition of Car360, a Mark Cuban-backed start-up

Tesla Inc (NASDAQ:TSLA) shares took a tumble following reports that the US Securities and Exchange Commission has inquired into CEO Elon Musk’s tweets. Musk tweeted Tuesday afternoon thatz the company was considering going private. Tesla board members said that they had met with the Musk several times to discuss the possibility.

Shares of the electric automaker were down more than 2% just before the closing bell but were mostly flat at US$370.90 afterwards.

READ: Tesla faces SEC probe after Elon Musk's tweetstorm about going private, says WSJ

e.l.f. Beauty Inc (NYSE:ELF) shares fell after the company failed to put its best face forward in the second quarter. The cosmetics company lowered its fiscal year outlook, expected net sales growth to be in the low single digits compared with its original outlook between 6% to 8%. Elf, an acronym for eyes lips face, creates makeup and skincare products priced on the lower end of the spectrum. Prices range from US$1 to around US$10.

Shares of the California-based company were down nearly 9% to US$13.65.

Allena Pharmaceuticals (NASDAQ:ALNA) shares jumped double-digits during the trading day following better-than-expected second-quarter earnings but dropped after the bell. The late-stage biopharma narrowed its net loss to US$0.42 per share from a net loss of US$ 3.46 in its previous second quarter. The company develops oral enzyme therapeutics to treat patients with metabolic and kidney disorders.

Shares of the Massachusetts-based company were down nearly 9% to US$10.68.

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