Arizona State Retirement System Increases Stock Holdings in Cerevel Therapeutics Holdings, Inc. (NASDAQ:CERE)

Arizona State Retirement System lifted its position in Cerevel Therapeutics Holdings, Inc. (NASDAQ:CERE) by 10.9% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 19,816 shares of the biotechnology company’s stock after purchasing an additional 1,954 shares during the period. Arizona State Retirement System’s holdings in Cerevel Therapeutics were worth $840,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Royal Bank of Canada increased its position in shares of Cerevel Therapeutics by 19.4% in the third quarter. Royal Bank of Canada now owns 2,959 shares of the biotechnology company’s stock worth $83,000 after purchasing an additional 480 shares during the last quarter. Centaurus Financial Inc. bought a new position in shares of Cerevel Therapeutics in the first quarter worth approximately $105,000. Tower Research Capital LLC TRC grew its position in Cerevel Therapeutics by 59.4% during the second quarter. Tower Research Capital LLC TRC now owns 4,262 shares of the biotechnology company’s stock valued at $135,000 after acquiring an additional 1,588 shares during the last quarter. GAM Holding AG bought a new position in Cerevel Therapeutics during the fourth quarter valued at approximately $212,000. Finally, Ameritas Investment Partners Inc. grew its position in Cerevel Therapeutics by 11.5% during the second quarter. Ameritas Investment Partners Inc. now owns 5,110 shares of the biotechnology company’s stock valued at $162,000 after acquiring an additional 526 shares during the last quarter. 87.73% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, insider John Renger sold 2,161 shares of the firm’s stock in a transaction on Wednesday, February 7th. The stock was sold at an average price of $41.54, for a total value of $89,767.94. Following the completion of the sale, the insider now owns 6,370 shares of the company’s stock, valued at $264,609.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Cerevel Therapeutics news, Director N Anthony Coles sold 2,506 shares of the firm’s stock in a transaction on Wednesday, February 7th. The stock was sold at an average price of $41.54, for a total transaction of $104,099.24. Following the completion of the transaction, the director now owns 15,638 shares of the company’s stock, valued at $649,602.52. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider John Renger sold 2,161 shares of the firm’s stock in a transaction on Wednesday, February 7th. The shares were sold at an average price of $41.54, for a total value of $89,767.94. Following the transaction, the insider now directly owns 6,370 shares of the company’s stock, valued at approximately $264,609.80. The disclosure for this sale can be found here. Insiders sold 104,667 shares of company stock valued at $4,302,367 over the last quarter. 5.10% of the stock is owned by company insiders.

Cerevel Therapeutics Stock Performance

Shares of CERE stock opened at $41.60 on Thursday. The stock has a fifty day moving average of $41.95 and a 200 day moving average of $36.05. Cerevel Therapeutics Holdings, Inc. has a 52 week low of $19.59 and a 52 week high of $43.59. The firm has a market capitalization of $7.55 billion, a price-to-earnings ratio of -16.64 and a beta of 1.48. The company has a quick ratio of 10.92, a current ratio of 10.92 and a debt-to-equity ratio of 0.50.

Analysts Set New Price Targets

A number of research analysts have commented on the stock. Mizuho increased their price target on shares of Cerevel Therapeutics from $25.00 to $45.00 and gave the company a “neutral” rating in a research report on Friday, February 16th. Jefferies Financial Group reiterated a “hold” rating and set a $45.00 price target (up from $40.00) on shares of Cerevel Therapeutics in a research report on Friday, December 22nd. Finally, JPMorgan Chase & Co. raised their target price on shares of Cerevel Therapeutics from $25.00 to $45.00 and gave the stock a “neutral” rating in a report on Thursday, December 28th. Eight research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $41.40.

Cerevel Therapeutics Profile

Cerevel Therapeutics Holdings, Inc, a clinical-stage biopharmaceutical company, develops various therapies for neuroscience diseases in the United States. It is developing Emraclidine, a positive allosteric modulator (PAM) that is in phase 1b clinical trials for the treatment of schizophrenia; and Darigabat, a PAM, which is in Phase 2 proof-of-concept trial in patients with drug-resistant focal onset seizures or focal epilepsy, as well as in phase 1 trial to treat panic symptoms model.