ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD) Position Increased by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC boosted its stake in shares of ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD) by 645.7% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 310,332 shares of the biopharmaceutical company’s stock after purchasing an additional 268,714 shares during the quarter. Allspring Global Investments Holdings LLC owned approximately 0.19% of ACADIA Pharmaceuticals worth $5,065,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Exchange Traded Concepts LLC acquired a new position in shares of ACADIA Pharmaceuticals during the first quarter valued at $29,000. Virtus Fund Advisers LLC bought a new stake in ACADIA Pharmaceuticals in the 4th quarter valued at about $39,000. GAMMA Investing LLC lifted its position in ACADIA Pharmaceuticals by 627.3% in the 1st quarter. GAMMA Investing LLC now owns 3,513 shares of the biopharmaceutical company’s stock valued at $58,000 after purchasing an additional 3,030 shares during the last quarter. GF Fund Management CO. LTD. acquired a new position in ACADIA Pharmaceuticals during the 4th quarter valued at about $64,000. Finally, Globeflex Capital L P bought a new position in ACADIA Pharmaceuticals in the 4th quarter worth about $168,000. 96.71% of the stock is currently owned by institutional investors.

ACADIA Pharmaceuticals Trading Down 1.4%

NASDAQ:ACAD opened at $20.95 on Friday. The company has a 50-day moving average of $20.26 and a 200-day moving average of $18.36. The firm has a market cap of $3.51 billion, a price-to-earnings ratio of 15.29, a price-to-earnings-growth ratio of 4.51 and a beta of 0.64. ACADIA Pharmaceuticals Inc. has a twelve month low of $13.40 and a twelve month high of $25.23.

ACADIA Pharmaceuticals (NASDAQ:ACAD) last released its earnings results on Wednesday, May 7th. The biopharmaceutical company reported $0.11 EPS for the quarter, beating the consensus estimate of $0.10 by $0.01. The business had revenue of $244.32 million during the quarter, compared to analyst estimates of $239.32 million. ACADIA Pharmaceuticals had a net margin of 22.97% and a return on equity of 17.46%. The business’s quarterly revenue was up 18.7% on a year-over-year basis. During the same period in the prior year, the business earned $0.10 earnings per share. On average, research analysts forecast that ACADIA Pharmaceuticals Inc. will post 0.7 earnings per share for the current year.

Insider Activity

In related news, insider James Kihara sold 4,000 shares of the stock in a transaction on Friday, May 16th. The stock was sold at an average price of $22.50, for a total value of $90,000.00. Following the completion of the transaction, the insider owned 20,395 shares in the company, valued at $458,887.50. This trade represents a 16.40% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Laura Brege sold 14,446 shares of ACADIA Pharmaceuticals stock in a transaction dated Wednesday, June 4th. The stock was sold at an average price of $21.78, for a total value of $314,633.88. Following the completion of the transaction, the director directly owned 15,095 shares in the company, valued at $328,769.10. This represents a 48.90% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 29,007 shares of company stock worth $580,446. Insiders own 26.50% of the company’s stock.

Analyst Ratings Changes

A number of research firms have recently weighed in on ACAD. Deutsche Bank Aktiengesellschaft raised ACADIA Pharmaceuticals from a “hold” rating to a “buy” rating and lifted their price target for the company from $20.00 to $35.00 in a report on Wednesday, May 21st. Robert W. Baird lifted their target price on ACADIA Pharmaceuticals from $28.00 to $31.00 and gave the company an “outperform” rating in a research note on Monday, May 19th. Royal Bank Of Canada boosted their price target on ACADIA Pharmaceuticals from $26.00 to $38.00 and gave the stock an “outperform” rating in a research report on Monday, June 23rd. Morgan Stanley set a $24.00 price target on ACADIA Pharmaceuticals and gave the company an “equal weight” rating in a report on Tuesday, May 20th. Finally, Mizuho lifted their price objective on shares of ACADIA Pharmaceuticals from $20.00 to $23.00 and gave the company a “neutral” rating in a research note on Monday, May 19th. Six investment analysts have rated the stock with a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $27.88.

About ACADIA Pharmaceuticals

ACADIA Pharmaceuticals Inc, a biopharmaceutical company, focuses on the development and commercialization innovative medicines that address unmet medical needs in central nervous system (CNS) disorders and rare diseases in the United States. The company offers NUPLAZID (pimavanserin) for the treatment of hallucinations and delusions associated with Parkinson's disease psychosis; and DAYBUE, a novel synthetic analog of the amino-terminal tripeptide of insulin-like growth factor 1 for treatment of Rett Syndrome.