PNC Financial Services Group Inc. Purchases 4,596 Shares of ACADIA Pharmaceuticals Inc. $ACAD

PNC Financial Services Group Inc. lifted its position in shares of ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD) by 545.8% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 5,438 shares of the biopharmaceutical company’s stock after purchasing an additional 4,596 shares during the quarter. PNC Financial Services Group Inc.’s holdings in ACADIA Pharmaceuticals were worth $90,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Exchange Traded Concepts LLC bought a new stake in ACADIA Pharmaceuticals during the 1st quarter valued at $29,000. Picton Mahoney Asset Management bought a new stake in shares of ACADIA Pharmaceuticals during the first quarter worth about $32,000. Federated Hermes Inc. raised its holdings in shares of ACADIA Pharmaceuticals by 231.5% in the 1st quarter. Federated Hermes Inc. now owns 2,317 shares of the biopharmaceutical company’s stock worth $38,000 after acquiring an additional 1,618 shares during the last quarter. Virtus Fund Advisers LLC bought a new position in ACADIA Pharmaceuticals in the 4th quarter valued at about $39,000. Finally, GAMMA Investing LLC boosted its stake in ACADIA Pharmaceuticals by 627.3% during 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. Institutional investors and hedge funds own 96.71% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently commented on ACAD. Oppenheimer reissued a “market perform” rating and issued a $22.00 price objective (up from $19.00) on shares of ACADIA Pharmaceuticals in a research note on Thursday, June 26th. Morgan Stanley set a $24.00 price target on ACADIA Pharmaceuticals and gave the company an “equal weight” rating in a research report on Tuesday, May 20th. Needham & Company LLC restated a “buy” rating and set a $30.00 price objective on shares of ACADIA Pharmaceuticals in a research note on Thursday, June 26th. Citigroup reiterated an “outperform” rating on shares of ACADIA Pharmaceuticals in a research note on Thursday, August 7th. Finally, JMP Securities increased their target price on shares of ACADIA Pharmaceuticals from $37.00 to $38.00 and gave the company a “market outperform” rating in a report on Thursday, August 7th. One analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, ACADIA Pharmaceuticals currently has an average rating of “Moderate Buy” and a consensus target price of $28.88.

ACADIA Pharmaceuticals Stock Performance

Shares of NASDAQ:ACAD opened at $24.94 on Thursday. The company has a market capitalization of $4.21 billion, a P/E ratio of 18.75, a price-to-earnings-growth ratio of 6.36 and a beta of 0.70. The company’s 50-day moving average is $22.88 and its 200 day moving average is $19.62. ACADIA Pharmaceuticals Inc. has a fifty-two week low of $13.40 and a fifty-two week high of $25.88.

ACADIA Pharmaceuticals (NASDAQ:ACAD) last announced its quarterly earnings data on Wednesday, August 6th. The biopharmaceutical company reported $0.16 EPS for the quarter, topping the consensus estimate of $0.14 by $0.02. ACADIA Pharmaceuticals had a net margin of 21.80% and a return on equity of 14.69%. The business had revenue of $264.57 million for the quarter, compared to analyst estimates of $263.07 million. During the same quarter in the previous year, the firm posted $0.20 earnings per share. The company’s revenue for the quarter was up 9.4% on a year-over-year basis. As a group, research analysts predict that ACADIA Pharmaceuticals Inc. will post 0.7 earnings per share for the current year.

Insider Buying and Selling at ACADIA Pharmaceuticals

In other news, Director Laura Brege sold 14,446 shares of the stock in a transaction on Wednesday, June 4th. The stock was sold at an average price of $21.78, for a total transaction of $314,633.88. Following the completion of the transaction, the director owned 15,095 shares in the company, valued at approximately $328,769.10. This represents a 48.90% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Mark C. Schneyer sold 22,000 shares of ACADIA Pharmaceuticals stock in a transaction dated Monday, August 18th. The stock was sold at an average price of $25.18, for a total value of $553,960.00. Following the completion of the sale, the executive vice president directly owned 40,130 shares of the company’s stock, valued at approximately $1,010,473.40. This trade represents a 35.41% decrease in their position. The disclosure for this sale can be found here. 26.50% of the stock is currently owned by corporate insiders.

ACADIA Pharmaceuticals Profile

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.