State of Alaska Department of Revenue Boosts Stake in ACADIA Pharmaceuticals Inc. $ACAD

State of Alaska Department of Revenue raised its holdings in ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD) by 8.1% in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 73,747 shares of the biopharmaceutical company’s stock after buying an additional 5,522 shares during the period. State of Alaska Department of Revenue’s holdings in ACADIA Pharmaceuticals were worth $1,590,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in ACAD. Exchange Traded Concepts LLC purchased a new position in ACADIA Pharmaceuticals in the 1st quarter valued at approximately $29,000. Banque Transatlantique SA purchased a new position in ACADIA Pharmaceuticals in the 1st quarter valued at approximately $31,000. Picton Mahoney Asset Management purchased a new position in ACADIA Pharmaceuticals in the 1st quarter valued at approximately $32,000. Federated Hermes Inc. boosted its position in ACADIA Pharmaceuticals by 231.5% in the 1st quarter. Federated Hermes Inc. now owns 2,317 shares of the biopharmaceutical company’s stock valued at $38,000 after buying an additional 1,618 shares during the period. Finally, Quantbot Technologies LP purchased a new position in ACADIA Pharmaceuticals in the 1st quarter valued at approximately $52,000. Hedge funds and other institutional investors own 96.71% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the stock. Weiss Ratings restated a “hold (c+)” rating on shares of ACADIA Pharmaceuticals in a report on Saturday, September 27th. TD Cowen raised their price objective on shares of ACADIA Pharmaceuticals from $35.00 to $39.00 and gave the company a “buy” rating in a report on Thursday, September 11th. Mizuho raised their price objective on shares of ACADIA Pharmaceuticals from $23.00 to $24.00 and gave the company a “neutral” rating in a report on Thursday, August 7th. Cowen restated a “buy” rating on shares of ACADIA Pharmaceuticals in a report on Thursday, September 11th. Finally, JMP Securities raised their price objective 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, twelve have issued a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $29.12.

ACADIA Pharmaceuticals Stock Performance

NASDAQ ACAD opened at $21.80 on Friday. The firm has a market cap of $3.68 billion, a PE ratio of 16.39, a P/E/G ratio of 7.53 and a beta of 0.75. ACADIA Pharmaceuticals Inc. has a one year low of $13.40 and a one year high of $26.65. The firm’s fifty day moving average is $24.16 and its two-hundred day moving average is $20.83.

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

Insiders Place Their Bets

In other news, EVP Mark C. Schneyer sold 22,000 shares of ACADIA Pharmaceuticals stock in a transaction dated Monday, August 18th. The shares were sold at an average price of $25.18, for a total value of $553,960.00. Following the sale, the executive vice president owned 40,130 shares of the company’s stock, valued at $1,010,473.40. The trade was a 35.41% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Elizabeth A. Garofalo sold 1,600 shares of ACADIA Pharmaceuticals stock in a transaction dated Tuesday, September 2nd. The shares were sold at an average price of $25.98, for a total transaction of $41,568.00. Following the completion of the sale, the director directly owned 25,382 shares in the company, valued at approximately $659,424.36. The trade was a 5.93% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 27,098 shares of company stock worth $678,256. 26.50% of the stock is currently owned by company insiders.

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.