Truist Financial Corp Cuts Stock Position in ACADIA Pharmaceuticals Inc. $ACAD

Truist Financial Corp decreased its position in shares of ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD) by 6.3% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 36,841 shares of the biopharmaceutical company’s stock after selling 2,474 shares during the period. Truist Financial Corp’s holdings in ACADIA Pharmaceuticals were worth $795,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in ACAD. GAMMA Investing LLC lifted its holdings in shares of ACADIA Pharmaceuticals by 11,981.0% in the 1st quarter. GAMMA Investing LLC now owns 58,351 shares of the biopharmaceutical company’s stock valued at $969,000 after acquiring an additional 57,868 shares during the last quarter. Yousif Capital Management LLC bought a new stake in ACADIA Pharmaceuticals in the first quarter worth about $764,000. Exchange Traded Concepts LLC bought a new stake in ACADIA Pharmaceuticals in the first quarter worth about $29,000. State of Alaska Department of Revenue bought a new stake in ACADIA Pharmaceuticals in the first quarter worth about $1,133,000. Finally, Oppenheimer Asset Management Inc. lifted its stake in ACADIA Pharmaceuticals by 10.9% in the first quarter. Oppenheimer Asset Management Inc. now owns 35,864 shares of the biopharmaceutical company’s stock worth $596,000 after purchasing an additional 3,535 shares during the last quarter. Hedge funds and other institutional investors own 96.71% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently commented on ACAD. The Goldman Sachs Group raised their target price on shares of ACADIA Pharmaceuticals from $15.00 to $17.00 and gave the stock a “sell” rating in a research report on Thursday, August 7th. Oppenheimer reaffirmed a “market perform” rating and set a $22.00 target price (up from $19.00) on shares of ACADIA Pharmaceuticals in a research report on Thursday, June 26th. Royal Bank Of Canada boosted their price objective on shares of ACADIA Pharmaceuticals from $39.00 to $40.00 and gave the stock an “outperform” rating in a research note on Thursday, August 7th. JMP Securities boosted their price objective on shares of ACADIA Pharmaceuticals from $37.00 to $38.00 and gave the stock a “market outperform” rating in a research note on Thursday, August 7th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of ACADIA Pharmaceuticals in a research note on Tuesday. One equities research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, ACADIA Pharmaceuticals currently has an average rating of “Moderate Buy” and an average price target of $29.12.

ACADIA Pharmaceuticals Trading Up 1.5%

NASDAQ ACAD opened at $20.36 on Wednesday. The firm’s fifty day simple moving average is $23.79 and its two-hundred day simple moving average is $21.03. ACADIA Pharmaceuticals Inc. has a 12-month low of $13.40 and a 12-month high of $26.65. The firm has a market capitalization of $3.43 billion, a P/E ratio of 15.31, a P/E/G ratio of 7.05 and a beta of 0.75.

ACADIA Pharmaceuticals (NASDAQ:ACAD) last announced its quarterly earnings data on Wednesday, August 6th. The biopharmaceutical company reported $0.16 earnings per share for the quarter, beating analysts’ consensus estimates of $0.14 by $0.02. The firm 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%. The business’s quarterly revenue was up 9.4% compared to the same quarter last year. During the same period in the previous year, the company earned $0.20 earnings per share. As a group, sell-side analysts predict that ACADIA Pharmaceuticals Inc. will post 0.7 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Elizabeth A. Garofalo sold 1,600 shares of the business’s stock in a transaction on Tuesday, September 2nd. The shares were sold at an average price of $25.98, for a total transaction of $41,568.00. Following the sale, the director directly owned 25,382 shares of the company’s stock, valued at $659,424.36. The trade was a 5.93% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Mark C. Schneyer sold 3,498 shares of the business’s stock in a transaction on Monday, September 15th. The shares were sold at an average price of $23.65, for a total transaction of $82,727.70. Following the sale, the executive vice president directly owned 43,447 shares in the company, valued at $1,027,521.55. This trade represents a 7.45% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 27,098 shares of company stock worth $678,256 over the last three months. Corporate insiders own 28.30% of the company’s stock.

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.