Allspring Global Investments Holdings LLC Buys 296,042 Shares of ACADIA Pharmaceuticals Inc. $ACAD

Allspring Global Investments Holdings LLC lifted its stake in ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD) by 44.9% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 954,855 shares of the biopharmaceutical company’s stock after buying an additional 296,042 shares during the quarter. Allspring Global Investments Holdings LLC owned approximately 0.56% of ACADIA Pharmaceuticals worth $21,312,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of ACAD. Illinois Municipal Retirement Fund grew its stake in ACADIA Pharmaceuticals by 12.7% during the first quarter. Illinois Municipal Retirement Fund now owns 71,183 shares of the biopharmaceutical company’s stock valued at $1,585,000 after acquiring an additional 7,996 shares in the last quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management boosted its holdings in shares of ACADIA Pharmaceuticals by 30.6% during the 1st quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 12,923 shares of the biopharmaceutical company’s stock valued at $288,000 after purchasing an additional 3,026 shares during the last quarter. Principal Financial Group Inc. grew its position in shares of ACADIA Pharmaceuticals by 3.1% during the first quarter. Principal Financial Group Inc. now owns 768,224 shares of the biopharmaceutical company’s stock valued at $17,101,000 after purchasing an additional 22,868 shares in the last quarter. Fifth Third Bancorp grew its position in shares of ACADIA Pharmaceuticals by 5,053.5% during the first quarter. Fifth Third Bancorp now owns 31,694 shares of the biopharmaceutical company’s stock valued at $706,000 after purchasing an additional 31,079 shares in the last quarter. Finally, Hsbc Holdings PLC increased its holdings in shares of ACADIA Pharmaceuticals by 67.4% in the first quarter. Hsbc Holdings PLC now owns 44,008 shares of the biopharmaceutical company’s stock worth $977,000 after purchasing an additional 17,722 shares during the last quarter. Institutional investors own 96.71% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the company. Bank of America boosted their target price on ACADIA Pharmaceuticals from $29.00 to $30.00 and gave the stock a “buy” rating in a research report on Tuesday, June 30th. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and issued a $37.00 price target on shares of ACADIA Pharmaceuticals in a report on Monday, June 29th. Citigroup boosted their price objective on ACADIA Pharmaceuticals from $32.00 to $35.00 and gave the stock a “buy” rating in a research note on Monday, June 29th. Canaccord Genuity Group raised their price objective on ACADIA Pharmaceuticals from $32.00 to $36.00 and gave the company a “buy” rating in a research note on Monday, June 29th. Finally, Weiss Ratings cut ACADIA Pharmaceuticals from a “hold (c+)” rating to a “hold (c)” rating in a report on Friday, May 1st. Twelve research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $32.94.

ACADIA Pharmaceuticals Stock Performance

Shares of NASDAQ ACAD opened at $25.09 on Tuesday. ACADIA Pharmaceuticals Inc. has a fifty-two week low of $19.69 and a fifty-two week high of $28.35. The company has a market cap of $4.30 billion, a price-to-earnings ratio of 11.40, a PEG ratio of 18.44 and a beta of 0.80. The business’s 50 day moving average price is $22.98 and its 200-day moving average price is $23.28.

ACADIA Pharmaceuticals (NASDAQ:ACAD) last posted its quarterly earnings results on Wednesday, May 6th. The biopharmaceutical company reported $0.02 EPS for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.02). The company had revenue of $268.10 million during the quarter, compared to the consensus estimate of $280.25 million. ACADIA Pharmaceuticals had a return on equity of 9.61% and a net margin of 34.30%.The company’s revenue for the quarter was up 9.7% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.11 earnings per share. Sell-side analysts predict that ACADIA Pharmaceuticals Inc. will post 0.37 earnings per share for the current year.

Insider Activity at ACADIA Pharmaceuticals

In other news, insider James Kihara sold 5,401 shares of the stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $21.18, for a total transaction of $114,393.18. Following the transaction, the insider owned 24,509 shares of the company’s stock, valued at approximately $519,100.62. This represents a 18.06% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Mark C. Schneyer sold 3,506 shares of the firm’s stock in a transaction on Monday, May 4th. The shares were sold at an average price of $21.79, for a total value of $76,395.74. Following the transaction, the executive vice president owned 66,145 shares in the company, valued at approximately $1,441,299.55. This represents a 5.03% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 10,239 shares of company stock valued at $219,813 in the last ninety days. Insiders own 26.20% of the company’s stock.

ACADIA Pharmaceuticals Profile

ACADIA Pharmaceuticals Inc is a biopharmaceutical company focused on the development and commercialization of innovative therapies for central nervous system (CNS) disorders. Established in 1993 and headquartered in San Diego, California, ACADIA’s research centers concentrate on conditions with significant unmet medical needs, including Parkinson’s disease psychosis, Alzheimer’s disease psychosis, and schizophrenia. The company utilizes a range of scientific platforms, including selective receptor modulation and precision-targeted compounds, to advance its portfolio of small-molecule therapeutics.

The company’s flagship product, NUPLAZID® (pimavanserin), received U.S.