313,504 ACADIA Pharmaceuticals Inc. $ACAD Shares Acquired by Assenagon Asset Management S.A.

Key Points

• Assenagon Asset Management increased its ACADIA Pharmaceuticals stake by 1,489.2% in the third quarter, acquiring 313,504 shares and bringing its holdings to 334,556 shares valued at approximately $6.7 million.
• ACADIA reported quarterly earnings of $0.18 per share, exceeding the $0.07 consensus estimate, while revenue rose 16.4% year over year to $308 million.
• Analyst sentiment remains favorable, with a consensus “Moderate Buy” rating and an average price target of $31.34, although company insiders sold 36,699 shares worth about $1.02 million during the quarter.

Assenagon Asset Management S.A. boosted its position in ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD - Free Report) by 1,489.2% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 334,556 shares of the biopharmaceutical company's stock after acquiring an additional 313,504 shares during the period. Assenagon Asset Management S.A. owned 0.19% of ACADIA Pharmaceuticals worth $6,741,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Nykredit A S bought a new position in shares of ACADIA Pharmaceuticals in the second quarter valued at $38,000. Integrated Wealth Concepts LLC bought a new position in shares of ACADIA Pharmaceuticals in the second quarter valued at approximately $50,000. Global Retirement Partners LLC bought a new position in shares of ACADIA Pharmaceuticals in the second quarter valued at approximately $64,000. GAMMA Investing LLC boosted its holdings in ACADIA Pharmaceuticals by 15.6% during the 2nd quarter. GAMMA Investing LLC now owns 2,985 shares of the biopharmaceutical company's stock worth $76,000 after acquiring an additional 402 shares during the last quarter. Finally, Transamerica Financial Advisors LLC purchased a new position in ACADIA Pharmaceuticals during the 2nd quarter worth $104,000. Institutional investors and hedge funds own 96.71% of the company's stock.

ACADIA Pharmaceuticals Price Performance

Shares of ACAD opened at $20.44 on Wednesday. The firm has a market cap of $3.52 billion, a PE ratio of 9.21 and a beta of 0.88. ACADIA Pharmaceuticals Inc. has a 1 year low of $18.39 and a 1 year high of $30.96. The stock's fifty day moving average price is $25.15 and its two-hundred day moving average price is $24.01.

ACADIA Pharmaceuticals (NASDAQ:ACAD - Get Free Report) last issued its earnings results on Tuesday, August 4th. The biopharmaceutical company reported $0.18 earnings per share for the quarter, topping analysts' consensus estimates of $0.07 by $0.11. ACADIA Pharmaceuticals had a net margin of 33.42% and a return on equity of 9.03%. The firm had revenue of $308.00 million during the quarter, compared to analyst estimates of $296.55 million. During the same quarter last year, the business earned $0.16 earnings per share. The company's quarterly revenue was up 16.4% on a year-over-year basis. Sell-side analysts anticipate that ACADIA Pharmaceuticals Inc. will post 0.64 earnings per share for the current fiscal year.

Insider Buying and Selling at ACADIA Pharmaceuticals

In other ACADIA Pharmaceuticals news, EVP Elizabeth Thompson sold 16,558 shares of ACADIA Pharmaceuticals stock in a transaction dated Thursday, July 30th. The stock was sold at an average price of $26.13, for a total transaction of $432,660.54. Following the completion of the transaction, the executive vice president owned 18,994 shares of the company's stock, valued at $496,313.22. The trade was a 46.57% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Mark Schneyer sold 14,292 shares of the stock in a transaction dated Thursday, August 6th. The stock was sold at an average price of $29.22, for a total transaction of $417,612.24. Following the completion of the sale, the executive vice president directly owned 67,828 shares in the company, valued at approximately $1,981,934.16. The trade was a 17.40% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 36,699 shares of company stock valued at $1,019,894. 26.20% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on ACAD shares. BMO Capital Markets dropped their target price on shares of ACADIA Pharmaceuticals from $36.00 to $34.00 and set an "outperform" rating on the stock in a research report on Thursday, September 24th. Wall Street Zen lowered ACADIA Pharmaceuticals from a "buy" rating to a "hold" rating in a report on Monday. Morgan Stanley boosted their price objective on ACADIA Pharmaceuticals from $27.00 to $28.00 and gave the stock an "equal weight" rating in a research report on Tuesday, August 25th. TD Cowen reissued a "buy" rating on shares of ACADIA Pharmaceuticals in a research report on Thursday, September 24th. Finally, Weiss Ratings upgraded ACADIA Pharmaceuticals from a "hold (c)" rating to a "hold (c+)" rating in a research note on Wednesday, August 12th. Thirteen research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat, ACADIA Pharmaceuticals has a consensus rating of "Moderate Buy" and a consensus target price of $31.34.

ACADIA Pharmaceuticals Company Profile

ACADIA Pharmaceuticals Inc is a biopharmaceutical company focused on developing and commercializing medicines for central nervous system and neuropsychiatric disorders. The company's research programs target conditions with significant unmet medical needs, including neurological and rare neurodevelopmental diseases.

ACADIA's commercial products include NUPLAZID (pimavanserin), an atypical antipsychotic approved in the United States to treat hallucinations and delusions associated with Parkinson's disease psychosis.

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