407,051 Shares in ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD) Acquired by Jupiter Asset Management Ltd.

Key Points

• Jupiter Asset Management Ltd. has acquired 407,051 shares of ACADIA Pharmaceuticals Inc. for approximately $6.76 million, representing around 0.24% of the company, as reported in a recent SEC filing.
• Several hedge funds, including Federated Hermes Inc. and GAMMA Investing LLC, significantly increased their stakes in ACADIA, with Federated boosting its position by 231.5%.
• Wall Street analysts are optimistic about ACADIA's stock, with multiple firms raising their price targets and a general consensus rating of "Moderate Buy" alongside an average price target of $28.13.

Jupiter Asset Management Ltd. purchased a new position in shares of ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm purchased 407,051 shares of the biopharmaceutical company's stock, valued at approximately $6,761,000. Jupiter Asset Management Ltd. owned 0.24% of ACADIA Pharmaceuticals as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Allspring Global Investments Holdings LLC raised its stake in shares of ACADIA Pharmaceuticals by 645.7% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 310,332 shares of the biopharmaceutical company's stock valued at $5,065,000 after acquiring an additional 268,714 shares during the period. GAMMA Investing LLC increased 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 worth $58,000 after buying an additional 3,030 shares during the period. Concurrent Investment Advisors LLC purchased a new stake in ACADIA Pharmaceuticals during the 1st quarter worth $247,000. Amalgamated Bank increased its stake in ACADIA Pharmaceuticals by 757.7% during the 1st quarter. Amalgamated Bank now owns 35,002 shares of the biopharmaceutical company's stock worth $581,000 after buying an additional 30,921 shares during the period. Finally, American Century Companies Inc. increased its stake in ACADIA Pharmaceuticals by 55.2% during the 4th quarter. American Century Companies Inc. now owns 141,265 shares of the biopharmaceutical company's stock worth $2,592,000 after buying an additional 50,238 shares during the period. Hedge funds and other institutional investors own 96.71% of the company's stock.

Insider Activity at ACADIA Pharmaceuticals

In other ACADIA Pharmaceuticals news, insider James Kihara sold 4,000 shares of the business's stock in a transaction dated Friday, May 16th. The shares were sold at an average price of $22.50, for a total transaction of $90,000.00. Following the sale, the insider directly owned 20,395 shares in the company, valued at approximately $458,887.50. The trade was a 16.40% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Laura Brege sold 14,446 shares of the business's stock in a transaction dated Wednesday, June 4th. The stock was sold at an average price of $21.78, for a total transaction of $314,633.88. Following the sale, the director owned 15,095 shares in the company, valued at $328,769.10. This trade represents a 48.90% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 20,446 shares of company stock worth $454,634 in the last ninety days. 26.50% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the stock. UBS Group set a $36.00 price target on shares of ACADIA Pharmaceuticals and gave the stock a "buy" rating in a research note on Friday. Citigroup reaffirmed an "outperform" rating on shares of ACADIA Pharmaceuticals in a research note on Thursday. JMP Securities lifted their price target 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. Oppenheimer reaffirmed a "market perform" rating and set a $22.00 price target (up previously from $19.00) on shares of ACADIA Pharmaceuticals in a research note on Thursday, June 26th. Finally, JPMorgan Chase & Co. lifted their price target on shares of ACADIA Pharmaceuticals from $30.00 to $34.00 and gave the stock an "overweight" rating in a research note on Thursday, July 24th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, ACADIA Pharmaceuticals has a consensus rating of "Moderate Buy" and a consensus price target of $28.53.

ACADIA Pharmaceuticals Trading Up 0.8%

NASDAQ:ACAD traded up $0.19 during mid-day trading on Friday, hitting $24.59. The stock had a trading volume of 1,097,717 shares, compared to its average volume of 2,177,244. The stock has a market capitalization of $4.12 billion, a price-to-earnings ratio of 18.49, a P/E/G ratio of 6.64 and a beta of 0.70. The company has a 50 day simple moving average of $22.32 and a 200-day simple moving average of $19.21. ACADIA Pharmaceuticals Inc. has a 52 week low of $13.40 and a 52 week high of $25.23.

ACADIA Pharmaceuticals (NASDAQ:ACAD - Get Free Report) last issued its quarterly earnings data on Wednesday, August 6th. The biopharmaceutical company reported $0.16 earnings per share for the quarter, beating the consensus estimate of $0.14 by $0.02. The firm had revenue of $264.57 million for the quarter, compared to the consensus estimate of $263.07 million. ACADIA Pharmaceuticals had a net margin of 21.80% and a return on equity of 15.38%. ACADIA Pharmaceuticals's quarterly revenue was up 9.4% compared to the same quarter last year. During the same period last year, the firm posted $0.20 EPS. As a group, equities research analysts anticipate that ACADIA Pharmaceuticals Inc. will post 0.7 earnings per share for the current year.

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.