407,051 Shares in ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD) Purchased 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 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 407,051 shares of the biopharmaceutical company's stock, valued at approximately $6,761,000. Jupiter Asset Management Ltd. owned about 0.24% of ACADIA Pharmaceuticals as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Exchange Traded Concepts LLC purchased a new position in ACADIA Pharmaceuticals during the first quarter worth about $29,000. Picton Mahoney Asset Management purchased a new position in ACADIA Pharmaceuticals during the first quarter worth about $32,000. Federated Hermes Inc. boosted its holdings in ACADIA Pharmaceuticals by 231.5% during the first quarter. Federated Hermes Inc. now owns 2,317 shares of the biopharmaceutical company's stock worth $38,000 after purchasing an additional 1,618 shares during the last quarter. Virtus Fund Advisers LLC purchased a new position in ACADIA Pharmaceuticals during the fourth quarter worth about $39,000. Finally, GAMMA Investing LLC boosted its holdings in ACADIA Pharmaceuticals by 627.3% during the first quarter. GAMMA Investing LLC now owns 3,513 shares of the biopharmaceutical company's stock worth $58,000 after purchasing an additional 3,030 shares during the last quarter. 96.71% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

ACAD has been the topic of several research reports. Deutsche Bank Aktiengesellschaft raised shares of ACADIA Pharmaceuticals from a "hold" rating to a "buy" rating and lifted their price objective for the stock from $20.00 to $35.00 in a research report on Wednesday, May 21st. Bank of America lifted their price objective on shares of ACADIA Pharmaceuticals from $18.00 to $23.00 and gave the stock a "hold" rating in a research report on Thursday, June 5th. Robert W. Baird lifted their price objective on shares of ACADIA Pharmaceuticals from $28.00 to $31.00 and gave the stock an "outperform" rating in a research report on Monday, May 19th. JMP Securities reaffirmed a "market outperform" rating and issued a $37.00 price objective on shares of ACADIA Pharmaceuticals in a research report on Thursday, June 26th. Finally, Cantor Fitzgerald raised shares of ACADIA Pharmaceuticals to a "strong-buy" rating in a research report on Thursday, June 5th. Six analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $28.13.

Insider Buying and Selling

In related news, EVP Mark C. Schneyer sold 2,000 shares of the company's stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $25.00, for a total transaction of $50,000.00. Following the sale, the executive vice president owned 62,130 shares of the company's stock, valued at approximately $1,553,250. This represents a 3.12% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider James Kihara sold 4,000 shares of the company's stock in a transaction that occurred on Friday, May 16th. The stock was 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 $458,887.50. This trade represents a 16.40% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 20,446 shares of company stock valued at $454,634. Company insiders own 28.30% of the company's stock.

ACADIA Pharmaceuticals Stock Down 1.3%

NASDAQ ACAD opened at $23.53 on Monday. The company's 50 day moving average is $22.18 and its 200-day moving average is $19.06. ACADIA Pharmaceuticals Inc. has a 12-month low of $13.40 and a 12-month high of $25.23. The firm has a market cap of $3.94 billion, a P/E ratio of 17.18, a price-to-earnings-growth ratio of 6.54 and a beta of 0.70.

ACADIA Pharmaceuticals (NASDAQ:ACAD - Get Free Report) last posted its quarterly earnings results on Wednesday, May 7th. The biopharmaceutical company reported $0.11 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.10 by $0.01. ACADIA Pharmaceuticals had a net margin of 22.97% and a return on equity of 17.46%. The company had revenue of $244.32 million for the quarter, compared to analyst estimates of $239.32 million. During the same quarter in the previous year, the firm posted $0.10 earnings per share. The company's quarterly revenue was up 18.7% compared to the same quarter last year. Equities analysts expect that ACADIA Pharmaceuticals Inc. will post 0.7 EPS for the current year.

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.

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