ACADIA Pharmaceuticals Inc. $ACAD Shares Bought by Rhumbline Advisers

Key Points

• Rhumbline Advisers boosted its holdings in ACADIA Pharmaceuticals by 100.9%, owning 352,716 shares valued at approximately $5.86 million as of the latest SEC filing.
• ACADIA Pharmaceuticals reported $0.16 EPS for the latest quarter, surpassing analysts' expectations of $0.14, and generated $264.57 million in revenue, reflecting a 9.4% increase year-over-year.
• Analyst ratings for ACADIA Pharmaceuticals show a consensus of "Moderate Buy" with a target price of $29.65, indicating positive market sentiment about the stock's performance.

Rhumbline Advisers increased its holdings in shares of ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD - Free Report) by 100.9% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 352,716 shares of the biopharmaceutical company's stock after buying an additional 177,188 shares during the period. Rhumbline Advisers owned about 0.21% of ACADIA Pharmaceuticals worth $5,859,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its stake in ACADIA Pharmaceuticals by 9.0% during the 1st quarter. Vanguard Group Inc. now owns 15,203,234 shares of the biopharmaceutical company's stock worth $252,526,000 after buying an additional 1,255,594 shares during the period. Assenagon Asset Management S.A. purchased a new stake in ACADIA Pharmaceuticals during the 1st quarter worth approximately $60,845,000. Fred Alger Management LLC increased its stake in ACADIA Pharmaceuticals by 2.0% during the 1st quarter. Fred Alger Management LLC now owns 2,769,828 shares of the biopharmaceutical company's stock worth $46,007,000 after buying an additional 54,899 shares during the period. Point72 Asset Management L.P. purchased a new stake in ACADIA Pharmaceuticals during the 4th quarter worth approximately $40,935,000. Finally, Jacobs Levy Equity Management Inc. increased its position in shares of ACADIA Pharmaceuticals by 73.7% in the 1st quarter. Jacobs Levy Equity Management Inc. now owns 1,977,432 shares of the biopharmaceutical company's stock valued at $32,845,000 after purchasing an additional 838,728 shares during the last quarter. 96.71% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

ACAD has been the topic of a number of recent analyst reports. Bank of America increased their price objective on shares of ACADIA Pharmaceuticals from $18.00 to $23.00 and gave the company a "hold" rating in a research report on Thursday, June 5th. UBS Group increased their price objective on shares of ACADIA Pharmaceuticals from $36.00 to $39.00 and gave the company a "buy" rating in a research report on Tuesday, September 9th. Mizuho increased their price objective on shares of ACADIA Pharmaceuticals from $23.00 to $24.00 and gave the company a "neutral" rating in a research report on Thursday, August 7th. Deutsche Bank Aktiengesellschaft raised shares of ACADIA Pharmaceuticals from a "hold" rating to a "buy" rating and increased their price objective for the company from $20.00 to $35.00 in a research report on Wednesday, May 21st. Finally, Oppenheimer reissued a "market perform" rating and issued a $22.00 price objective (up from $19.00) on shares of ACADIA Pharmaceuticals in a research report on Thursday, June 26th. One research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating, six have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $29.65.

ACADIA Pharmaceuticals Price Performance

Shares of ACADIA Pharmaceuticals stock traded up $0.39 during trading hours on Thursday, hitting $24.59. The company had a trading volume of 533,128 shares, compared to its average volume of 2,146,057. The company's 50-day moving average is $24.18 and its two-hundred day moving average is $20.42. ACADIA Pharmaceuticals Inc. has a twelve month low of $13.40 and a twelve month high of $26.65. The company has a market cap of $4.15 billion, a P/E ratio of 18.47, a price-to-earnings-growth ratio of 6.07 and a beta of 0.75.

ACADIA Pharmaceuticals (NASDAQ:ACAD - Get Free Report) last issued its earnings results on Wednesday, August 6th. The biopharmaceutical company reported $0.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.14 by $0.02. ACADIA Pharmaceuticals had a net margin of 21.80% and a return on equity of 14.69%. The business had revenue of $264.57 million during the quarter, compared to analysts' expectations of $263.07 million. During the same quarter in the prior year, the business posted $0.20 EPS. The company's revenue for the quarter was up 9.4% on a year-over-year basis. Sell-side analysts expect that ACADIA Pharmaceuticals Inc. will post 0.7 EPS for the current year.

Insiders Place Their Bets

In related news, EVP Mark C. Schneyer sold 3,498 shares of the 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 completion of the sale, the executive vice president owned 43,447 shares in the company, valued at $1,027,521.55. This represents a 7.45% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Elizabeth A. Garofalo sold 1,600 shares of the stock in a transaction on Tuesday, September 2nd. The stock was sold at an average price of $25.98, for a total transaction of $41,568.00. Following the sale, the director owned 25,382 shares of the company's stock, valued at approximately $659,424.36. This represents a 5.93% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 27,098 shares of company stock valued at $678,256. 26.50% of the stock is owned by company insiders.

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.