Allspring Global Investments Holdings LLC Boosts Stake in ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD)

Allspring Global Investments Holdings LLC grew its holdings in ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD - Free Report) by 645.7% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 310,332 shares of the biopharmaceutical company's stock after buying an additional 268,714 shares during the period. Allspring Global Investments Holdings LLC owned 0.19% of ACADIA Pharmaceuticals worth $5,065,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the business. Summit Investment Advisors Inc. grew its position in ACADIA Pharmaceuticals by 6.8% during the fourth quarter. Summit Investment Advisors Inc. now owns 12,519 shares of the biopharmaceutical company's stock worth $230,000 after buying an additional 795 shares in the last quarter. Exchange Traded Concepts LLC acquired a new stake in ACADIA Pharmaceuticals during the first quarter worth approximately $29,000. Arete Wealth Advisors LLC grew its position in ACADIA Pharmaceuticals by 15.9% during the fourth quarter. Arete Wealth Advisors LLC now owns 13,700 shares of the biopharmaceutical company's stock worth $251,000 after buying an additional 1,875 shares in the last quarter. Virtus Fund Advisers LLC acquired a new stake in ACADIA Pharmaceuticals during the fourth quarter worth approximately $39,000. Finally, MetLife Investment Management LLC grew its position in ACADIA Pharmaceuticals by 3.8% during the fourth quarter. MetLife Investment Management LLC now owns 73,048 shares of the biopharmaceutical company's stock worth $1,340,000 after buying an additional 2,669 shares in the last quarter. 96.71% of the stock is owned by institutional investors and hedge funds.

ACADIA Pharmaceuticals Trading Up 2.6%

NASDAQ:ACAD traded up $0.55 during trading hours on Wednesday, hitting $21.57. 2,079,323 shares of the company were exchanged, compared to its average volume of 1,979,765. The company has a fifty day simple moving average of $20.66 and a 200 day simple moving average of $18.44. ACADIA Pharmaceuticals Inc. has a one year low of $13.40 and a one year high of $25.23. The stock has a market capitalization of $3.61 billion, a price-to-earnings ratio of 15.74, a price-to-earnings-growth ratio of 4.53 and a beta of 0.64.

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

Insider Activity

In other news, insider James Kihara sold 4,000 shares of the business'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 value of $90,000.00. Following the transaction, the insider owned 20,395 shares in the company, valued at $458,887.50. The trade was a 16.40% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Mark C. Schneyer sold 2,000 shares of the business's stock in a transaction that occurred on Friday, May 16th. The stock was sold at an average price of $25.00, for a total value of $50,000.00. Following the completion of the transaction, the executive vice president owned 62,130 shares in the company, valued at $1,553,250. The trade was a 3.12% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 25,271 shares of company stock worth $525,079 in the last three months. Company insiders own 26.50% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have weighed in on ACAD. BMO Capital Markets upped their target price on ACADIA Pharmaceuticals from $24.00 to $28.00 and gave the stock an "outperform" rating in a research note on Monday, May 19th. JMP Securities restated a "market outperform" rating and set a $37.00 target price on shares of ACADIA Pharmaceuticals in a research note on Thursday, June 26th. Wall Street Zen upgraded ACADIA Pharmaceuticals from a "hold" rating to a "buy" rating in a research note on Wednesday, May 21st. Royal Bank Of Canada upped their target price on ACADIA Pharmaceuticals from $26.00 to $38.00 and gave the stock an "outperform" rating in a research note on Monday, June 23rd. Finally, Bank of America upped their target price on ACADIA Pharmaceuticals from $18.00 to $23.00 and gave the stock a "hold" rating in a research note on Thursday, June 5th. Six research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, ACADIA Pharmaceuticals currently has an average rating of "Moderate Buy" and an average price target of $27.88.

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.