Allspring Global Investments Holdings LLC Buys 268,714 Shares of ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD)

Allspring Global Investments Holdings LLC grew its position in ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD - Free Report) by 645.7% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 310,332 shares of the biopharmaceutical company's stock after purchasing an additional 268,714 shares during the quarter. Allspring Global Investments Holdings LLC owned approximately 0.19% of ACADIA Pharmaceuticals worth $5,065,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Assenagon Asset Management S.A. acquired a new stake in shares of ACADIA Pharmaceuticals in the first quarter worth $60,845,000. Point72 Asset Management L.P. acquired a new stake in shares of ACADIA Pharmaceuticals in the fourth quarter worth $40,935,000. Norges Bank acquired a new stake in shares of ACADIA Pharmaceuticals in the fourth quarter worth $25,555,000. Renaissance Technologies LLC increased its holdings in ACADIA Pharmaceuticals by 204.2% in the 4th quarter. Renaissance Technologies LLC now owns 1,226,533 shares of the biopharmaceutical company's stock valued at $22,507,000 after buying an additional 823,333 shares during the period. Finally, Two Sigma Advisers LP increased its holdings in ACADIA Pharmaceuticals by 160.8% in the 4th quarter. Two Sigma Advisers LP now owns 1,263,200 shares of the biopharmaceutical company's stock valued at $23,180,000 after buying an additional 778,900 shares during the period. Institutional investors own 96.71% of the company's stock.

ACADIA Pharmaceuticals Stock Performance

NASDAQ:ACAD traded up $0.14 on Tuesday, hitting $21.02. 2,385,452 shares of the stock were exchanged, compared to its average volume of 1,980,586. The stock has a market capitalization of $3.52 billion, a price-to-earnings ratio of 15.34, a P/E/G ratio of 4.50 and a beta of 0.64. ACADIA Pharmaceuticals Inc. has a 52 week low of $13.40 and a 52 week high of $25.23. The company's 50-day moving average price is $20.52 and its 200 day moving average price is $18.42.

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

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on ACAD shares. Needham & Company LLC reissued a "buy" rating and issued a $30.00 price target on shares of ACADIA Pharmaceuticals in a report on Thursday, June 26th. JMP Securities reissued a "market outperform" rating and issued a $37.00 price target on shares of ACADIA Pharmaceuticals in a report on Thursday, June 26th. Robert W. Baird boosted their target price on shares of ACADIA Pharmaceuticals from $28.00 to $31.00 and gave the company an "outperform" rating in a research note on Monday, May 19th. UBS Group reduced their target price on shares of ACADIA Pharmaceuticals from $25.00 to $22.00 and set a "buy" rating on the stock in a research note on Monday, April 28th. Finally, Bank of America boosted their target price on shares of ACADIA Pharmaceuticals from $18.00 to $23.00 and gave the company a "hold" rating in a research note on Thursday, June 5th. Six equities research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $27.88.

Insiders Place Their Bets

In other news, EVP Mark C. Schneyer sold 2,000 shares of the company's stock in a transaction dated 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 sale, the executive vice president directly owned 62,130 shares of the company's stock, valued at $1,553,250. This represents a 3.12% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Laura Brege sold 14,446 shares of the company's stock in a transaction dated Wednesday, June 4th. The shares were sold at an average price of $21.78, for a total value of $314,633.88. Following the completion of the sale, the director directly owned 15,095 shares of the company's stock, valued at approximately $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. In the last three months, insiders sold 25,271 shares of company stock valued at $525,079. 28.30% of the stock is currently owned by insiders.

ACADIA Pharmaceuticals Company 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.