Assenagon Asset Management S.A. Buys Shares of 3,663,145 ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD)

Assenagon Asset Management S.A. acquired a new position in shares of ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD - Free Report) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 3,663,145 shares of the biopharmaceutical company's stock, valued at approximately $60,845,000. Assenagon Asset Management S.A. owned 2.20% of ACADIA Pharmaceuticals at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of the business. Virtus Fund Advisers LLC purchased a new stake in shares of ACADIA Pharmaceuticals in the fourth quarter worth approximately $39,000. GF Fund Management CO. LTD. purchased a new stake in shares of ACADIA Pharmaceuticals in the fourth quarter worth approximately $64,000. GAMMA Investing LLC lifted its position in shares of ACADIA Pharmaceuticals by 627.3% in 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 in the last quarter. Globeflex Capital L P purchased a new stake in shares of ACADIA Pharmaceuticals in the fourth quarter worth approximately $168,000. Finally, Xponance Inc. purchased a new stake in shares of ACADIA Pharmaceuticals in the fourth quarter worth approximately $186,000. Hedge funds and other institutional investors own 96.71% of the company's stock.

ACADIA Pharmaceuticals Stock Down 0.1%

ACAD traded down $0.03 during trading on Friday, reaching $21.71. 1,154,100 shares of the company's stock were exchanged, compared to its average volume of 1,942,028. ACADIA Pharmaceuticals Inc. has a fifty-two week low of $13.40 and a fifty-two week high of $25.23. The business has a 50 day moving average price of $18.02 and a 200 day moving average price of $17.84. The company has a market capitalization of $3.63 billion, a P/E ratio of 27.83 and a beta of 0.65.

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 for the quarter, topping analysts' consensus estimates of $0.10 by $0.01. ACADIA Pharmaceuticals had a net margin of 13.83% and a return on equity of 25.83%. The firm had revenue of $244.32 million for the quarter, compared to the consensus estimate of $239.32 million. During the same quarter in the previous year, the company earned $0.10 earnings per share. The business's revenue was up 18.7% compared to the same quarter last year. As a group, research analysts forecast that ACADIA Pharmaceuticals Inc. will post 0.7 EPS for the current year.

Insider Activity

In related news, EVP Mark C. Schneyer sold 3,171 shares of the company's stock in a transaction dated Wednesday, March 26th. The shares were sold at an average price of $17.05, for a total transaction of $54,065.55. Following the transaction, the executive vice president now owns 56,889 shares in the company, valued at $969,957.45. This represents a 5.28% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider James Kihara sold 4,000 shares of the company's stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $22.50, for a total transaction of $90,000.00. Following the transaction, the insider now owns 20,395 shares in the company, valued at approximately $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 quarter, insiders have sold 33,273 shares of company stock worth $653,182. Corporate insiders own 26.50% of the company's stock.

Analyst Ratings Changes

ACAD has been the subject of a number of research analyst reports. Mizuho increased their price target on shares of ACADIA Pharmaceuticals from $20.00 to $23.00 and gave the stock a "neutral" rating in a research report on Monday, May 19th. Bank of America raised 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. Royal Bank of Canada reaffirmed an "outperform" rating and set a $26.00 price objective on shares of ACADIA Pharmaceuticals in a research report on Monday, May 19th. HC Wainwright raised their price objective on shares of ACADIA Pharmaceuticals from $27.00 to $32.00 and gave the company a "buy" rating in a research report on Monday, May 19th. Finally, JPMorgan Chase & Co. lifted their price target on shares of ACADIA Pharmaceuticals from $26.00 to $30.00 and gave the company an "overweight" rating in a research report on Friday, June 6th. Six research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $26.79.

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.