Assenagon Asset Management S.A. Invests $60.85 Million in ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD)

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

A number of other hedge funds also recently made changes to their positions in ACAD. Point72 Asset Management L.P. purchased a new stake in ACADIA Pharmaceuticals in the fourth quarter worth about $40,935,000. Norges Bank bought a new stake in ACADIA Pharmaceuticals during the 4th quarter valued at about $25,555,000. Renaissance Technologies LLC raised its holdings in shares of 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 purchasing an additional 823,333 shares in the last quarter. Two Sigma Advisers LP grew its position in shares of 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 worth $23,180,000 after buying an additional 778,900 shares during the last quarter. Finally, Cubist Systematic Strategies LLC purchased a new stake in shares of ACADIA Pharmaceuticals in the 4th quarter valued at $11,643,000. 96.71% of the stock is owned by institutional investors.

ACADIA Pharmaceuticals Trading Down 0.1%

Shares of NASDAQ ACAD traded down $0.03 during midday trading on Friday, reaching $21.71. 1,154,100 shares of the stock were exchanged, compared to its average volume of 1,943,851. 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 Inc. has a 52-week low of $13.40 and a 52-week high of $25.23. The stock has a 50 day moving average price of $18.02 and a 200-day moving average price of $17.86.

ACADIA Pharmaceuticals (NASDAQ:ACAD - Get Free Report) last released its quarterly earnings results on Wednesday, May 7th. The biopharmaceutical company reported $0.11 EPS for the quarter, topping the consensus estimate of $0.10 by $0.01. ACADIA Pharmaceuticals had a net margin of 13.83% and a return on equity of 25.83%. The business had revenue of $244.32 million during the quarter, compared to analyst estimates of $239.32 million. The company's quarterly revenue was up 18.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.10 earnings per share. On average, analysts forecast that ACADIA Pharmaceuticals Inc. will post 0.7 earnings per share for the current year.

Wall Street Analyst Weigh In

Several brokerages have weighed in on ACAD. Oppenheimer reaffirmed a "market perform" rating on shares of ACADIA Pharmaceuticals in a research note on Friday, May 16th. Robert W. Baird upped their price objective on ACADIA Pharmaceuticals from $28.00 to $31.00 and gave the stock an "outperform" rating in a research note on Monday, May 19th. BMO Capital Markets increased their price objective on ACADIA Pharmaceuticals from $24.00 to $28.00 and gave the stock an "outperform" rating in a research note on Monday, May 19th. Needham & Company LLC boosted their price target on ACADIA Pharmaceuticals from $27.00 to $30.00 and gave the company a "buy" rating in a research note on Monday, May 19th. Finally, Bank of America increased their price objective on ACADIA Pharmaceuticals from $18.00 to $23.00 and gave the stock a "hold" rating in a report on Thursday, June 5th. Six analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $26.79.

Insider Activity at ACADIA Pharmaceuticals

In other news, insider James Kihara sold 4,000 shares of the firm's stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $22.50, for a total value 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Laura Brege sold 14,446 shares of ACADIA Pharmaceuticals stock in a transaction dated Wednesday, June 4th. The stock was sold at an average price of $21.78, for a total value of $314,633.88. Following the completion of the transaction, the director now directly owns 15,095 shares of the company's stock, valued at approximately $328,769.10. This represents a 48.90% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 33,273 shares of company stock worth $653,182. 26.50% of the stock is currently owned by company insiders.

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.