Assenagon Asset Management S.A. Sells 57,075 Shares of ACADIA Pharmaceuticals Inc. $ACAD

Key Points

• Assenagon Asset Management cut its ACADIA Pharmaceuticals position by 73.1% in the second quarter, selling 57,075 shares and retaining 21,052 shares valued at approximately $533,000. Institutional investors and hedge funds collectively own 96.71% of the company.
• ACADIA reported quarterly EPS of $0.18, beating the $0.07 consensus estimate, while revenue rose 16.4% year over year to $308 million. Two executives also sold shares recently, contributing to $1.13 million in insider sales over the past 90 days.
• Analyst sentiment remains positive, with 14 Buy ratings and three Holds, producing a consensus “Moderate Buy” rating and an average price target of $33.69. Several firms recently raised their targets, including Needham to $41 and RBC to $37.

Assenagon Asset Management S.A. trimmed its position in ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD - Free Report) by 73.1% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 21,052 shares of the biopharmaceutical company's stock after selling 57,075 shares during the period. Assenagon Asset Management S.A.'s holdings in ACADIA Pharmaceuticals were worth $533,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Norges Bank acquired a new position in ACADIA Pharmaceuticals during the 4th quarter valued at about $40,266,000. Jupiter Asset Management Ltd. lifted its position in shares of ACADIA Pharmaceuticals by 30.4% during the 4th quarter. Jupiter Asset Management Ltd. now owns 621,049 shares of the biopharmaceutical company's stock worth $16,588,000 after buying an additional 144,732 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of ACADIA Pharmaceuticals by 3.4% during the 4th quarter. Geode Capital Management LLC now owns 3,239,451 shares of the biopharmaceutical company's stock worth $86,539,000 after buying an additional 106,807 shares in the last quarter. Bank of America Corp DE boosted its stake in shares of ACADIA Pharmaceuticals by 27.2% in the 1st quarter. Bank of America Corp DE now owns 1,553,770 shares of the biopharmaceutical company's stock worth $34,587,000 after buying an additional 332,325 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC boosted its stake in shares of ACADIA Pharmaceuticals by 44.9% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 954,855 shares of the biopharmaceutical company's stock worth $21,312,000 after buying an additional 296,042 shares during the last quarter. 96.71% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, EVP Mark C. Schneyer sold 14,292 shares of ACADIA Pharmaceuticals stock in a transaction that occurred on Thursday, August 6th. The stock was sold at an average price of $29.22, for a total transaction of $417,612.24. Following the sale, the executive vice president directly owned 67,828 shares in the company, valued at $1,981,934.16. The trade was a 17.40% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Elizabeth H.Z. Thompson sold 16,558 shares of the company's stock in a transaction on Thursday, July 30th. The stock was sold at an average price of $26.13, for a total value of $432,660.54. Following the completion of the sale, the executive vice president directly owned 18,994 shares in the company, valued at approximately $496,313.22. The trade was a 46.57% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 42,100 shares of company stock worth $1,134,287. 26.20% of the stock is currently owned by corporate insiders.

ACADIA Pharmaceuticals Price Performance

Shares of ACAD stock opened at $28.24 on Friday. The business has a 50-day moving average of $25.14 and a 200 day moving average of $23.35. ACADIA Pharmaceuticals Inc. has a 1-year low of $19.69 and a 1-year high of $29.85. The stock has a market capitalization of $4.87 billion, a PE ratio of 12.72, a P/E/G ratio of 22.24 and a beta of 0.81.

ACADIA Pharmaceuticals (NASDAQ:ACAD - Get Free Report) last announced its quarterly earnings results on Tuesday, August 4th. The biopharmaceutical company reported $0.18 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.07 by $0.11. ACADIA Pharmaceuticals had a return on equity of 9.03% and a net margin of 33.42%.The company had revenue of $308.00 million for the quarter, compared to the consensus estimate of $296.55 million. During the same quarter in the previous year, the business earned $0.16 EPS. ACADIA Pharmaceuticals's revenue was up 16.4% compared to the same quarter last year. Analysts anticipate that ACADIA Pharmaceuticals Inc. will post 0.59 EPS for the current year.

Analysts Set New Price Targets

Several research firms recently commented on ACAD. Needham & Company LLC upped their price objective on ACADIA Pharmaceuticals from $38.00 to $41.00 and gave the company a "buy" rating in a research note on Wednesday. HC Wainwright reissued a "buy" rating on shares of ACADIA Pharmaceuticals in a research report on Thursday, August 6th. Royal Bank Of Canada boosted their target price on ACADIA Pharmaceuticals from $36.00 to $37.00 and gave the company an "outperform" rating in a research note on Wednesday, August 5th. Canaccord Genuity Group upped their price target on ACADIA Pharmaceuticals from $32.00 to $36.00 and gave the company a "buy" rating in a research report on Monday, June 29th. Finally, Weiss Ratings upgraded ACADIA Pharmaceuticals from a "hold (c)" rating to a "hold (c+)" rating in a research note on Wednesday. Fourteen investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $33.69.

ACADIA Pharmaceuticals Profile

ACADIA Pharmaceuticals Inc is a biopharmaceutical company focused on the development and commercialization of innovative therapies for central nervous system (CNS) disorders. Established in 1993 and headquartered in San Diego, California, ACADIA's research centers concentrate on conditions with significant unmet medical needs, including Parkinson's disease psychosis, Alzheimer's disease psychosis, and schizophrenia. The company utilizes a range of scientific platforms, including selective receptor modulation and precision-targeted compounds, to advance its portfolio of small-molecule therapeutics.

The company's flagship product, NUPLAZID® (pimavanserin), received U.S.

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