BlackRock Inc. Purchases Shares of 22,515,173 ACADIA Pharmaceuticals Inc. $ACAD

Key Points

• BlackRock acquired 22.5 million ACADIA Pharmaceuticals shares during the second quarter, valued at approximately $569.6 million and representing a 13.15% stake.
• Institutional investors own 96.71% of ACADIA, while the company recently reported quarterly EPS of $0.18 and revenue of $308 million, both exceeding analyst expectations.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $34.19 versus the reported share price of $29.50.

BlackRock Inc. acquired a new stake in ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD - Free Report) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 22,515,173 shares of the biopharmaceutical company's stock, valued at approximately $569,634,000. BlackRock Inc. owned 13.15% of ACADIA Pharmaceuticals as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently modified their holdings of ACAD. State Street Corp lifted its holdings in shares of ACADIA Pharmaceuticals by 9.0% during the fourth quarter. State Street Corp now owns 7,910,733 shares of the biopharmaceutical company's stock worth $211,296,000 after purchasing an additional 655,257 shares during the period. First Trust Advisors LP increased its holdings in ACADIA Pharmaceuticals by 47.3% in the 1st quarter. First Trust Advisors LP now owns 3,343,868 shares of the biopharmaceutical company's stock worth $74,435,000 after buying an additional 1,073,834 shares during the period. Geode Capital Management LLC increased its holdings in ACADIA Pharmaceuticals by 3.4% in 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 during the period. Dimensional Fund Advisors LP raised its position in ACADIA Pharmaceuticals by 8.0% during the 1st quarter. Dimensional Fund Advisors LP now owns 3,155,160 shares of the biopharmaceutical company's stock worth $70,222,000 after buying an additional 234,186 shares during the last quarter. Finally, Marshall Wace LLP raised its position in ACADIA Pharmaceuticals by 19.8% during the 3rd quarter. Marshall Wace LLP now owns 2,358,881 shares of the biopharmaceutical company's stock worth $50,339,000 after buying an additional 389,170 shares during the last quarter. 96.71% of the stock is currently owned by hedge funds and other institutional investors.

ACADIA Pharmaceuticals Stock Performance

Shares of NASDAQ:ACAD opened at $29.50 on Monday. ACADIA Pharmaceuticals Inc. has a 12-month low of $19.69 and a 12-month high of $30.96. The company has a market capitalization of $5.08 billion, a PE ratio of 13.29, a PEG ratio of 23.23 and a beta of 0.81. The business has a 50 day moving average of $25.96 and a two-hundred day moving average of $23.46.

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

Insiders Place Their Bets

In other news, EVP Elizabeth H.Z. Thompson sold 16,558 shares of the stock in a transaction that occurred on Thursday, July 30th. The stock was sold at an average price of $26.13, for a total transaction of $432,660.54. Following the transaction, the executive vice president owned 18,994 shares in the company, valued at $496,313.22. This trade represents a 46.57% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider James Kihara sold 5,401 shares of ACADIA Pharmaceuticals stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $21.18, for a total transaction of $114,393.18. Following the completion of the sale, the insider owned 24,509 shares in the company, valued at approximately $519,100.62. This trade represents a 18.06% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 42,100 shares of company stock worth $1,134,287. Company insiders own 26.20% of the company's stock.

Analysts Set New Price Targets

Several research firms have recently commented on ACAD. Oppenheimer upped their price objective on shares of ACADIA Pharmaceuticals from $23.00 to $25.00 and gave the company a "market perform" rating in a report on Wednesday, August 5th. Bank of America reissued a "buy" rating and set a $14.50 target price on shares of ACADIA Pharmaceuticals in a report on Wednesday, July 29th. Citigroup boosted their target price on shares of ACADIA Pharmaceuticals from $35.00 to $39.00 and gave the company a "buy" rating in a research report on Monday, August 10th. Wall Street Zen raised shares of ACADIA Pharmaceuticals from a "hold" rating to a "buy" rating in a report on Saturday, August 8th. Finally, HC Wainwright reaffirmed a "buy" rating on shares of ACADIA Pharmaceuticals in a report on Thursday, August 6th. Fourteen analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. Based on data from MarketBeat, ACADIA Pharmaceuticals currently has an average rating of "Moderate Buy" and a consensus target price of $34.19.

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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