Maryland State Retirement & Pension System Purchases New Position in ACADIA Pharmaceuticals Inc. $ACAD

Maryland State Retirement & Pension System acquired a new stake in ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD - Free Report) during the first quarter, according to its most recent Form 13F filing with the SEC. The fund acquired 35,921 shares of the biopharmaceutical company's stock, valued at approximately $597,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Allspring Global Investments Holdings LLC boosted its holdings in ACADIA Pharmaceuticals by 645.7% in the first quarter. Allspring Global Investments Holdings LLC now owns 310,332 shares of the biopharmaceutical company's stock worth $5,065,000 after acquiring an additional 268,714 shares in the last quarter. GAMMA Investing LLC boosted its holdings in 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 acquiring an additional 3,030 shares in the last quarter. Concurrent Investment Advisors LLC bought a new position in ACADIA Pharmaceuticals in the first quarter worth approximately $247,000. Amalgamated Bank boosted its holdings in ACADIA Pharmaceuticals by 757.7% in the first quarter. Amalgamated Bank now owns 35,002 shares of the biopharmaceutical company's stock worth $581,000 after acquiring an additional 30,921 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its holdings in ACADIA Pharmaceuticals by 28.8% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,086,840 shares of the biopharmaceutical company's stock worth $19,932,000 after acquiring an additional 243,082 shares in the last quarter. 96.71% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages have commented on ACAD. Mizuho boosted their price objective on ACADIA Pharmaceuticals from $23.00 to $24.00 and gave the stock a "neutral" rating in a report on Thursday, August 7th. Wall Street Zen raised ACADIA Pharmaceuticals from a "hold" rating to a "buy" rating in a report on Saturday. Deutsche Bank Aktiengesellschaft raised ACADIA Pharmaceuticals from a "hold" rating to a "buy" rating and boosted their price objective for the stock from $20.00 to $35.00 in a report on Wednesday, May 21st. JPMorgan Chase & Co. boosted their price objective on ACADIA Pharmaceuticals from $30.00 to $34.00 and gave the stock an "overweight" rating in a report on Thursday, July 24th. Finally, Morgan Stanley set a $24.00 price objective on ACADIA Pharmaceuticals and gave the stock an "equal weight" rating in a report on Tuesday, May 20th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $28.88.

Insider Transactions at ACADIA Pharmaceuticals

In related news, Director Laura Brege sold 14,446 shares of ACADIA Pharmaceuticals stock in a transaction on Wednesday, June 4th. The stock was sold at an average price of $21.78, for a total transaction of $314,633.88. Following the completion of the sale, the director 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 28.30% of the company's stock.

ACADIA Pharmaceuticals Price Performance

Shares of ACADIA Pharmaceuticals stock traded down $0.13 during trading hours on Monday, reaching $25.20. The company had a trading volume of 1,061,571 shares, compared to its average volume of 2,180,455. The firm has a market cap of $4.25 billion, a PE ratio of 18.95, a price-to-earnings-growth ratio of 6.45 and a beta of 0.70. ACADIA Pharmaceuticals Inc. has a one year low of $13.40 and a one year high of $25.88. The business has a fifty day simple moving average of $22.72 and a 200 day simple moving average of $19.50.

ACADIA Pharmaceuticals (NASDAQ:ACAD - Get Free Report) last announced its quarterly earnings results on Wednesday, August 6th. The biopharmaceutical company reported $0.16 earnings per share for the quarter, beating the consensus estimate of $0.14 by $0.02. The company had revenue of $264.57 million during the quarter, compared to analysts' expectations of $263.07 million. ACADIA Pharmaceuticals had a return on equity of 14.69% and a net margin of 21.80%. The firm's quarterly revenue was up 9.4% compared to the same quarter last year. During the same period in the previous year, the business earned $0.20 earnings per share. On average, research analysts forecast that ACADIA Pharmaceuticals Inc. will post 0.7 EPS for the current year.

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.