Northern Trust Corp Increases Stock Position in ACADIA Pharmaceuticals Inc. $ACAD

Key Points

• Northern Trust Corp increased its stake in ACADIA Pharmaceuticals Inc. by 11.6% during the first quarter, owning 1,375,213 shares valued at approximately $22.8 million.
• ACADIA's recent quarterly earnings surpassed forecasts with earnings of $0.16 per share and revenue of $264.57 million, showing a year-over-year revenue increase of 9.4%.
• Research analysts have a consensus rating of "Moderate Buy" for ACADIA Pharmaceuticals, with an average price target of $28.88 from various analysts.

Northern Trust Corp boosted its stake in shares of ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD - Free Report) by 11.6% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,375,213 shares of the biopharmaceutical company's stock after buying an additional 142,847 shares during the quarter. Northern Trust Corp owned 0.82% of ACADIA Pharmaceuticals worth $22,842,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of the stock. GF Fund Management CO. LTD. boosted its stake in ACADIA Pharmaceuticals by 21.9% during the first quarter. GF Fund Management CO. LTD. now owns 4,260 shares of the biopharmaceutical company's stock worth $71,000 after buying an additional 766 shares during the period. Xponance Inc. boosted its stake in shares of ACADIA Pharmaceuticals by 14.1% in the first quarter. Xponance Inc. now owns 11,585 shares of the biopharmaceutical company's stock valued at $192,000 after purchasing an additional 1,434 shares during the period. Federated Hermes Inc. boosted its stake in shares of ACADIA Pharmaceuticals by 231.5% in the first quarter. Federated Hermes Inc. now owns 2,317 shares of the biopharmaceutical company's stock valued at $38,000 after purchasing an additional 1,618 shares during the period. Exchange Traded Concepts LLC purchased a new position in shares of ACADIA Pharmaceuticals in the first quarter valued at approximately $29,000. Finally, Picton Mahoney Asset Management purchased a new position in shares of ACADIA Pharmaceuticals in the first quarter valued at approximately $32,000. Hedge funds and other institutional investors own 96.71% of the company's stock.

ACADIA Pharmaceuticals Stock Down 0.9%

Shares of ACADIA Pharmaceuticals stock opened at $25.99 on Monday. ACADIA Pharmaceuticals Inc. has a 52-week low of $13.40 and a 52-week high of $26.65. The company has a 50 day moving average of $23.35 and a 200 day moving average of $19.96. The company has a market capitalization of $4.38 billion, a P/E ratio of 19.54, a P/E/G ratio of 6.62 and a beta of 0.75.

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

Insider Buying and Selling

In other ACADIA Pharmaceuticals news, Director Laura Brege sold 14,446 shares of the firm's stock in a transaction that occurred on Wednesday, June 4th. The shares were sold at an average price of $21.78, for a total transaction of $314,633.88. Following 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 document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Mark C. Schneyer sold 22,000 shares of the firm's stock in a transaction that occurred on Monday, August 18th. The stock was sold at an average price of $25.18, for a total transaction of $553,960.00. Following the sale, the executive vice president directly owned 40,130 shares in the company, valued at approximately $1,010,473.40. The trade was a 35.41% decrease in their position. The disclosure for this sale can be found here. 28.30% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

ACAD has been the subject of several recent research reports. Mizuho raised their price objective on shares of ACADIA Pharmaceuticals from $23.00 to $24.00 and gave the company a "neutral" rating in a research note on Thursday, August 7th. HC Wainwright reissued a "buy" rating and issued a $32.00 price objective on shares of ACADIA Pharmaceuticals in a research note on Thursday, June 26th. JPMorgan Chase & Co. raised their price objective on shares of ACADIA Pharmaceuticals from $30.00 to $34.00 and gave the company an "overweight" rating in a research note on Thursday, July 24th. Deutsche Bank Aktiengesellschaft raised shares of ACADIA Pharmaceuticals from a "hold" rating to a "buy" rating and raised their price objective for the company from $20.00 to $35.00 in a research note on Wednesday, May 21st. Finally, Oppenheimer reiterated a "market perform" rating and issued a $22.00 price target (up previously from $19.00) on shares of ACADIA Pharmaceuticals in a research note on Thursday, June 26th. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, six have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, ACADIA Pharmaceuticals has an average rating of "Moderate Buy" and a consensus price target of $28.88.

ACADIA Pharmaceuticals Company 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.

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