Pictet Asset Management Holding SA Buys 84,055 Shares of ACADIA Pharmaceuticals Inc. $ACAD

Key Points

• Pictet Asset Management increased its stake in ACADIA Pharmaceuticals by 5.7%, buying 84,055 shares to own 1,547,103 shares (about 0.91% of the company) worth roughly $41.5 million.
• ACADIA posted a strong quarter, reporting EPS of $1.60 versus a $0.12 estimate and revenue of $298 million, while the stock trades around $22.20 with a market cap near $3.78 billion.
• Wall Street sentiment is broadly positive—Bank of America upgraded to a buy and JPMorgan raised its target to $34—giving ACADIA an average analyst rating of "Moderate Buy" and an average price target of $31.21.

Pictet Asset Management Holding SA grew its stake in shares of ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD - Free Report) by 5.7% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,547,103 shares of the biopharmaceutical company's stock after purchasing an additional 84,055 shares during the period. Pictet Asset Management Holding SA owned approximately 0.91% of ACADIA Pharmaceuticals worth $41,493,000 as of its most recent SEC filing.

A number of other large investors have also recently modified their holdings of the stock. UBS Group AG boosted its stake in shares of ACADIA Pharmaceuticals by 15.7% during the 4th quarter. UBS Group AG now owns 769,392 shares of the biopharmaceutical company's stock valued at $20,550,000 after purchasing an additional 104,546 shares in the last quarter. Concurrent Investment Advisors LLC boosted its stake in shares of ACADIA Pharmaceuticals by 168.3% during the 4th quarter. Concurrent Investment Advisors LLC now owns 43,457 shares of the biopharmaceutical company's stock valued at $1,161,000 after purchasing an additional 27,257 shares in the last quarter. Universal Beteiligungs und Servicegesellschaft mbH boosted its stake in shares of ACADIA Pharmaceuticals by 33.7% during the 4th quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 62,988 shares of the biopharmaceutical company's stock valued at $1,682,000 after purchasing an additional 15,894 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in shares of ACADIA Pharmaceuticals by 15.3% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 37,831 shares of the biopharmaceutical company's stock valued at $1,010,000 after buying an additional 5,031 shares in the last quarter. Finally, Merit Financial Group LLC bought a new stake in shares of ACADIA Pharmaceuticals during the 4th quarter valued at $1,053,000. Institutional investors own 96.71% of the company's stock.

ACADIA Pharmaceuticals Price Performance

Shares of ACADIA Pharmaceuticals stock opened at $22.20 on Thursday. The stock has a market cap of $3.78 billion, a price-to-earnings ratio of 9.69, a PEG ratio of 23.31 and a beta of 0.83. The firm's 50-day moving average is $22.23 and its 200 day moving average is $23.84. ACADIA Pharmaceuticals Inc. has a 1 year low of $14.18 and a 1 year high of $28.35.

ACADIA Pharmaceuticals (NASDAQ:ACAD - Get Free Report) last released its quarterly earnings data on Thursday, February 26th. The biopharmaceutical company reported $1.60 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.12 by $1.48. The business had revenue of $298.00 million for the quarter, compared to analysts' expectations of $292.54 million. ACADIA Pharmaceuticals had a return on equity of 12.49% and a net margin of 36.49%.The firm's quarterly revenue was up 9.4% on a year-over-year basis. During the same period in the prior year, the firm posted $0.86 EPS. On average, equities analysts expect that ACADIA Pharmaceuticals Inc. will post 0.45 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on ACAD. Bank of America upgraded shares of ACADIA Pharmaceuticals from a "neutral" rating to a "buy" rating and set a $29.00 target price on the stock in a report on Wednesday, March 25th. JPMorgan Chase & Co. boosted their target price on shares of ACADIA Pharmaceuticals from $31.00 to $34.00 and gave the company an "overweight" rating in a report on Wednesday, March 4th. Wall Street Zen cut shares of ACADIA Pharmaceuticals from a "buy" rating to a "hold" rating in a report on Saturday, January 31st. Stifel Nicolaus dropped their target price on shares of ACADIA Pharmaceuticals from $25.00 to $24.00 and set a "hold" rating on the stock in a report on Thursday, February 26th. Finally, Oppenheimer restated a "market perform" rating on shares of ACADIA Pharmaceuticals in a report on Friday, February 6th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $31.21.

Insider Activity at ACADIA Pharmaceuticals

In related news, EVP Jennifer J. Rhodes sold 6,950 shares of the company's stock in a transaction that occurred on Monday, February 9th. The stock was sold at an average price of $23.38, for a total value of $162,491.00. Following the transaction, the executive vice president directly owned 7,609 shares of the company's stock, valued at approximately $177,898.42. This represents a 47.74% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Mark C. Schneyer sold 2,709 shares of the company's stock in a transaction that occurred on Tuesday, April 7th. The shares were sold at an average price of $22.20, for a total value of $60,139.80. Following the completion of the transaction, the executive vice president directly owned 62,836 shares in the company, valued at $1,394,959.20. This trade represents a 4.13% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 10,689 shares of company stock worth $245,497 over the last ninety days. 28.30% of the stock is currently owned by insiders.

About ACADIA Pharmaceuticals

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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