Public Sector Pension Investment Board Acquires Shares of 390,431 ACADIA Pharmaceuticals Inc. $ACAD

Key Points

• The Public Sector Pension Investment Board acquired 390,431 shares of ACADIA Pharmaceuticals, valued at approximately $6.49 million, representing a 0.23% stake in the company.
• ACADIA Pharmaceuticals reported an earnings per share (EPS) of $0.16 for the last quarter, exceeding analysts' expectations, and had a revenue of $264.57 million, marking a 9.4% year-over-year increase.
• Analysts have a consensus rating of "Moderate Buy" for ACADIA Pharmaceuticals, with an average target price of $28.88, while several firms have raised their price targets significantly in recent months.

Public Sector Pension Investment Board bought a new stake in ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD - Free Report) in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 390,431 shares of the biopharmaceutical company's stock, valued at approximately $6,485,000. Public Sector Pension Investment Board owned about 0.23% of ACADIA Pharmaceuticals at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of the company. Nuveen LLC bought a new position in ACADIA Pharmaceuticals in the first quarter valued at about $21,630,000. Invesco Ltd. raised its position in ACADIA Pharmaceuticals by 42.8% in the first quarter. Invesco Ltd. now owns 731,576 shares of the biopharmaceutical company's stock valued at $12,151,000 after purchasing an additional 219,256 shares during the last quarter. Maryland State Retirement & Pension System bought a new position in ACADIA Pharmaceuticals in the first quarter valued at about $597,000. Mutual of America Capital Management LLC bought a new position in ACADIA Pharmaceuticals in the first quarter valued at about $298,000. Finally, CM Management LLC raised its position in ACADIA Pharmaceuticals by 7.1% in the first quarter. CM Management LLC now owns 75,000 shares of the biopharmaceutical company's stock valued at $1,246,000 after purchasing an additional 5,000 shares during the last quarter. 96.71% of the stock is currently owned by institutional investors.

Insider Activity at ACADIA Pharmaceuticals

In related news, 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 completion of the sale, the executive vice president owned 40,130 shares of the company's stock, valued at $1,010,473.40. This trade represents a 35.41% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Laura Brege sold 14,446 shares of the firm's stock in a transaction that occurred on Wednesday, June 4th. The stock was sold at an average price of $21.78, for a total value of $314,633.88. Following the sale, the director directly owned 15,095 shares of the company's stock, valued at $328,769.10. This represents a 48.90% decrease in their position. The disclosure for this sale can be found here. Company insiders own 26.50% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have commented on ACAD. Deutsche Bank Aktiengesellschaft upgraded ACADIA Pharmaceuticals from a "hold" rating to a "buy" rating and increased their target price for the company from $20.00 to $35.00 in a research report on Wednesday, May 21st. Needham & Company LLC reiterated a "buy" rating and issued a $30.00 target price on shares of ACADIA Pharmaceuticals in a research report on Thursday, June 26th. Robert W. Baird increased their price target on ACADIA Pharmaceuticals from $28.00 to $31.00 and gave the company an "outperform" rating in a research note on Monday, May 19th. Bank of America increased their price target on ACADIA Pharmaceuticals from $18.00 to $23.00 and gave the company a "hold" rating in a research note on Thursday, June 5th. Finally, UBS Group increased their price target on ACADIA Pharmaceuticals from $32.00 to $36.00 and gave the company a "buy" rating in a research note on Friday, August 8th. One equities research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $28.88.

ACADIA Pharmaceuticals Stock Performance

Shares of ACAD stock traded down $0.16 on Thursday, hitting $24.78. The company had a trading volume of 998,947 shares, compared to its average volume of 1,864,995. The stock's 50-day moving average is $22.94 and its two-hundred day moving average is $19.66. ACADIA Pharmaceuticals Inc. has a twelve month low of $13.40 and a twelve month high of $25.88. The firm has a market cap of $4.18 billion, a P/E ratio of 18.63, a P/E/G ratio of 6.35 and a beta of 0.70.

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

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.