Renaissance Technologies LLC Purchases 191,600 Shares of ACADIA Pharmaceuticals Inc. $ACAD

Key Points

• Renaissance Technologies increased its ACADIA Pharmaceuticals position by 12.5%, purchasing 191,600 shares to own 1.72 million shares valued at approximately $38.4 million. Institutional investors collectively hold 96.71% of the company.
• Analyst sentiment remains favorable, with 13 Buy, four Hold, and one Sell rating. ACADIA has a consensus “Moderate Buy” rating and an average price target of $33.17.
• ACADIA shares opened at $25.39, compared with a 52-week range of $19.69 to $28.35. In its latest quarter, revenue rose 9.7% year over year to $268.1 million, though earnings and revenue fell short of analyst expectations.

Renaissance Technologies LLC grew its position in ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD - Free Report) by 12.5% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 1,724,196 shares of the biopharmaceutical company's stock after buying an additional 191,600 shares during the period. Renaissance Technologies LLC owned approximately 1.01% of ACADIA Pharmaceuticals worth $38,381,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the company. Allspring Global Investments Holdings LLC increased its holdings in shares of ACADIA Pharmaceuticals by 25.4% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 658,813 shares of the biopharmaceutical company's stock worth $17,320,000 after purchasing an additional 133,393 shares in the last quarter. Norges Bank purchased a new position in shares of ACADIA Pharmaceuticals in the fourth quarter worth $40,266,000. Jupiter Asset Management Ltd. lifted its holdings in shares of ACADIA Pharmaceuticals by 30.4% during the fourth quarter. Jupiter Asset Management Ltd. now owns 621,049 shares of the biopharmaceutical company's stock valued at $16,588,000 after purchasing an additional 144,732 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of ACADIA Pharmaceuticals by 3.4% during the fourth quarter. Geode Capital Management LLC now owns 3,239,451 shares of the biopharmaceutical company's stock valued at $86,539,000 after purchasing an additional 106,807 shares in the last quarter. Finally, UBS Group AG boosted its position in shares of ACADIA Pharmaceuticals by 15.7% during the fourth quarter. UBS Group AG now owns 769,392 shares of the biopharmaceutical company's stock valued at $20,550,000 after buying an additional 104,546 shares during the last quarter. Hedge funds and other institutional investors own 96.71% of the company's stock.

Analyst Ratings Changes

A number of equities analysts have weighed in on the company. Deutsche Bank Aktiengesellschaft reissued a "buy" rating and issued a $37.00 target price on shares of ACADIA Pharmaceuticals in a research report on Monday, June 29th. Stifel Nicolaus raised their price target on shares of ACADIA Pharmaceuticals from $24.00 to $25.00 and gave the company a "hold" rating in a report on Tuesday, July 21st. Citigroup lifted their price target on shares of ACADIA Pharmaceuticals from $32.00 to $35.00 and gave the stock a "buy" rating in a research note on Monday, June 29th. HC Wainwright cut shares of ACADIA Pharmaceuticals from a "buy" rating to a "hold" rating in a report on Tuesday, June 30th. Finally, Bank of America increased their price objective on shares of ACADIA Pharmaceuticals from $29.00 to $30.00 and gave the company a "buy" rating in a research report on Tuesday, June 30th. Thirteen research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, ACADIA Pharmaceuticals currently has an average rating of "Moderate Buy" and a consensus target price of $33.17.

ACADIA Pharmaceuticals Stock Performance

Shares of NASDAQ:ACAD opened at $25.39 on Tuesday. The stock's 50-day simple moving average is $23.32 and its two-hundred day simple moving average is $23.22. The stock has a market capitalization of $4.35 billion, a price-to-earnings ratio of 11.54, a PEG ratio of 17.22 and a beta of 0.80. ACADIA Pharmaceuticals Inc. has a 52-week low of $19.69 and a 52-week high of $28.35.

ACADIA Pharmaceuticals (NASDAQ:ACAD - Get Free Report) last released its quarterly earnings results on Wednesday, May 6th. The biopharmaceutical company reported $0.02 EPS for the quarter, missing the consensus estimate of $0.04 by ($0.02). ACADIA Pharmaceuticals had a net margin of 34.30% and a return on equity of 9.61%. The business had revenue of $268.10 million for the quarter, compared to analysts' expectations of $280.25 million. During the same period in the previous year, the company earned $0.11 EPS. ACADIA Pharmaceuticals's revenue for the quarter was up 9.7% compared to the same quarter last year. As a group, equities analysts forecast that ACADIA Pharmaceuticals Inc. will post 0.39 earnings per share for the current fiscal year.

Insider Activity at ACADIA Pharmaceuticals

In other news, insider James Kihara sold 5,401 shares of the business's stock in a transaction on 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 of the company's stock, valued at $519,100.62. The trade was a 18.06% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Mark C. Schneyer sold 3,506 shares of the company's stock in a transaction on Monday, May 4th. The stock was sold at an average price of $21.79, for a total value of $76,395.74. Following the completion of the sale, the executive vice president owned 66,145 shares of the company's stock, valued at $1,441,299.55. This trade represents a 5.03% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 10,239 shares of company stock valued at $219,813 over the last 90 days. 26.20% of the stock is currently owned by company insiders.

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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