Summit Global Investments Buys New Stake in ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD)

Summit Global Investments bought a new stake in shares of ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 23,934 shares of the biopharmaceutical company's stock, valued at approximately $398,000.

Several other institutional investors also recently modified their holdings of ACAD. Barclays PLC increased its stake in ACADIA Pharmaceuticals by 126.2% in the 3rd quarter. Barclays PLC now owns 277,565 shares of the biopharmaceutical company's stock worth $4,269,000 after purchasing an additional 154,854 shares in the last quarter. Proficio Capital Partners LLC purchased a new position in ACADIA Pharmaceuticals during the 4th quarter worth approximately $272,000. Vanguard Group Inc. lifted its holdings in shares of ACADIA Pharmaceuticals by 0.8% in the fourth quarter. Vanguard Group Inc. now owns 13,947,640 shares of the biopharmaceutical company's stock valued at $255,939,000 after purchasing an additional 104,444 shares in the last quarter. Victory Capital Management Inc. raised its position in ACADIA Pharmaceuticals by 66.9% during the fourth quarter. Victory Capital Management Inc. now owns 162,125 shares of the biopharmaceutical company's stock valued at $2,975,000 after buying an additional 64,995 shares during the period. Finally, Principal Financial Group Inc. boosted its position in ACADIA Pharmaceuticals by 10.9% during the 4th quarter. Principal Financial Group Inc. now owns 143,694 shares of the biopharmaceutical company's stock worth $2,637,000 after acquiring an additional 14,143 shares during the period. Institutional investors own 96.71% of the company's stock.

Analyst Upgrades and Downgrades

ACAD has been the subject of a number of research reports. Needham & Company LLC lifted their target price on shares of ACADIA Pharmaceuticals from $27.00 to $30.00 and gave the company a "buy" rating in a research note on Monday, May 19th. Robert W. Baird increased their price objective on ACADIA Pharmaceuticals from $28.00 to $31.00 and gave the stock an "outperform" rating in a report on Monday, May 19th. Oppenheimer reaffirmed a "market perform" rating on shares of ACADIA Pharmaceuticals in a research report on Friday, May 16th. Cantor Fitzgerald restated an "overweight" rating and set a $28.00 price target on shares of ACADIA Pharmaceuticals in a research note on Thursday, February 27th. Finally, Morgan Stanley set a $24.00 target price on shares of ACADIA Pharmaceuticals and gave the stock an "equal weight" rating in a research report on Tuesday, May 20th. Five investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $26.83.

Insider Buying and Selling

In other ACADIA Pharmaceuticals news, insider James Kihara sold 4,000 shares of the firm's stock in a transaction that occurred on Friday, May 16th. The stock was sold at an average price of $22.50, for a total value of $90,000.00. Following the completion of the sale, the insider now owns 20,395 shares in the company, valued at approximately $458,887.50. This trade represents a 16.40% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Mark C. Schneyer sold 3,498 shares of the business's stock in a transaction that occurred on Friday, May 2nd. The shares were sold at an average price of $14.60, for a total value of $51,070.80. Following the sale, the executive vice president now owns 62,773 shares in the company, valued at approximately $916,485.80. This represents a 5.28% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 23,746 shares of company stock valued at $428,221. 26.50% of the stock is owned by company insiders.

ACADIA Pharmaceuticals Stock Performance

Shares of NASDAQ:ACAD traded up $0.51 during midday trading on Tuesday, hitting $21.98. The company's stock had a trading volume of 1,365,765 shares, compared to its average volume of 1,934,259. The stock's 50 day simple moving average is $16.96 and its 200 day simple moving average is $17.51. The stock has a market capitalization of $3.68 billion, a price-to-earnings ratio of 28.18 and a beta of 0.47. ACADIA Pharmaceuticals Inc. has a fifty-two week low of $13.40 and a fifty-two week high of $25.23.

ACADIA Pharmaceuticals (NASDAQ:ACAD - Get Free Report) last released its earnings results on Wednesday, May 7th. The biopharmaceutical company reported $0.11 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.10 by $0.01. ACADIA Pharmaceuticals had a return on equity of 25.83% and a net margin of 13.83%. The firm had revenue of $244.32 million for the quarter, compared to analyst estimates of $239.32 million. During the same quarter last year, the firm posted $0.10 EPS. The company's revenue was up 18.7% on a year-over-year basis. As a group, analysts anticipate 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.