The Manufacturers Life Insurance Company Invests $14.77 Million in ACADIA Pharmaceuticals Inc. $ACAD

Key Points

• The Manufacturers Life Insurance Company acquired 583,852 ACADIA Pharmaceuticals shares worth approximately $14.77 million, representing about 0.34% of the company. Institutional investors collectively own 96.71% of ACADIA.
• Analysts maintain a positive outlook, with 14 Buy ratings and four Holds producing a consensus “Moderate Buy” rating and an average price target of $34.36.
• ACADIA exceeded quarterly expectations, reporting $0.18 in earnings per share versus the $0.07 consensus and $308 million in revenue, up 16.4% year over year. Two executives also sold shares under a pre-arranged trading plan.

The Manufacturers Life Insurance Company acquired a new stake in shares of ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD - Free Report) during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm acquired 583,852 shares of the biopharmaceutical company's stock, valued at approximately $14,771,000. The Manufacturers Life Insurance Company owned approximately 0.34% of ACADIA Pharmaceuticals as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently bought and sold shares of ACAD. Nan Fung Group Holdings Ltd bought a new position in ACADIA Pharmaceuticals in the second quarter worth approximately $2,605,495. OMERS ADMINISTRATION Corp bought a new stake in ACADIA Pharmaceuticals during the 2nd quarter valued at $848,000. Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of ACADIA Pharmaceuticals in the 2nd quarter valued at $537,000. Emerald Investment Advisers LLC purchased a new position in shares of ACADIA Pharmaceuticals in the 2nd quarter valued at $3,333,000. Finally, Ieq Capital LLC purchased a new position in shares of ACADIA Pharmaceuticals in the 2nd quarter valued at $415,000. 96.71% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on ACAD. Royal Bank Of Canada upped their price objective on ACADIA Pharmaceuticals from $36.00 to $37.00 and gave the stock an "outperform" rating in a research note on Wednesday, August 5th. Stifel Nicolaus lifted their target price on ACADIA Pharmaceuticals from $24.00 to $25.00 and gave the company a "hold" rating in a research note on Tuesday, July 21st. Wall Street Zen upgraded shares of ACADIA Pharmaceuticals from a "hold" rating to a "buy" rating in a report on Saturday, August 8th. Deutsche Bank Aktiengesellschaft increased their price target on shares of ACADIA Pharmaceuticals from $37.00 to $38.00 and gave the company a "buy" rating in a research report on Tuesday. Finally, Oppenheimer raised their price target on shares of ACADIA Pharmaceuticals from $23.00 to $25.00 and gave the company a "market perform" rating in a report on Wednesday, August 5th. Fourteen research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat, ACADIA Pharmaceuticals presently has a consensus rating of "Moderate Buy" and a consensus target price of $34.36.

Insider Activity

In related news, EVP Elizabeth H.Z. Thompson sold 16,558 shares of the stock in a transaction that occurred on Thursday, July 30th. The shares were sold at an average price of $26.13, for a total value of $432,660.54. Following the completion of the transaction, the executive vice president directly owned 18,994 shares of the company's stock, valued at $496,313.22. This trade represents a 46.57% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Mark C. Schneyer sold 14,292 shares of ACADIA Pharmaceuticals stock in a transaction that occurred on Thursday, August 6th. The stock was sold at an average price of $29.22, for a total transaction of $417,612.24. Following the completion of the sale, the executive vice president owned 67,828 shares of the company's stock, valued at $1,981,934.16. This trade represents a 17.40% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 36,699 shares of company stock worth $1,019,894. Corporate insiders own 26.20% of the company's stock.

ACADIA Pharmaceuticals Price Performance

Shares of ACAD stock opened at $29.11 on Friday. ACADIA Pharmaceuticals Inc. has a 1-year low of $19.69 and a 1-year high of $30.96. The stock's fifty day moving average price is $26.79 and its 200 day moving average price is $23.67. The company has a market cap of $5.02 billion, a price-to-earnings ratio of 13.11, a price-to-earnings-growth ratio of 22.17 and a beta of 0.81.

ACADIA Pharmaceuticals (NASDAQ:ACAD - Get Free Report) last released its quarterly earnings results on Tuesday, August 4th. The biopharmaceutical company reported $0.18 EPS for the quarter, beating analysts' consensus estimates of $0.07 by $0.11. The company had revenue of $308.00 million during the quarter, compared to analysts' expectations of $296.55 million. ACADIA Pharmaceuticals had a return on equity of 9.03% and a net margin of 33.42%.The firm's revenue was up 16.4% compared to the same quarter last year. During the same period last year, the business posted $0.16 earnings per share. As a group, equities research analysts anticipate that ACADIA Pharmaceuticals Inc. will post 0.63 earnings per share for the current year.

ACADIA Pharmaceuticals Company 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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