Pictet Asset Management Ltd. lifted its stake in shares of ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD) by 26.3% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 358,500 shares of the biopharmaceutical company’s stock after acquiring an additional 74,700 shares during the quarter. Pictet Asset Management Ltd. owned approximately 0.25% of ACADIA Pharmaceuticals worth $9,583,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in ACAD. Geode Capital Management LLC grew its stake in ACADIA Pharmaceuticals by 16.7% during the fourth quarter. Geode Capital Management LLC now owns 1,244,939 shares of the biopharmaceutical company’s stock worth $20,130,000 after purchasing an additional 177,701 shares during the period. Bank of Montreal Can grew its stake in ACADIA Pharmaceuticals by 289.9% during the first quarter. Bank of Montreal Can now owns 53,038 shares of the biopharmaceutical company’s stock worth $1,424,000 after purchasing an additional 39,435 shares during the period. Rhumbline Advisers grew its stake in ACADIA Pharmaceuticals by 13.0% during the first quarter. Rhumbline Advisers now owns 150,068 shares of the biopharmaceutical company’s stock worth $4,029,000 after purchasing an additional 17,252 shares during the period. American International Group Inc. grew its stake in ACADIA Pharmaceuticals by 11.4% during the first quarter. American International Group Inc. now owns 72,216 shares of the biopharmaceutical company’s stock worth $1,939,000 after purchasing an additional 7,418 shares during the period. Finally, Parametrica Management Ltd acquired a new stake in ACADIA Pharmaceuticals during the first quarter worth approximately $219,000. 97.38% of the stock is owned by institutional investors and hedge funds.
Several equities research analysts recently commented on the company. Zacks Investment Research cut ACADIA Pharmaceuticals from a “buy” rating to a “hold” rating in a research note on Wednesday. Cowen reissued a “buy” rating and issued a $66.00 price objective on shares of ACADIA Pharmaceuticals in a research note on Monday, September 9th. Bank of America set a $31.00 price objective on ACADIA Pharmaceuticals and gave the company a “buy” rating in a research note on Wednesday, July 31st. BidaskClub cut ACADIA Pharmaceuticals from a “hold” rating to a “sell” rating in a research note on Saturday. Finally, Svb Leerink raised ACADIA Pharmaceuticals from a “market perform” rating to an “outperform” rating and raised their price objective for the company from $21.00 to $50.00 in a research note on Friday. One analyst has rated the stock with a sell rating, three have issued a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus target price of $45.86.
ACADIA Pharmaceuticals stock traded up $1.31 during mid-day trading on Friday, reaching $40.45. The stock had a trading volume of 2,609,058 shares, compared to its average volume of 2,504,109. The company has a debt-to-equity ratio of 0.02, a quick ratio of 6.79 and a current ratio of 6.85. ACADIA Pharmaceuticals Inc. has a fifty-two week low of $13.53 and a fifty-two week high of $43.98. The stock’s 50-day simple moving average is $28.44 and its 200-day simple moving average is $26.49. The firm has a market capitalization of $5.66 billion, a PE ratio of -20.85 and a beta of 2.75.
ACADIA Pharmaceuticals (NASDAQ:ACAD) last announced its quarterly earnings data on Wednesday, July 31st. The biopharmaceutical company reported ($0.38) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.46) by $0.08. ACADIA Pharmaceuticals had a negative return on equity of 70.97% and a negative net margin of 101.45%. The firm had revenue of $83.21 million during the quarter, compared to analysts’ expectations of $72.50 million. During the same quarter last year, the firm posted ($0.51) earnings per share. The company’s revenue for the quarter was up 45.8% compared to the same quarter last year. On average, research analysts forecast that ACADIA Pharmaceuticals Inc. will post -1.87 earnings per share for the current fiscal year.
In related news, Director James M. Daly sold 30,000 shares of ACADIA Pharmaceuticals stock in a transaction that occurred on Monday, September 9th. The stock was sold at an average price of $37.80, for a total transaction of $1,134,000.00. Following the transaction, the director now owns 30,000 shares of the company’s stock, valued at $1,134,000. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Eric Alejandro Miller sold 4,645 shares of ACADIA Pharmaceuticals stock in a transaction that occurred on Wednesday, September 11th. The shares were sold at an average price of $41.18, for a total value of $191,281.10. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 63,112 shares of company stock worth $2,449,443. 29.40% of the stock is owned by insiders.
ACADIA Pharmaceuticals Profile
ACADIA Pharmaceuticals Inc, a biopharmaceutical company, focuses on the development and commercialization of small molecule drugs that address unmet medical needs in central nervous system disorders. The company offers NUPLAZID (pimavanserin) for the treatment of hallucinations and delusions associated with Parkinson's disease psychosis.
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