Summit Global Investments Reduces Stock Holdings in ACADIA Pharmaceuticals Inc. $ACAD

Summit Global Investments lowered its stake in shares of ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD) by 55.1% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 10,751 shares of the biopharmaceutical company’s stock after selling 13,183 shares during the quarter. Summit Global Investments’ holdings in ACADIA Pharmaceuticals were worth $232,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also modified their holdings of ACAD. Vanguard Group Inc. grew its position in shares of ACADIA Pharmaceuticals by 9.0% in the 1st quarter. Vanguard Group Inc. now owns 15,203,234 shares of the biopharmaceutical company’s stock valued at $252,526,000 after buying an additional 1,255,594 shares during the last quarter. Geode Capital Management LLC grew its holdings in shares of ACADIA Pharmaceuticals by 2.4% during the second quarter. Geode Capital Management LLC now owns 3,024,097 shares of the biopharmaceutical company’s stock worth $65,238,000 after purchasing an additional 69,584 shares during the last quarter. Fred Alger Management LLC increased its position in shares of ACADIA Pharmaceuticals by 2.0% during the first quarter. Fred Alger Management LLC now owns 2,769,828 shares of the biopharmaceutical company’s stock worth $46,007,000 after purchasing an additional 54,899 shares in the last quarter. Jacobs Levy Equity Management Inc. lifted its holdings in shares of ACADIA Pharmaceuticals by 73.7% in the 1st quarter. Jacobs Levy Equity Management Inc. now owns 1,977,432 shares of the biopharmaceutical company’s stock valued at $32,845,000 after purchasing an additional 838,728 shares during the last quarter. Finally, American Century Companies Inc. lifted its holdings in shares of ACADIA Pharmaceuticals by 1,055.8% in the 1st quarter. American Century Companies Inc. now owns 1,632,749 shares of the biopharmaceutical company’s stock valued at $27,120,000 after purchasing an additional 1,491,484 shares during the last quarter. Institutional investors and hedge funds own 96.71% of the company’s stock.

Analyst Ratings Changes

Several research analysts have commented on the company. Deutsche Bank Aktiengesellschaft set a $29.00 price target on ACADIA Pharmaceuticals in a research report on Thursday, September 25th. Wall Street Zen raised shares of ACADIA Pharmaceuticals from a “hold” rating to a “buy” rating in a report on Saturday, November 8th. UBS Group increased their price target on shares of ACADIA Pharmaceuticals from $36.00 to $39.00 and gave the stock a “buy” rating in a research note on Tuesday, September 9th. Mizuho upped their target price on shares of ACADIA Pharmaceuticals from $23.00 to $24.00 and gave the company a “neutral” rating in a report on Thursday, August 7th. Finally, Citigroup assumed coverage on shares of ACADIA Pharmaceuticals in a research note on Tuesday, October 21st. They set a “buy” rating and a $33.00 target price for the company. One investment analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, ACADIA Pharmaceuticals has a consensus rating of “Moderate Buy” and an average price target of $28.83.

ACADIA Pharmaceuticals Trading Up 1.7%

NASDAQ ACAD opened at $24.81 on Thursday. The stock has a market capitalization of $4.20 billion, a price-to-earnings ratio of 18.65, a PEG ratio of 7.90 and a beta of 0.80. The business’s 50 day moving average is $22.33 and its two-hundred day moving average is $22.73. ACADIA Pharmaceuticals Inc. has a 12-month low of $13.40 and a 12-month high of $26.65.

ACADIA Pharmaceuticals (NASDAQ:ACAD) last posted its quarterly earnings results on Wednesday, November 5th. The biopharmaceutical company reported $0.42 earnings per share for the quarter, beating analysts’ consensus estimates of $0.14 by $0.28. The firm had revenue of $278.63 million for the quarter, compared to the consensus estimate of $276.52 million. ACADIA Pharmaceuticals had a return on equity of 14.69% and a net margin of 21.80%.The company’s revenue for the quarter was up 11.3% compared to the same quarter last year. During the same period in the previous year, the business earned $0.20 earnings per share. ACADIA Pharmaceuticals has set its FY 2025 guidance at EPS. Equities analysts forecast that ACADIA Pharmaceuticals Inc. will post 0.7 earnings per share for the current fiscal year.

Insider Buying and Selling at ACADIA Pharmaceuticals

In related news, EVP Mark C. Schneyer sold 10,262 shares of the company’s stock in a transaction that occurred on Tuesday, November 18th. The stock was sold at an average price of $23.69, for a total value of $243,106.78. Following the sale, the executive vice president owned 53,338 shares of the company’s stock, valued at approximately $1,263,577.22. This represents a 16.14% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider James Kihara sold 4,084 shares of the company’s stock in a transaction dated Tuesday, November 18th. The shares were sold at an average price of $23.69, for a total transaction of $96,749.96. Following the completion of the transaction, the insider owned 25,058 shares in the company, valued at approximately $593,624.02. This trade represents a 14.01% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 49,444 shares of company stock valued at $1,135,252. Company insiders own 26.50% of the company’s stock.

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.