Renaissance Technologies LLC Boosts Stock Position in ACADIA Pharmaceuticals Inc. $ACAD

Renaissance Technologies LLC lifted its stake in shares of ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD) by 12.5% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,724,196 shares of the biopharmaceutical company’s stock after acquiring an additional 191,600 shares during the quarter. Renaissance Technologies LLC’s holdings in ACADIA Pharmaceuticals were worth $38,381,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in ACAD. Allspring Global Investments Holdings LLC lifted its holdings in ACADIA Pharmaceuticals by 25.4% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 658,813 shares of the biopharmaceutical company’s stock valued at $17,320,000 after purchasing an additional 133,393 shares in the last quarter. Norges Bank purchased a new stake in shares of ACADIA Pharmaceuticals in the fourth quarter worth $40,266,000. Jupiter Asset Management Ltd. raised its position in shares of ACADIA Pharmaceuticals by 30.4% during the 4th 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 during the period. Geode Capital Management LLC raised its position in shares of ACADIA Pharmaceuticals by 3.4% during the 4th 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 during the period. Finally, UBS Group AG lifted its stake in shares of ACADIA Pharmaceuticals by 15.7% during the 4th 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 in the last quarter. 96.71% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at ACADIA Pharmaceuticals

In related news, insider James Kihara sold 5,401 shares of the firm’s stock in a transaction on Tuesday, May 26th. The shares were sold at an average price of $21.18, for a total value of $114,393.18. Following the completion of the transaction, the insider directly owned 24,509 shares of the company’s stock, valued at approximately $519,100.62. This trade represents a 18.06% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Mark C. Schneyer sold 3,506 shares of the business’s stock in a transaction on Monday, May 4th. The stock was sold at an average price of $21.79, for a total transaction of $76,395.74. Following the completion of the sale, the executive vice president owned 66,145 shares in the company, valued at $1,441,299.55. This represents a 5.03% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 10,239 shares of company stock valued at $219,813 in the last 90 days. 26.20% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

ACAD has been the subject of several recent analyst reports. BMO Capital Markets upped their target price on shares of ACADIA Pharmaceuticals from $34.00 to $36.00 and gave the stock an “outperform” rating in a report on Tuesday, July 21st. Deutsche Bank Aktiengesellschaft restated a “buy” rating and issued a $37.00 price objective on shares of ACADIA Pharmaceuticals in a research report on Monday, June 29th. HC Wainwright lowered ACADIA Pharmaceuticals from a “buy” rating to a “hold” rating in a research note on Tuesday, June 30th. Royal Bank Of Canada increased their target price on ACADIA Pharmaceuticals from $29.00 to $36.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 7th. Finally, 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. Thirteen analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company 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 company has a market cap of $4.35 billion, a P/E ratio of 11.54, a P/E/G ratio of 17.22 and a beta of 0.80. The firm’s fifty day moving average is $23.32 and its two-hundred day moving average is $23.22. ACADIA Pharmaceuticals Inc. has a 52-week low of $19.69 and a 52-week high of $28.35.

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