Verity Asset Management Inc. Buys Shares of 11,668 ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD)

Verity Asset Management Inc. purchased a new position in shares of ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD) during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 11,668 shares of the biopharmaceutical company’s stock, valued at approximately $216,000.

A number of other institutional investors have also recently added to or reduced their stakes in ACAD. China Universal Asset Management Co. Ltd. grew its holdings in ACADIA Pharmaceuticals by 351.8% during the 4th quarter. China Universal Asset Management Co. Ltd. now owns 18,985 shares of the biopharmaceutical company’s stock worth $594,000 after acquiring an additional 14,783 shares during the period. DekaBank Deutsche Girozentrale grew its stake in shares of ACADIA Pharmaceuticals by 2.4% during the 4th quarter. DekaBank Deutsche Girozentrale now owns 94,553 shares of the biopharmaceutical company’s stock worth $2,925,000 after acquiring an additional 2,184 shares during the period. Mirae Asset Global Investments Co. Ltd. increased its stake in shares of ACADIA Pharmaceuticals by 5.5% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 85,780 shares of the biopharmaceutical company’s stock worth $2,686,000 after purchasing an additional 4,442 shares in the last quarter. Wakefield Asset Management LLLP purchased a new position in ACADIA Pharmaceuticals in the 4th quarter valued at approximately $1,108,000. Finally, Allspring Global Investments Holdings LLC grew its position in shares of ACADIA Pharmaceuticals by 17.6% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 147,099 shares of the biopharmaceutical company’s stock valued at $4,606,000 after purchasing an additional 22,008 shares in the last quarter. 96.71% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

ACAD has been the topic of a number of research analyst reports. Stifel Nicolaus reduced their target price on ACADIA Pharmaceuticals from $26.00 to $21.00 and set a “hold” rating on the stock in a research note on Thursday, May 9th. StockNews.com downgraded shares of ACADIA Pharmaceuticals from a “strong-buy” rating to a “buy” rating in a research report on Saturday. BMO Capital Markets assumed coverage on ACADIA Pharmaceuticals in a research report on Thursday, June 27th. They set an “outperform” rating and a $31.00 price objective for the company. HC Wainwright decreased their target price on shares of ACADIA Pharmaceuticals from $33.00 to $27.00 and set a “buy” rating for the company in a report on Thursday, May 9th. Finally, Morgan Stanley decreased their price target on ACADIA Pharmaceuticals from $30.00 to $28.00 and set an “overweight” rating for the company in a research note on Friday, July 12th. Four research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $28.59.

ACADIA Pharmaceuticals Price Performance

Shares of NASDAQ:ACAD traded down $0.22 during mid-day trading on Friday, reaching $18.77. 1,664,909 shares of the company traded hands, compared to its average volume of 1,923,054. ACADIA Pharmaceuticals Inc. has a 52 week low of $14.55 and a 52 week high of $32.59. The firm has a market cap of $3.10 billion, a PE ratio of -1,875.12 and a beta of 0.38. The company’s 50 day moving average price is $16.47 and its 200-day moving average price is $19.28.

ACADIA Pharmaceuticals (NASDAQ:ACAD) last announced its quarterly earnings data on Wednesday, May 8th. The biopharmaceutical company reported $0.10 EPS for the quarter, beating the consensus estimate of $0.04 by $0.06. ACADIA Pharmaceuticals had a negative return on equity of 0.41% and a negative net margin of 0.21%. The business had revenue of $205.83 million for the quarter, compared to the consensus estimate of $208.31 million. During the same period in the previous year, the business earned ($0.27) earnings per share. The business’s revenue was up 73.8% on a year-over-year basis. On average, research analysts predict that ACADIA Pharmaceuticals Inc. will post 0.58 earnings per share for the current fiscal 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.