State of New Jersey Common Pension Fund D Sells 50,023 Shares of ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD)

State of New Jersey Common Pension Fund D lessened its stake in shares of ACADIA Pharmaceuticals Inc. (NASDAQ:ACADGet Rating) by 34.1% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 96,642 shares of the biopharmaceutical company’s stock after selling 50,023 shares during the period. State of New Jersey Common Pension Fund D owned about 0.06% of ACADIA Pharmaceuticals worth $2,341,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Lazard Asset Management LLC raised its stake in ACADIA Pharmaceuticals by 19.4% in the fourth quarter. Lazard Asset Management LLC now owns 3,115 shares of the biopharmaceutical company’s stock worth $72,000 after buying an additional 506 shares in the last quarter. Nisa Investment Advisors LLC bought a new position in ACADIA Pharmaceuticals in the first quarter worth approximately $152,000. Kestra Advisory Services LLC bought a new position in ACADIA Pharmaceuticals in the first quarter worth approximately $208,000. Busey Wealth Management bought a new position in ACADIA Pharmaceuticals in the first quarter worth approximately $315,000. Finally, Profit Investment Management LLC raised its stake in ACADIA Pharmaceuticals by 15.8% in the first quarter. Profit Investment Management LLC now owns 13,516 shares of the biopharmaceutical company’s stock worth $328,000 after buying an additional 1,844 shares in the last quarter. Institutional investors own 91.74% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the stock. Canaccord Genuity Group reduced their price objective on shares of ACADIA Pharmaceuticals from $31.00 to $20.00 in a research note on Wednesday, June 22nd. Jefferies Financial Group lowered shares of ACADIA Pharmaceuticals from a “buy” rating to an “underperform” rating and cut their price target for the stock from $25.00 to $10.00 in a report on Tuesday, June 21st. Morgan Stanley cut their price target on shares of ACADIA Pharmaceuticals from $24.00 to $22.00 and set an “equal weight” rating on the stock in a report on Friday, July 15th. HC Wainwright cut their price target on shares of ACADIA Pharmaceuticals from $36.00 to $20.00 and set a “buy” rating on the stock in a report on Tuesday, June 21st. Finally, JPMorgan Chase & Co. lowered shares of ACADIA Pharmaceuticals from an “overweight” rating to a “neutral” rating in a report on Tuesday, June 21st. One analyst has rated the stock with a sell rating, nine have issued a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $24.82.

ACADIA Pharmaceuticals Price Performance

NASDAQ ACAD opened at $15.01 on Wednesday. The company has a market capitalization of $2.43 billion, a PE ratio of -11.29 and a beta of 0.71. The company has a fifty day moving average of $15.80 and a 200 day moving average of $20.34. ACADIA Pharmaceuticals Inc. has a 1 year low of $12.24 and a 1 year high of $28.06.

ACADIA Pharmaceuticals (NASDAQ:ACADGet Rating) last posted its earnings results on Wednesday, May 4th. The biopharmaceutical company reported ($0.70) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.49) by ($0.21). The business had revenue of $115.47 million for the quarter, compared to analyst estimates of $122.22 million. ACADIA Pharmaceuticals had a negative net margin of 43.50% and a negative return on equity of 40.52%. The company’s revenue for the quarter was up 8.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.42) earnings per share. Research analysts expect that ACADIA Pharmaceuticals Inc. will post -1.4 earnings per share for the current year.

ACADIA Pharmaceuticals Company Profile

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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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Institutional Ownership by Quarter for ACADIA Pharmaceuticals (NASDAQ:ACAD)

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