DnB Asset Management AS Cuts Position in ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD)

DnB Asset Management AS lessened its stake in ACADIA Pharmaceuticals Inc. (NASDAQ:ACADGet Rating) by 31.7% in the second quarter, HoldingsChannel.com reports. The firm owned 46,171 shares of the biopharmaceutical company’s stock after selling 21,471 shares during the quarter. DnB Asset Management AS’s holdings in ACADIA Pharmaceuticals were worth $651,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. Point72 Hong Kong Ltd increased its holdings in shares of ACADIA Pharmaceuticals by 664.7% in the 1st quarter. Point72 Hong Kong Ltd now owns 6,003 shares of the biopharmaceutical company’s stock valued at $145,000 after purchasing an additional 5,218 shares in the last quarter. Nisa Investment Advisors LLC purchased a new position in shares of ACADIA Pharmaceuticals in the 1st quarter valued at about $152,000. WMS Partners LLC purchased a new position in shares of ACADIA Pharmaceuticals in the 1st quarter valued at about $206,000. Kestra Advisory Services LLC acquired a new stake in ACADIA Pharmaceuticals in the 1st quarter valued at about $208,000. Finally, Bridgewater Associates LP acquired a new stake in ACADIA Pharmaceuticals in the 1st quarter valued at about $218,000. Hedge funds and other institutional investors own 92.48% of the company’s stock.

ACADIA Pharmaceuticals Stock Performance

ACAD opened at $17.07 on Thursday. The company’s 50 day simple moving average is $16.27 and its 200 day simple moving average is $18.50. ACADIA Pharmaceuticals Inc. has a 1 year low of $12.24 and a 1 year high of $28.06. The stock has a market capitalization of $2.76 billion, a PE ratio of -13.44 and a beta of 0.67.

ACADIA Pharmaceuticals (NASDAQ:ACADGet Rating) last posted its quarterly earnings results on Monday, August 8th. The biopharmaceutical company reported ($0.21) EPS for the quarter, beating the consensus estimate of ($0.25) by $0.04. ACADIA Pharmaceuticals had a negative net margin of 39.93% and a negative return on equity of 41.18%. The firm had revenue of $134.56 million for the quarter, compared to analyst estimates of $130.06 million. During the same quarter last year, the firm posted ($0.27) earnings per share. ACADIA Pharmaceuticals’s revenue for the quarter was up 16.8% compared to the same quarter last year. As a group, sell-side analysts expect that ACADIA Pharmaceuticals Inc. will post -1.3 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of equities research analysts recently commented on the stock. Oppenheimer lowered their price objective on shares of ACADIA Pharmaceuticals from $23.00 to $19.00 and set a “market perform” rating on the stock in a research note on Tuesday, June 21st. Mizuho lowered their price objective on shares of ACADIA Pharmaceuticals from $27.00 to $19.00 and set a “neutral” rating on the stock in a research note on Tuesday, August 9th. Cowen lowered their price objective on shares of ACADIA Pharmaceuticals from $32.00 to $21.00 and set an “outperform” rating on the stock in a research note on Monday, August 8th. The Goldman Sachs Group decreased their price target on shares of ACADIA Pharmaceuticals from $20.00 to $15.00 and set a “neutral” rating on the stock in a research note on Tuesday, August 9th. Finally, Royal Bank of Canada decreased their price target on shares of ACADIA Pharmaceuticals from $26.00 to $21.00 and set an “outperform” rating on the stock in a research note on Tuesday, August 9th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $22.72.

About ACADIA Pharmaceuticals

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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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