Allspring Global Investments Holdings LLC Has $5.07 Million Stake in ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD)

Allspring Global Investments Holdings LLC raised its position in shares of ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD) by 645.7% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 310,332 shares of the biopharmaceutical company’s stock after purchasing an additional 268,714 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in ACADIA Pharmaceuticals were worth $5,065,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its position in shares of ACADIA Pharmaceuticals by 0.8% in the fourth quarter. Vanguard Group Inc. now owns 13,947,640 shares of the biopharmaceutical company’s stock worth $255,939,000 after buying an additional 104,444 shares during the period. Assenagon Asset Management S.A. acquired a new position in ACADIA Pharmaceuticals during the first quarter valued at $60,845,000. First Trust Advisors LP lifted its stake in ACADIA Pharmaceuticals by 27.0% in the 4th quarter. First Trust Advisors LP now owns 2,700,125 shares of the biopharmaceutical company’s stock worth $49,547,000 after acquiring an additional 574,251 shares in the last quarter. Point72 Asset Management L.P. acquired a new stake in ACADIA Pharmaceuticals during the 4th quarter worth about $40,935,000. Finally, Norges Bank acquired a new stake in ACADIA Pharmaceuticals during the 4th quarter worth about $25,555,000. 96.71% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on ACAD. Mizuho upped their target price on ACADIA Pharmaceuticals from $20.00 to $23.00 and gave the company a “neutral” rating in a report on Monday, May 19th. Morgan Stanley set a $24.00 price objective on shares of ACADIA Pharmaceuticals and gave the company an “equal weight” rating in a research report on Tuesday, May 20th. Robert W. Baird upped their price objective on shares of ACADIA Pharmaceuticals from $28.00 to $31.00 and gave the company an “outperform” rating in a research note on Monday, May 19th. Cantor Fitzgerald upgraded shares of ACADIA Pharmaceuticals to a “strong-buy” rating in a research report on Thursday, June 5th. Finally, HC Wainwright reissued a “buy” rating and set a $32.00 target price on shares of ACADIA Pharmaceuticals in a research note on Thursday, June 26th. Six equities research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $27.88.

Insider Buying and Selling

In other ACADIA Pharmaceuticals news, insider James Kihara sold 4,000 shares of the company’s stock in a transaction that occurred on Friday, May 16th. The stock was sold at an average price of $22.50, for a total transaction of $90,000.00. Following the completion of the sale, the insider owned 20,395 shares of the company’s stock, valued at $458,887.50. This represents a 16.40% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Laura Brege sold 14,446 shares of ACADIA Pharmaceuticals stock in a transaction that occurred on Wednesday, June 4th. The shares were sold at an average price of $21.78, for a total transaction of $314,633.88. Following the completion of the transaction, the director directly owned 15,095 shares in the company, valued at approximately $328,769.10. This represents a 48.90% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 29,007 shares of company stock worth $580,446. 26.50% of the stock is currently owned by insiders.

ACADIA Pharmaceuticals Price Performance

ACADIA Pharmaceuticals stock opened at $20.95 on Friday. The company has a market capitalization of $3.51 billion, a price-to-earnings ratio of 15.29, a PEG ratio of 4.51 and a beta of 0.64. ACADIA Pharmaceuticals Inc. has a one year low of $13.40 and a one year high of $25.23. The company’s fifty day moving average price is $20.26 and its two-hundred day moving average price is $18.36.

ACADIA Pharmaceuticals (NASDAQ:ACAD) last announced its quarterly earnings results on Wednesday, May 7th. The biopharmaceutical company reported $0.11 earnings per share for the quarter, topping analysts’ consensus estimates of $0.10 by $0.01. The company had revenue of $244.32 million during the quarter, compared to analysts’ expectations of $239.32 million. ACADIA Pharmaceuticals had a return on equity of 17.46% and a net margin of 22.97%. The business’s quarterly revenue was up 18.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.10 earnings per share. As a group, sell-side analysts anticipate that ACADIA Pharmaceuticals Inc. will post 0.7 earnings per share for the current year.

ACADIA Pharmaceuticals 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.