Verity Asset Management Inc. Purchases New Stake in ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD)

Verity Asset Management Inc. acquired a new stake in shares of ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD) during the 1st quarter, Holdings Channel.com reports. The fund acquired 11,668 shares of the biopharmaceutical company’s stock, valued at approximately $216,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Norges Bank bought a new stake in ACADIA Pharmaceuticals during the 4th quarter valued at $45,187,000. Eventide Asset Management LLC acquired a new stake in shares of ACADIA Pharmaceuticals in the fourth quarter worth $25,342,000. M&G Investment Management Ltd. purchased a new position in ACADIA Pharmaceuticals during the 4th quarter valued at about $10,349,000. M&G Plc purchased a new position in ACADIA Pharmaceuticals during the first quarter valued at approximately $5,622,000. Finally, WCM Investment Management LLC purchased a new position in shares of ACADIA Pharmaceuticals during the 1st quarter valued at $5,215,000. 96.71% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research analysts recently weighed in on the company. Oppenheimer reissued a “market perform” rating and issued a $19.00 price objective on shares of ACADIA Pharmaceuticals in a research note on Monday, May 6th. Mizuho reduced their price objective on shares of ACADIA Pharmaceuticals from $25.00 to $21.00 and set a “neutral” rating for the company in a report on Thursday, May 9th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $29.00 price target on shares of ACADIA Pharmaceuticals in a research note on Tuesday, June 25th. BMO Capital Markets began coverage on shares of ACADIA Pharmaceuticals in a research note on Thursday, June 27th. They set an “outperform” rating and a $31.00 price objective on the stock. Finally, Citigroup lowered their target price on ACADIA Pharmaceuticals from $30.19 to $30.00 and set a “buy” rating for the company in a research note on Thursday, May 9th. Four equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $28.59.

ACADIA Pharmaceuticals Price Performance

Shares of ACADIA Pharmaceuticals stock traded down $0.22 during trading on Friday, hitting $18.77. 1,664,909 shares of the company were exchanged, compared to its average volume of 1,923,054. The firm has a market capitalization of $3.10 billion, a P/E ratio of -1,875.12 and a beta of 0.38. The firm’s fifty day moving average price is $16.47 and its 200 day moving average price is $19.28. ACADIA Pharmaceuticals Inc. has a 1-year low of $14.55 and a 1-year high of $32.59.

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

ACADIA Pharmaceuticals Company 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.