Truist Financial Corp Increases Stock Position in ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD)

Truist Financial Corp increased its position in shares of ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD) by 16.0% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 50,006 shares of the biopharmaceutical company’s stock after buying an additional 6,887 shares during the period. Truist Financial Corp’s holdings in ACADIA Pharmaceuticals were worth $813,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in ACAD. Covestor Ltd increased its stake in shares of ACADIA Pharmaceuticals by 70.5% in the first quarter. Covestor Ltd now owns 2,032 shares of the biopharmaceutical company’s stock worth $38,000 after buying an additional 840 shares during the last quarter. Headlands Technologies LLC bought a new stake in shares of ACADIA Pharmaceuticals in the 1st quarter worth about $48,000. Stonepine Capital Management LLC acquired a new stake in shares of ACADIA Pharmaceuticals in the 2nd quarter valued at about $81,000. Acadian Asset Management LLC bought a new position in shares of ACADIA Pharmaceuticals during the second quarter worth about $111,000. Finally, Quarry LP increased its holdings in ACADIA Pharmaceuticals by 34.3% in the second quarter. Quarry LP now owns 8,055 shares of the biopharmaceutical company’s stock valued at $131,000 after buying an additional 2,055 shares during the last quarter. Institutional investors and hedge funds own 96.71% of the company’s stock.

Insider Buying and Selling

In other ACADIA Pharmaceuticals news, COO Brendan Teehan sold 9,534 shares of ACADIA Pharmaceuticals stock in a transaction that occurred on Monday, August 19th. The shares were sold at an average price of $15.28, for a total value of $145,679.52. Following the completion of the sale, the chief operating officer now directly owns 52,177 shares in the company, valued at $797,264.56. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CEO Stephen Davis sold 31,747 shares of the stock in a transaction dated Monday, August 19th. The stock was sold at an average price of $15.28, for a total transaction of $485,094.16. Following the transaction, the chief executive officer now owns 186,555 shares of the company’s stock, valued at approximately $2,850,560.40. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, COO Brendan Teehan sold 9,534 shares of the firm’s stock in a transaction that occurred on Monday, August 19th. The shares were sold at an average price of $15.28, for a total value of $145,679.52. Following the completion of the transaction, the chief operating officer now directly owns 52,177 shares in the company, valued at $797,264.56. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 51,014 shares of company stock worth $779,494. Insiders own 28.30% of the company’s stock.

ACADIA Pharmaceuticals Stock Up 0.5 %

ACADIA Pharmaceuticals stock opened at $14.99 on Tuesday. ACADIA Pharmaceuticals Inc. has a 12 month low of $14.31 and a 12 month high of $32.59. The stock has a market cap of $2.48 billion, a P/E ratio of -1,499.00, a P/E/G ratio of 0.49 and a beta of 0.38. The company’s fifty day simple moving average is $15.75 and its 200-day simple moving average is $16.29.

ACADIA Pharmaceuticals (NASDAQ:ACAD) last issued its earnings results on Tuesday, August 6th. The biopharmaceutical company reported $0.20 EPS for the quarter, beating analysts’ consensus estimates of $0.18 by $0.02. ACADIA Pharmaceuticals had a return on equity of 6.89% and a net margin of 3.43%. The firm had revenue of $241.96 million for the quarter, compared to the consensus estimate of $235.95 million. During the same quarter in the previous year, the company posted $0.01 earnings per share. The business’s quarterly revenue was up 46.4% compared to the same quarter last year. On average, equities research analysts expect that ACADIA Pharmaceuticals Inc. will post 0.52 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the stock. StockNews.com upgraded shares of ACADIA Pharmaceuticals from a “buy” rating to a “strong-buy” rating in a research report on Friday, September 13th. BMO Capital Markets assumed coverage on ACADIA Pharmaceuticals in a report on Thursday, June 27th. They set an “outperform” rating and a $31.00 target price for the company. Royal Bank of Canada cut their price target on ACADIA Pharmaceuticals from $29.00 to $26.00 and set an “outperform” rating on the stock in a report on Wednesday, August 7th. Raymond James restated a “market perform” rating on shares of ACADIA Pharmaceuticals in a research note on Thursday, October 10th. Finally, Cantor Fitzgerald cut their target price on ACADIA Pharmaceuticals from $37.00 to $28.00 and set an “overweight” rating on the stock in a research note on Wednesday, August 7th. Six analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $25.56.

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.