Public Employees Retirement Association of Colorado Sells 1,527 Shares of ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD)

Public Employees Retirement Association of Colorado cut its stake in ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD) by 9.9% during the 2nd quarter, HoldingsChannel.com reports. The fund owned 13,821 shares of the biopharmaceutical company’s stock after selling 1,527 shares during the period. Public Employees Retirement Association of Colorado’s holdings in ACADIA Pharmaceuticals were worth $225,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in ACAD. Arizona State Retirement System boosted its stake in shares of ACADIA Pharmaceuticals by 2.2% in the 2nd quarter. Arizona State Retirement System now owns 29,983 shares of the biopharmaceutical company’s stock valued at $487,000 after purchasing an additional 655 shares during the last quarter. Commonwealth Equity Services LLC boosted its position in ACADIA Pharmaceuticals by 5.6% during the second quarter. Commonwealth Equity Services LLC now owns 14,770 shares of the biopharmaceutical company’s stock valued at $240,000 after acquiring an additional 778 shares during the last quarter. Swiss National Bank grew its holdings in ACADIA Pharmaceuticals by 0.4% during the 1st quarter. Swiss National Bank now owns 210,604 shares of the biopharmaceutical company’s stock worth $3,894,000 after acquiring an additional 800 shares during the period. Franklin Resources Inc. raised its position in shares of ACADIA Pharmaceuticals by 1.6% in the 4th quarter. Franklin Resources Inc. now owns 50,405 shares of the biopharmaceutical company’s stock worth $1,578,000 after acquiring an additional 803 shares in the last quarter. Finally, Covestor Ltd lifted its stake in shares of ACADIA Pharmaceuticals by 70.5% in the 1st quarter. Covestor Ltd now owns 2,032 shares of the biopharmaceutical company’s stock valued at $38,000 after purchasing an additional 840 shares during the period. Institutional investors and hedge funds own 96.71% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on ACAD. Morgan Stanley lowered shares of ACADIA Pharmaceuticals from an “overweight” rating to an “equal weight” rating and cut their target price for the stock from $28.00 to $20.00 in a research note on Wednesday, August 7th. Cantor Fitzgerald cut their price target on ACADIA Pharmaceuticals from $37.00 to $28.00 and set an “overweight” rating for the company in a research note on Wednesday, August 7th. UBS Group cut their target price on ACADIA Pharmaceuticals from $25.00 to $23.00 and set a “buy” rating on the stock in a research report on Thursday, August 8th. Royal Bank of Canada lowered their price target on ACADIA Pharmaceuticals from $29.00 to $26.00 and set an “outperform” rating for the company in a research report on Wednesday, August 7th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $27.00 price objective on shares of ACADIA Pharmaceuticals in a report on Thursday, August 8th. Five research 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 stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $25.56.

Insider Buying and Selling at ACADIA Pharmaceuticals

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 directly owns 186,555 shares in the company, valued at approximately $2,850,560.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other ACADIA Pharmaceuticals news, COO Brendan Teehan sold 9,534 shares of the business’s stock in a transaction 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 of the company’s stock, valued at $797,264.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Stephen Davis sold 31,747 shares of the firm’s stock in a transaction dated Monday, August 19th. The shares were sold at an average price of $15.28, for a total value of $485,094.16. Following the transaction, the chief executive officer now directly owns 186,555 shares in the company, valued at $2,850,560.40. The disclosure for this sale can be found here. Insiders have sold 51,014 shares of company stock worth $779,494 over the last 90 days. Corporate insiders own 28.30% of the company’s stock.

ACADIA Pharmaceuticals Stock Performance

Shares of ACAD opened at $15.69 on Friday. The stock’s 50-day simple moving average is $16.57 and its 200 day simple moving average is $16.58. ACADIA Pharmaceuticals Inc. has a 52-week low of $14.55 and a 52-week high of $32.59. The stock has a market capitalization of $2.59 billion, a price-to-earnings ratio of -1,569.00, a price-to-earnings-growth ratio of 0.55 and a beta of 0.40.

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