Assenagon Asset Management S.A. Has $589,000 Stake in ACADIA Pharmaceuticals Inc. $ACAD

Assenagon Asset Management S.A. decreased its stake in shares of ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD) by 98.4% during the 3rd quarter, Holdings Channel reports. The institutional investor owned 27,616 shares of the biopharmaceutical company’s stock after selling 1,683,979 shares during the period. Assenagon Asset Management S.A.’s holdings in ACADIA Pharmaceuticals were worth $589,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in ACAD. HighTower Advisors LLC acquired a new position in ACADIA Pharmaceuticals during the 1st quarter worth $445,000. Northern Trust Corp raised its position in shares of ACADIA Pharmaceuticals by 11.6% during the first quarter. Northern Trust Corp now owns 1,375,213 shares of the biopharmaceutical company’s stock worth $22,842,000 after acquiring an additional 142,847 shares during the last quarter. Quantbot Technologies LP acquired a new position in shares of ACADIA Pharmaceuticals during the first quarter valued at $52,000. Comerica Bank boosted its holdings in ACADIA Pharmaceuticals by 4,770.1% in the first quarter. Comerica Bank now owns 43,100 shares of the biopharmaceutical company’s stock valued at $716,000 after acquiring an additional 42,215 shares during the last quarter. Finally, Corebridge Financial Inc. boosted its holdings in ACADIA Pharmaceuticals by 5.2% in the first quarter. Corebridge Financial Inc. now owns 62,602 shares of the biopharmaceutical company’s stock valued at $1,040,000 after acquiring an additional 3,106 shares during the last quarter. Institutional investors and hedge funds own 96.71% of the company’s stock.

Insider Activity at ACADIA Pharmaceuticals

In related news, insider James Kihara sold 4,084 shares of the company’s stock in a transaction on Tuesday, November 18th. The shares were sold at an average price of $23.69, for a total value of $96,749.96. Following the completion of the transaction, the insider directly owned 25,058 shares of the company’s stock, valued at approximately $593,624.02. This represents a 14.01% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director James M. Daly sold 30,000 shares of the stock in a transaction dated Monday, November 10th. The stock was sold at an average price of $22.37, for a total value of $671,100.00. Following the transaction, the director owned 4,041 shares of the company’s stock, valued at approximately $90,397.17. This trade represents a 88.13% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 44,346 shares of company stock valued at $1,010,957. 26.50% of the stock is owned by corporate insiders.

ACADIA Pharmaceuticals Price Performance

NASDAQ:ACAD opened at $27.73 on Friday. The business’s 50-day simple moving average is $24.42 and its 200-day simple moving average is $23.55. ACADIA Pharmaceuticals Inc. has a fifty-two week low of $13.40 and a fifty-two week high of $28.35. The stock has a market capitalization of $4.69 billion, a PE ratio of 17.89, a price-to-earnings-growth ratio of 8.30 and a beta of 0.67.

ACADIA Pharmaceuticals (NASDAQ:ACAD) last posted its earnings results on Wednesday, November 5th. The biopharmaceutical company reported $0.42 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.14 by $0.28. ACADIA Pharmaceuticals had a return on equity of 14.61% and a net margin of 24.94%.The business had revenue of $278.63 million during the quarter, compared to analysts’ expectations of $276.52 million. During the same period in the prior year, the business earned $0.20 EPS. ACADIA Pharmaceuticals’s revenue for the quarter was up 11.3% compared to the same quarter last year. On average, research analysts expect that ACADIA Pharmaceuticals Inc. will post 0.7 earnings per share for the current year.

Analyst Ratings Changes

A number of analysts have commented on ACAD shares. UBS Group reaffirmed a “buy” rating and set a $35.00 target price on shares of ACADIA Pharmaceuticals in a report on Thursday, December 4th. Piper Sandler set a $37.00 price target on ACADIA Pharmaceuticals in a research report on Tuesday, December 16th. Mizuho upped their price objective on ACADIA Pharmaceuticals from $24.00 to $29.00 and gave the company a “neutral” rating in a report on Tuesday, December 2nd. Wall Street Zen raised ACADIA Pharmaceuticals from a “hold” rating to a “buy” rating in a research note on Saturday, November 8th. Finally, Stifel Nicolaus set a $37.00 target price on ACADIA Pharmaceuticals in a report on Tuesday, December 16th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $29.95.

ACADIA Pharmaceuticals Profile

ACADIA Pharmaceuticals Inc is a biopharmaceutical company focused on the development and commercialization of innovative therapies for central nervous system (CNS) disorders. Established in 1993 and headquartered in San Diego, California, ACADIA’s research centers concentrate on conditions with significant unmet medical needs, including Parkinson’s disease psychosis, Alzheimer’s disease psychosis, and schizophrenia. The company utilizes a range of scientific platforms, including selective receptor modulation and precision-targeted compounds, to advance its portfolio of small-molecule therapeutics.

The company’s flagship product, NUPLAZID® (pimavanserin), received U.S.