The Manufacturers Life Insurance Company bought a new position in shares of ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD – Free Report) in the 2nd quarter, HoldingsChannel reports. The institutional investor bought 583,852 shares of the biopharmaceutical company’s stock, valued at approximately $14,771,000.
A number of other institutional investors and hedge funds also recently added to or reduced their stakes in ACAD. Nan Fung Group Holdings Ltd purchased a new stake in ACADIA Pharmaceuticals in the second quarter valued at $2,605,495. OMERS ADMINISTRATION Corp acquired a new stake in ACADIA Pharmaceuticals during the 2nd quarter worth about $848,000. Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of ACADIA Pharmaceuticals during the 2nd quarter valued at about $537,000. Emerald Investment Advisers LLC acquired a new position in shares of ACADIA Pharmaceuticals in the 2nd quarter valued at about $3,333,000. Finally, Ieq Capital LLC acquired a new position in shares of ACADIA Pharmaceuticals in the 2nd quarter valued at about $415,000. 96.71% of the stock is currently owned by institutional investors and hedge funds.
ACADIA Pharmaceuticals Stock Down 2.1%
ACAD stock opened at $29.11 on Friday. ACADIA Pharmaceuticals Inc. has a 52-week low of $19.69 and a 52-week high of $30.96. The firm has a market cap of $5.02 billion, a P/E ratio of 13.11, a PEG ratio of 22.17 and a beta of 0.81. The company’s 50-day simple moving average is $26.79 and its 200-day simple moving average is $23.67.
Analysts Set New Price Targets
ACAD has been the topic of a number of recent research reports. Royal Bank Of Canada upped their target price on ACADIA Pharmaceuticals from $36.00 to $37.00 and gave the stock an “outperform” rating in a research note on Wednesday, August 5th. Canaccord Genuity Group boosted their price target on ACADIA Pharmaceuticals from $32.00 to $36.00 and gave the company a “buy” rating in a report on Monday, June 29th. HC Wainwright reissued a “buy” rating on shares of ACADIA Pharmaceuticals in a report on Thursday, August 6th. Citigroup upped their price objective on ACADIA Pharmaceuticals from $39.00 to $40.00 and gave the stock a “buy” rating in a research report on Tuesday. Finally, Wall Street Zen raised shares of ACADIA Pharmaceuticals from a “hold” rating to a “buy” rating in a research note on Saturday, August 8th. Fourteen research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat, ACADIA Pharmaceuticals currently has an average rating of “Moderate Buy” and a consensus price target of $34.36.
View Our Latest Stock Analysis on ACAD
Insider Activity at ACADIA Pharmaceuticals
In other news, EVP Mark C. Schneyer sold 14,292 shares of the company’s stock in a transaction that occurred on Thursday, August 6th. The stock was sold at an average price of $29.22, for a total transaction of $417,612.24. Following the completion of the transaction, the executive vice president directly owned 67,828 shares of the company’s stock, valued at $1,981,934.16. This represents a 17.40% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Elizabeth H.Z. Thompson sold 16,558 shares of the stock in a transaction that occurred on Thursday, July 30th. The shares were sold at an average price of $26.13, for a total value of $432,660.54. Following the transaction, the executive vice president owned 18,994 shares in the company, valued at $496,313.22. This trade represents a 46.57% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 36,699 shares of company stock worth $1,019,894. 26.20% of the stock is owned by corporate insiders.
ACADIA Pharmaceuticals Company 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.
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