Panagora Asset Management Inc. Sells 39,422 Shares of ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD)

Panagora Asset Management Inc. lowered its position in ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD) by 5.6% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 661,870 shares of the biopharmaceutical company’s stock after selling 39,422 shares during the period. Panagora Asset Management Inc.’s holdings in ACADIA Pharmaceuticals were worth $10,755,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of ACAD. Covestor Ltd increased its position in 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 acquiring an additional 840 shares in the last quarter. Quest Partners LLC bought a new position in ACADIA Pharmaceuticals in the 4th quarter worth approximately $39,000. Headlands Technologies LLC acquired a new position in ACADIA Pharmaceuticals during the 1st quarter worth $48,000. BI Asset Management Fondsmaeglerselskab A S bought a new position in ACADIA Pharmaceuticals in the 4th quarter valued at $100,000. Finally, Shell Asset Management Co. increased its stake in shares of ACADIA Pharmaceuticals by 65.7% in the 1st quarter. Shell Asset Management Co. now owns 7,339 shares of the biopharmaceutical company’s stock valued at $136,000 after buying an additional 2,909 shares during the period. 96.71% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts have weighed in on ACAD shares. Robert W. Baird dropped their price objective on ACADIA Pharmaceuticals from $31.00 to $28.00 and set an “outperform” rating for the company in a report on Thursday, May 9th. Bank of America cut their price target on ACADIA Pharmaceuticals from $26.00 to $22.00 and set a “neutral” rating on the stock in a research note on Friday, May 10th. Stifel Nicolaus decreased their price objective on ACADIA Pharmaceuticals from $26.00 to $21.00 and set a “hold” rating for the company in a research note on Thursday, May 9th. BMO Capital Markets started coverage on ACADIA Pharmaceuticals in a research note on Thursday, June 27th. They issued an “outperform” rating and a $31.00 target price on the stock. Finally, Oppenheimer restated a “market perform” rating and set a $19.00 target price on shares of ACADIA Pharmaceuticals in a research report on Monday, May 6th. Five investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat.com, ACADIA Pharmaceuticals presently has a consensus rating of “Moderate Buy” and a consensus target price of $25.56.

Insider Transactions at ACADIA Pharmaceuticals

In other news, COO Brendan Teehan sold 9,534 shares of ACADIA Pharmaceuticals stock in a transaction dated 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 owns 52,177 shares of the company’s stock, valued at approximately $797,264.56. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other ACADIA Pharmaceuticals news, COO Brendan Teehan sold 9,534 shares of the company’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 transaction, the chief operating officer now directly owns 52,177 shares in the company, valued at $797,264.56. The transaction was disclosed in a filing with the SEC, which is available 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 stock was sold at an average price of $15.28, for a total transaction of $485,094.16. Following the sale, the chief executive officer now owns 186,555 shares of the company’s stock, valued at approximately $2,850,560.40. The disclosure for this sale can be found here. Insiders have sold a total of 51,989 shares of company stock worth $793,914 in the last 90 days. Corporate insiders own 28.30% of the company’s stock.

ACADIA Pharmaceuticals Trading Up 1.6 %

Shares of ACADIA Pharmaceuticals stock traded up $0.26 during trading on Friday, reaching $16.58. The stock had a trading volume of 906,594 shares, compared to its average volume of 1,792,342. The company has a market capitalization of $2.74 billion, a price-to-earnings ratio of -1,632.00 and a beta of 0.38. The stock has a fifty day moving average price of $16.82 and a two-hundred day moving average price of $17.85. ACADIA Pharmaceuticals Inc. has a 52 week low of $14.55 and a 52 week high of $32.59.

ACADIA Pharmaceuticals (NASDAQ:ACAD) last posted its quarterly earnings data on Tuesday, August 6th. The biopharmaceutical company reported $0.20 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.18 by $0.02. ACADIA Pharmaceuticals had a negative net margin of 0.21% and a negative return on equity of 0.41%. The company had revenue of $241.96 million for the quarter, compared to the consensus estimate of $235.95 million. During the same period last year, the company earned $0.01 earnings per share. The firm’s revenue was up 46.4% compared to the same quarter last year. On average, equities analysts forecast that ACADIA Pharmaceuticals Inc. will post 0.58 EPS for the current fiscal year.

ACADIA Pharmaceuticals 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.