Palo Alto Investors LP Acquires Shares of 2,864,096 ACADIA Pharmaceuticals Inc. $ACAD

Palo Alto Investors LP bought a new position in ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD) in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 2,864,096 shares of the biopharmaceutical company’s stock, valued at approximately $72,461,629. ACADIA Pharmaceuticals comprises 0.0% of Palo Alto Investors LP’s holdings, making the stock its 2nd biggest position. Palo Alto Investors LP owned approximately 1.66% of ACADIA Pharmaceuticals as of its most recent filing with the Securities & Exchange Commission.

Several other large investors also recently bought and sold shares of the business. Farther Finance Advisors LLC boosted its stake in ACADIA Pharmaceuticals by 67.5% in the 4th quarter. Farther Finance Advisors LLC now owns 958 shares of the biopharmaceutical company’s stock worth $26,000 after purchasing an additional 386 shares in the last quarter. Meeder Asset Management Inc. acquired a new stake in shares of ACADIA Pharmaceuticals in the 4th quarter valued at about $26,000. Transamerica Financial Advisors LLC boosted its stake in shares of ACADIA Pharmaceuticals by 304.5% during the 4th quarter. Transamerica Financial Advisors LLC now owns 1,335 shares of the biopharmaceutical company’s stock worth $36,000 after acquiring an additional 1,005 shares in the last quarter. Federated Hermes Inc. raised its holdings in ACADIA Pharmaceuticals by 277.5% in the 4th quarter. Federated Hermes Inc. now owns 1,612 shares of the biopharmaceutical company’s stock worth $43,000 after acquiring an additional 1,185 shares during the period. Finally, Leonteq Securities AG bought a new position in shares of ACADIA Pharmaceuticals in the fourth quarter worth about $52,000. 96.71% of the stock is currently owned by institutional investors.

ACADIA Pharmaceuticals Price Performance

Shares of ACADIA Pharmaceuticals stock traded down $0.62 during trading on Friday, reaching $29.11. 1,529,772 shares of the stock traded hands, compared to its average volume of 1,668,646. The business has a fifty day simple moving average of $26.64 and a two-hundred day simple moving average of $23.63. The company has a market capitalization of $5.02 billion, a price-to-earnings ratio of 13.11, a P/E/G ratio of 22.06 and a beta of 0.81. ACADIA Pharmaceuticals Inc. has a 52-week low of $19.69 and a 52-week high of $30.96.

ACADIA Pharmaceuticals (NASDAQ:ACAD) last announced its quarterly earnings results on Tuesday, August 4th. The biopharmaceutical company reported $0.18 earnings per share for the quarter, beating the consensus estimate of $0.07 by $0.11. The firm had revenue of $308.00 million for the quarter, compared to analysts’ expectations of $296.55 million. ACADIA Pharmaceuticals had a net margin of 33.42% and a return on equity of 9.03%. The company’s revenue was up 16.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.16 EPS. On average, research analysts predict that ACADIA Pharmaceuticals Inc. will post 0.63 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

ACAD has been the topic of a number of recent analyst reports. Citizens Jmp boosted their price objective on ACADIA Pharmaceuticals from $35.00 to $36.00 and gave the company a “market outperform” rating in a research note on Wednesday, August 5th. Weiss Ratings raised shares of ACADIA Pharmaceuticals from a “hold (c)” rating to a “hold (c+)” rating in a research report on Wednesday, August 12th. Wall Street Zen raised ACADIA Pharmaceuticals from a “hold” rating to a “buy” rating in a research report on Saturday, August 8th. UBS Group raised their target price on ACADIA Pharmaceuticals from $45.00 to $49.00 and gave the company a “buy” rating in a report on Monday, August 17th. Finally, Royal Bank Of Canada raised their price target on ACADIA Pharmaceuticals from $36.00 to $37.00 and gave the stock an “outperform” rating in a research note on Wednesday, August 5th. Fourteen research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $34.36.

Insiders Place Their Bets

In other ACADIA Pharmaceuticals news, EVP Elizabeth H.Z. Thompson sold 16,558 shares of the stock in a transaction on Thursday, July 30th. The shares were sold at an average price of $26.13, for a total transaction of $432,660.54. Following the completion of the sale, the executive vice president owned 18,994 shares of the company’s stock, valued at $496,313.22. This represents a 46.57% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Mark C. Schneyer sold 14,292 shares of the business’s stock in a transaction 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 sale, the executive vice president owned 67,828 shares in the company, valued at approximately $1,981,934.16. The trade was a 17.40% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 36,699 shares of company stock valued at $1,019,894. 26.20% of the stock is currently owned by corporate insiders.

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.