Summit Global Investments Reduces Stock Holdings in ACADIA Pharmaceuticals Inc. $ACAD

Summit Global Investments reduced its stake in shares of ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD) by 55.1% in the 2nd quarter, Holdings Channel.com reports. The fund owned 10,751 shares of the biopharmaceutical company’s stock after selling 13,183 shares during the quarter. Summit Global Investments’ holdings in ACADIA Pharmaceuticals were worth $232,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in ACAD. Banque Transatlantique SA acquired a new position in shares of ACADIA Pharmaceuticals in the first quarter worth $31,000. Picton Mahoney Asset Management bought a new position in shares of ACADIA Pharmaceuticals in the first quarter worth about $32,000. Federated Hermes Inc. lifted its position in shares of ACADIA Pharmaceuticals by 231.5% during the 1st quarter. Federated Hermes Inc. now owns 2,317 shares of the biopharmaceutical company’s stock worth $38,000 after purchasing an additional 1,618 shares during the last quarter. Quantbot Technologies LP acquired a new stake in ACADIA Pharmaceuticals during the first quarter worth about $52,000. Finally, PNC Financial Services Group Inc. boosted its position in shares of ACADIA Pharmaceuticals by 545.8% during the 1st quarter. PNC Financial Services Group Inc. now owns 5,438 shares of the biopharmaceutical company’s stock valued at $90,000 after acquiring an additional 4,596 shares in the last quarter. 96.71% of the stock is currently owned by institutional investors.

Insider Activity

In related news, insider James Kihara sold 4,084 shares of the business’s stock in a transaction dated Tuesday, November 18th. The stock was sold at an average price of $23.69, for a total transaction of $96,749.96. Following the completion of the transaction, the insider directly owned 25,058 shares in the company, valued at $593,624.02. The trade was a 14.01% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director James M. Daly sold 30,000 shares of the company’s 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 completion of the transaction, the director owned 4,041 shares in the company, valued at $90,397.17. This represents a 88.13% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 49,444 shares of company stock worth $1,135,252. Company insiders own 26.50% of the company’s stock.

ACADIA Pharmaceuticals Stock Up 1.7%

ACAD opened at $24.81 on Thursday. The company’s 50-day moving average price is $22.33 and its two-hundred day moving average price is $22.73. ACADIA Pharmaceuticals Inc. has a twelve month low of $13.40 and a twelve month high of $26.65. The stock has a market cap of $4.20 billion, a price-to-earnings ratio of 18.65, a PEG ratio of 7.90 and a beta of 0.80.

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 the consensus estimate of $0.14 by $0.28. ACADIA Pharmaceuticals had a return on equity of 14.69% and a net margin of 21.80%.The firm had revenue of $278.63 million for the quarter, compared to the consensus estimate of $276.52 million. During the same quarter in the prior year, the business posted $0.20 earnings per share. The business’s quarterly revenue was up 11.3% on a year-over-year basis. ACADIA Pharmaceuticals has set its FY 2025 guidance at EPS. As a group, sell-side analysts anticipate that ACADIA Pharmaceuticals Inc. will post 0.7 earnings per share for the current year.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on ACAD shares. Royal Bank Of Canada reduced their target price on shares of ACADIA Pharmaceuticals from $34.00 to $32.00 and set an “outperform” rating on the stock in a research note on Thursday, November 6th. Mizuho raised their target price on shares of ACADIA Pharmaceuticals from $23.00 to $24.00 and gave the stock a “neutral” rating in a research note on Thursday, August 7th. Weiss Ratings restated a “hold (c+)” rating on shares of ACADIA Pharmaceuticals in a research note on Monday. Cowen reissued a “buy” rating on shares of ACADIA Pharmaceuticals in a research note on Thursday, September 11th. Finally, The Goldman Sachs Group lifted their price target on shares of ACADIA Pharmaceuticals from $15.00 to $17.00 and gave the company a “sell” rating in a report on Thursday, August 7th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $28.83.

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.