Norges Bank Invests $40.27 Million in ACADIA Pharmaceuticals Inc. $ACAD

Norges Bank bought a new position in ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD) during the fourth quarter, according to its most recent 13F filing with the SEC. The fund bought 1,507,527 shares of the biopharmaceutical company’s stock, valued at approximately $40,266,000. Norges Bank owned about 0.89% of ACADIA Pharmaceuticals as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in ACAD. Farther Finance Advisors LLC raised its position 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 during the period. Smartleaf Asset Management LLC raised its position in ACADIA Pharmaceuticals by 107.0% in the 3rd quarter. Smartleaf Asset Management LLC now owns 1,712 shares of the biopharmaceutical company’s stock worth $36,000 after purchasing an additional 885 shares during the period. Leonteq Securities AG purchased a new stake in ACADIA Pharmaceuticals in the 4th quarter worth about $52,000. iSAM Funds UK Ltd purchased a new stake in ACADIA Pharmaceuticals in the 3rd quarter worth about $93,000. Finally, PNC Financial Services Group Inc. raised its position in ACADIA Pharmaceuticals by 11.2% in the 3rd quarter. PNC Financial Services Group Inc. now owns 5,323 shares of the biopharmaceutical company’s stock worth $114,000 after purchasing an additional 534 shares during the period. 96.71% of the stock is currently owned by institutional investors.

ACADIA Pharmaceuticals Price Performance

Shares of ACAD stock opened at $21.70 on Tuesday. The company has a market capitalization of $3.72 billion, a P/E ratio of 9.86, a P/E/G ratio of 27.07 and a beta of 0.84. The company’s 50-day simple moving average is $21.78 and its two-hundred day simple moving average is $23.72. ACADIA Pharmaceuticals Inc. has a one year low of $19.69 and a one year high of $28.35.

ACADIA Pharmaceuticals (NASDAQ:ACAD) last issued its earnings results on Wednesday, May 6th. The biopharmaceutical company reported $0.02 EPS for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.02). The company had revenue of $268.10 million during the quarter, compared to the consensus estimate of $280.25 million. ACADIA Pharmaceuticals had a return on equity of 9.61% and a net margin of 34.30%.ACADIA Pharmaceuticals’s revenue was up 9.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.11 earnings per share. On average, research analysts expect that ACADIA Pharmaceuticals Inc. will post 0.37 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on ACAD. TD Cowen increased their price objective on shares of ACADIA Pharmaceuticals from $35.00 to $37.00 and gave the stock a “buy” rating in a research report on Thursday, February 26th. Wolfe Research began coverage on shares of ACADIA Pharmaceuticals in a research report on Monday, February 23rd. They issued an “outperform” rating and a $33.00 price objective on the stock. Citigroup reduced their price objective on shares of ACADIA Pharmaceuticals from $33.00 to $32.00 and set a “buy” rating on the stock in a research report on Friday, May 8th. Mizuho raised shares of ACADIA Pharmaceuticals from a “neutral” rating to an “outperform” rating and increased their price objective for the stock from $29.00 to $35.00 in a research report on Monday, February 23rd. Finally, JPMorgan Chase & Co. increased their price objective on shares of ACADIA Pharmaceuticals from $31.00 to $34.00 and gave the stock an “overweight” rating in a research report on Wednesday, March 4th. Eleven equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, ACADIA Pharmaceuticals currently has an average rating of “Moderate Buy” and a consensus price target of $31.63.

Insider Transactions at ACADIA Pharmaceuticals

In other ACADIA Pharmaceuticals news, EVP Mark C. Schneyer sold 3,506 shares of the company’s stock in a transaction dated Monday, May 4th. The shares were sold at an average price of $21.79, for a total value of $76,395.74. Following the transaction, the executive vice president directly owned 66,145 shares in the company, valued at $1,441,299.55. This represents a 5.03% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider James Kihara sold 5,401 shares of the company’s stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $21.18, for a total transaction of $114,393.18. Following the completion of the transaction, the insider owned 24,509 shares in the company, valued at $519,100.62. This represents a 18.06% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 13,978 shares of company stock worth $302,819 over the last 90 days. Insiders own 26.20% of the company’s stock.

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.