American Century Companies Inc. has reduced its position in ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD) by selling 65,361 shares, a decrease of 4.0% during the second quarter of 2023. Following this sale, American Century now holds 1,567,388 shares of the biopharmaceutical company, valued at approximately $33.8 million, based on their most recent filing with the Securities and Exchange Commission (SEC).
This alteration in holdings reflects a broader trend among institutional investors, which collectively own around 96.71% of ACADIA’s stock. Other notable changes in investment positions include Banque Transatlantique SA acquiring a new stake valued at about $31,000 in the first quarter, while Federated Hermes Inc. increased its holdings by 231.5%, now owning 2,317 shares worth approximately $38,000.
Analysts Adjust Price Targets for ACADIA Pharmaceuticals
Recent analyst evaluations have led to varying price targets for ACADIA Pharmaceuticals. JPMorgan Chase & Co. lowered its price objective from $33.00 to $31.00, maintaining an “overweight” rating. In contrast, the Goldman Sachs Group increased its target from $15.00 to $17.00, assigning a “sell” rating.
Another notable change came from JMP Securities, which raised its price target from $37.00 to $38.00 with a “market outperform” rating. This follows Mizuho’s adjustment of its price objective from $23.00 to $24.00, while the Royal Bank of Canada revised its target downward from $34.00 to $32.00, maintaining an “outperform” rating. Currently, the consensus rating for ACADIA Pharmaceuticals stands at “Moderate Buy” with a target price of $28.83.
Insider Transactions and Stock Performance
In addition to institutional shifts, insider trading activity has also been notable. On November 18, 2023, insider James Kihara sold 4,084 shares at an average price of $23.69, totaling approximately $96,750. This transaction resulted in a 14.01% decrease in his ownership of the stock. Another executive, Mark C. Schneyer, sold 10,262 shares on the same day, realizing around $243,107, which decreased his ownership by 16.14%. Over the past 90 days, insiders have collectively sold 49,444 shares valued at $1.14 million.
Currently, ACADIA Pharmaceuticals’ stock is trading at $25.00, having a 52-week low of $13.40 and a high of $26.65. The company’s market capitalization stands at $4.23 billion, with a price-to-earnings (P/E) ratio of 18.79 and a P/E growth ratio of 7.90.
ACADIA Pharmaceuticals reported earnings on November 5, 2023, showing a significant increase in profitability with earnings per share (EPS) of $0.42, surpassing analysts’ expectations of $0.14. The company’s revenue for the quarter reached $278.63 million, reflecting an 11.3% year-over-year increase.
The company focuses on developing innovative treatments for central nervous system disorders, including its flagship products, NUPLAZID and DAYBUE, aimed at addressing critical medical needs. As it navigates the complexities of the biopharmaceutical market, ACADIA Pharmaceuticals continues to be a focal point for investors and analysts alike.
