Cannon Global Investment Management LLC Makes New $2.17 Million Investment in ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD)

Cannon Global Investment Management LLC bought a new stake in ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD - Free Report) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 117,990 shares of the biopharmaceutical company's stock, valued at approximately $2,165,000. ACADIA Pharmaceuticals accounts for about 4.7% of Cannon Global Investment Management LLC's portfolio, making the stock its 2nd largest position. Cannon Global Investment Management LLC owned about 0.07% of ACADIA Pharmaceuticals as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently modified their holdings of the business. R Squared Ltd acquired a new position in shares of ACADIA Pharmaceuticals in the 4th quarter valued at approximately $47,000. Quest Partners LLC lifted its stake in ACADIA Pharmaceuticals by 42.3% in the third quarter. Quest Partners LLC now owns 3,520 shares of the biopharmaceutical company's stock valued at $54,000 after buying an additional 1,047 shares in the last quarter. KBC Group NV boosted its holdings in shares of ACADIA Pharmaceuticals by 67.0% in the fourth quarter. KBC Group NV now owns 5,093 shares of the biopharmaceutical company's stock valued at $93,000 after buying an additional 2,044 shares during the period. Globeflex Capital L P bought a new stake in shares of ACADIA Pharmaceuticals during the fourth quarter worth $168,000. Finally, Xponance Inc. bought a new position in ACADIA Pharmaceuticals during the 4th quarter worth about $186,000. 96.71% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on ACAD. Needham & Company LLC restated a "buy" rating and issued a $28.00 price target on shares of ACADIA Pharmaceuticals in a report on Thursday, February 27th. StockNews.com upgraded ACADIA Pharmaceuticals from a "hold" rating to a "buy" rating in a research note on Saturday, March 8th. Morgan Stanley reaffirmed an "equal weight" rating and set a $20.00 price target on shares of ACADIA Pharmaceuticals in a research report on Friday, March 7th. Deutsche Bank Aktiengesellschaft started coverage on shares of ACADIA Pharmaceuticals in a report on Tuesday, February 11th. They issued a "hold" rating and a $22.00 price objective on the stock. Finally, HC Wainwright restated a "buy" rating and set a $27.00 target price on shares of ACADIA Pharmaceuticals in a report on Thursday, February 27th. Eight equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $23.93.

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ACADIA Pharmaceuticals Stock Performance

Shares of NASDAQ ACAD traded down $0.12 during mid-day trading on Friday, reaching $17.07. The company had a trading volume of 872,276 shares, compared to its average volume of 1,823,322. ACADIA Pharmaceuticals Inc. has a one year low of $14.15 and a one year high of $20.68. The business's 50-day simple moving average is $18.34 and its 200 day simple moving average is $17.03. The firm has a market cap of $2.85 billion, a price-to-earnings ratio of 21.88 and a beta of 0.43.

Insider Buying and Selling at ACADIA Pharmaceuticals

In related news, Director Elizabeth A. Garofalo sold 4,919 shares of ACADIA Pharmaceuticals stock in a transaction that occurred on Wednesday, March 5th. The shares were sold at an average price of $18.23, for a total value of $89,673.37. Following the transaction, the director now directly owns 17,595 shares of the company's stock, valued at $320,756.85. This trade represents a 21.85 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Mark C. Schneyer sold 3,171 shares of the business's stock in a transaction that occurred on Wednesday, March 26th. The shares were sold at an average price of $17.05, for a total transaction of $54,065.55. Following the transaction, the executive vice president now owns 56,889 shares of the company's stock, valued at approximately $969,957.45. This represents a 5.28 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 10,433 shares of company stock valued at $187,319 in the last ninety days. 28.30% of the stock is currently owned by company insiders.

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.