Principal Financial Group Inc. Increases Position in ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD)

Principal Financial Group Inc. increased its holdings in shares of ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD - Free Report) by 10.9% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 143,694 shares of the biopharmaceutical company's stock after buying an additional 14,143 shares during the quarter. Principal Financial Group Inc. owned 0.09% of ACADIA Pharmaceuticals worth $2,637,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. R Squared Ltd bought a new stake in ACADIA Pharmaceuticals in the 4th quarter valued at $47,000. Quest Partners LLC boosted its holdings in shares of ACADIA Pharmaceuticals by 42.3% in the 3rd quarter. Quest Partners LLC now owns 3,520 shares of the biopharmaceutical company's stock valued at $54,000 after purchasing an additional 1,047 shares in the last quarter. KBC Group NV grew its position in 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 acquiring an additional 2,044 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of ACADIA Pharmaceuticals by 21.6% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 5,999 shares of the biopharmaceutical company's stock valued at $94,000 after purchasing an additional 1,066 shares during the last quarter. Finally, PDT Partners LLC bought a new stake in shares of ACADIA Pharmaceuticals during the third quarter worth $203,000. 96.71% of the stock is currently owned by institutional investors and hedge funds.

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ACADIA Pharmaceuticals Stock Performance

Shares of NASDAQ:ACAD traded down $0.05 during midday trading on Friday, reaching $17.56. 1,371,928 shares of the company's stock traded hands, compared to its average volume of 2,649,621. The company has a fifty day simple moving average of $18.49 and a two-hundred day simple moving average of $16.91. The company has a market cap of $2.92 billion, a P/E ratio of 22.51 and a beta of 0.37. ACADIA Pharmaceuticals Inc. has a 1 year low of $14.15 and a 1 year high of $24.27.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on ACAD shares. HC Wainwright restated a "buy" rating and issued a $27.00 price target on shares of ACADIA Pharmaceuticals in a research report on Thursday, February 27th. StockNews.com raised ACADIA Pharmaceuticals from a "hold" rating to a "buy" rating in a research note on Saturday. Guggenheim downgraded shares of ACADIA Pharmaceuticals from a "buy" rating to a "neutral" rating and reduced their price target for the company from $23.00 to $20.00 in a research report on Friday, January 3rd. Cantor Fitzgerald reissued an "overweight" rating and issued a $28.00 price objective on shares of ACADIA Pharmaceuticals in a report on Thursday, February 27th. Finally, Morgan Stanley restated an "equal weight" rating and set a $20.00 target price on shares of ACADIA Pharmaceuticals in a research report on Friday. Eight equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $24.00.

Insider Buying and Selling

In related news, Director Elizabeth A. Garofalo sold 4,919 shares of the business's stock in a transaction dated Wednesday, March 5th. The shares were sold at an average price of $18.23, for a total transaction of $89,673.37. Following the transaction, the director now directly owns 17,595 shares in the company, valued at approximately $320,756.85. The trade was a 21.85 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In the last three months, insiders have sold 6,167 shares of company stock worth $114,583. Insiders own 28.30% of the company's stock.

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.