ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD) Stock Position Raised by Fred Alger Management LLC

Fred Alger Management LLC raised its position in shares of ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD) by 17.8% in the third quarter, HoldingsChannel reports. The firm owned 3,186,389 shares of the biopharmaceutical company’s stock after acquiring an additional 481,950 shares during the period. Fred Alger Management LLC’s holdings in ACADIA Pharmaceuticals were worth $49,007,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of ACAD. M&G Plc lifted its stake in shares of ACADIA Pharmaceuticals by 12.4% in the 2nd quarter. M&G Plc now owns 351,115 shares of the biopharmaceutical company’s stock worth $5,618,000 after acquiring an additional 38,790 shares during the period. B. Metzler seel. Sohn & Co. Holding AG acquired a new position in ACADIA Pharmaceuticals in the 3rd quarter valued at approximately $483,000. US Bancorp DE increased its stake in ACADIA Pharmaceuticals by 2,084.0% in the 3rd quarter. US Bancorp DE now owns 32,934 shares of the biopharmaceutical company’s stock valued at $507,000 after buying an additional 31,426 shares during the period. Hohimer Wealth Management LLC grew its position in ACADIA Pharmaceuticals by 828.8% in the second quarter. Hohimer Wealth Management LLC now owns 159,133 shares of the biopharmaceutical company’s stock worth $2,586,000 after acquiring an additional 142,000 shares in the last quarter. Finally, Principal Financial Group Inc. grew its position in ACADIA Pharmaceuticals by 67.8% in the third quarter. Principal Financial Group Inc. now owns 129,551 shares of the biopharmaceutical company’s stock worth $1,992,000 after acquiring an additional 52,340 shares in the last quarter. 96.71% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the stock. UBS Group lowered their price target on shares of ACADIA Pharmaceuticals from $25.00 to $23.00 and set a “buy” rating on the stock in a report on Thursday, August 8th. Citigroup dropped their price objective on shares of ACADIA Pharmaceuticals from $30.00 to $23.00 and set a “buy” rating on the stock in a report on Thursday, August 8th. Raymond James restated a “market perform” rating on shares of ACADIA Pharmaceuticals in a research note on Thursday, October 10th. Royal Bank of Canada reduced their target price on shares of ACADIA Pharmaceuticals from $29.00 to $26.00 and set an “outperform” rating for the company in a report on Wednesday, August 7th. Finally, Needham & Company LLC restated a “buy” rating and issued a $28.00 target price on shares of ACADIA Pharmaceuticals in a research report on Thursday, November 7th. Six equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $25.56.

Insider Buying and Selling

In other ACADIA Pharmaceuticals news, COO Brendan Teehan sold 10,329 shares of the business’s stock in a transaction dated Tuesday, November 19th. The stock was sold at an average price of $16.81, for a total value of $173,630.49. Following the completion of the transaction, the chief operating officer now owns 62,105 shares of the company’s stock, valued at approximately $1,043,985.05. The trade was a 14.26 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider James Kihara sold 4,073 shares of the business’s stock in a transaction dated Tuesday, November 19th. The stock was sold at an average price of $16.81, for a total value of $68,467.13. Following the completion of the transaction, the insider now directly owns 19,863 shares of the company’s stock, valued at approximately $333,897.03. This trade represents a 17.02 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 24,661 shares of company stock valued at $414,551 over the last three months. 28.30% of the stock is owned by company insiders.

ACADIA Pharmaceuticals Trading Up 0.5 %

ACAD stock opened at $16.29 on Friday. The firm has a 50 day moving average of $15.61 and a 200-day moving average of $15.99. ACADIA Pharmaceuticals Inc. has a 12 month low of $14.15 and a 12 month high of $32.59. The firm has a market capitalization of $2.71 billion, a P/E ratio of 20.88 and a beta of 0.38.

ACADIA Pharmaceuticals (NASDAQ:ACAD) last announced its earnings results on Wednesday, November 6th. The biopharmaceutical company reported $0.20 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.14 by $0.06. The business had revenue of $250.40 million during the quarter, compared to analyst estimates of $248.83 million. ACADIA Pharmaceuticals had a net margin of 13.83% and a return on equity of 25.83%. ACADIA Pharmaceuticals’s revenue for the quarter was up 18.3% on a year-over-year basis. During the same period in the previous year, the business posted ($0.40) earnings per share. Sell-side analysts predict that ACADIA Pharmaceuticals Inc. will post 0.72 EPS for the current year.

About ACADIA Pharmaceuticals

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.