Iron Triangle Partners LP Takes Position in ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD)

Iron Triangle Partners LP purchased a new position in shares of ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD) during the third quarter, HoldingsChannel.com reports. The institutional investor purchased 750,000 shares of the biopharmaceutical company’s stock, valued at approximately $11,535,000. ACADIA Pharmaceuticals accounts for 1.6% of Iron Triangle Partners LP’s investment portfolio, making the stock its 21st largest position.

A number of other large investors have also made changes to their positions in ACAD. Virtu Financial LLC acquired a new stake in shares of ACADIA Pharmaceuticals in the first quarter valued at approximately $285,000. DekaBank Deutsche Girozentrale grew its holdings in shares of ACADIA Pharmaceuticals by 2.9% during the first quarter. DekaBank Deutsche Girozentrale now owns 97,284 shares of the biopharmaceutical company’s stock worth $1,745,000 after buying an additional 2,731 shares in the last quarter. DNB Asset Management AS bought a new position in shares of ACADIA Pharmaceuticals during the 2nd quarter worth approximately $165,000. Wesbanco Bank Inc. lifted its position in shares of ACADIA Pharmaceuticals by 93.3% during the 2nd quarter. Wesbanco Bank Inc. now owns 51,800 shares of the biopharmaceutical company’s stock valued at $842,000 after acquiring an additional 25,000 shares during the period. Finally, SG Americas Securities LLC raised its holdings in ACADIA Pharmaceuticals by 17.1% in the 2nd quarter. SG Americas Securities LLC now owns 99,476 shares of the biopharmaceutical company’s stock valued at $1,616,000 after buying an additional 14,520 shares during the last quarter. Institutional investors and hedge funds own 96.71% of the company’s stock.

Insider Activity

In other news, COO Brendan Teehan sold 10,329 shares of the company’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 sale, the chief operating officer now owns 62,105 shares of the company’s stock, valued at $1,043,985.05. This represents a 14.26 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider James Kihara sold 4,073 shares of ACADIA Pharmaceuticals stock in a transaction that occurred on Tuesday, November 19th. The shares were sold at an average price of $16.81, for a total value of $68,467.13. Following the sale, the insider now directly owns 19,863 shares in the company, 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. In the last quarter, insiders sold 24,661 shares of company stock worth $414,551. Insiders own 28.30% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the stock. UBS Group dropped their price target on shares of ACADIA Pharmaceuticals from $25.00 to $23.00 and set a “buy” rating on the stock in a research note on Thursday, August 8th. Needham & Company LLC reiterated a “buy” rating and set a $28.00 target price on shares of ACADIA Pharmaceuticals in a research report on Thursday, November 7th. Raymond James reiterated a “market perform” rating on shares of ACADIA Pharmaceuticals in a report on Thursday, October 10th. Cantor Fitzgerald dropped their price target on shares of ACADIA Pharmaceuticals from $37.00 to $28.00 and set an “overweight” rating on the stock in a research report on Wednesday, August 7th. Finally, Royal Bank of Canada decreased their price target on ACADIA Pharmaceuticals from $29.00 to $26.00 and set an “outperform” rating on the stock in a research note on Wednesday, August 7th. Six equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $25.56.

ACADIA Pharmaceuticals Stock Performance

ACAD stock opened at $16.61 on Tuesday. The stock’s 50 day simple moving average is $15.62 and its 200 day simple moving average is $16.02. ACADIA Pharmaceuticals Inc. has a fifty-two week low of $14.15 and a fifty-two week high of $32.59. The company has a market cap of $2.76 billion, a P/E ratio of 21.30 and a beta of 0.40.

ACADIA Pharmaceuticals (NASDAQ:ACAD) last released 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. ACADIA Pharmaceuticals had a net margin of 13.83% and a return on equity of 25.83%. The firm had revenue of $250.40 million during the quarter, compared to analyst estimates of $248.83 million. During the same period last year, the business earned ($0.40) earnings per share. The business’s revenue was up 18.3% on a year-over-year basis. Equities analysts predict that ACADIA Pharmaceuticals Inc. will post 0.73 earnings per share 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.