Advisors Asset Management Inc. lowered its stake in shares of ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD – Get Rating) by 13.1% in the second quarter, according to its most recent 13F filing with the SEC. The fund owned 24,491 shares of the biopharmaceutical company’s stock after selling 3,706 shares during the period. Advisors Asset Management Inc.’s holdings in ACADIA Pharmaceuticals were worth $345,000 as of its most recent SEC filing.
A number of other hedge funds have also added to or reduced their stakes in ACAD. Fairmount Funds Management LLC boosted its stake in ACADIA Pharmaceuticals by 177.5% during the 1st quarter. Fairmount Funds Management LLC now owns 1,156,817 shares of the biopharmaceutical company’s stock valued at $28,018,000 after purchasing an additional 740,000 shares during the last quarter. Invesco Ltd. lifted its position in shares of ACADIA Pharmaceuticals by 613.0% during the 1st quarter. Invesco Ltd. now owns 475,866 shares of the biopharmaceutical company’s stock worth $11,525,000 after buying an additional 409,120 shares in the last quarter. Vanguard Group Inc. lifted its position in shares of ACADIA Pharmaceuticals by 2.2% during the 1st quarter. Vanguard Group Inc. now owns 12,580,814 shares of the biopharmaceutical company’s stock worth $304,707,000 after buying an additional 265,448 shares in the last quarter. Sessa Capital IM L.P. bought a new position in shares of ACADIA Pharmaceuticals during the 1st quarter worth approximately $6,031,000. Finally, State Street Corp lifted its position in shares of ACADIA Pharmaceuticals by 4.9% during the 1st quarter. State Street Corp now owns 5,057,194 shares of the biopharmaceutical company’s stock worth $122,485,000 after buying an additional 237,241 shares in the last quarter. Institutional investors and hedge funds own 92.48% of the company’s stock.
Wall Street Analysts Forecast Growth
Several equities analysts have commented on ACAD shares. The Goldman Sachs Group cut shares of ACADIA Pharmaceuticals from a “neutral” rating to a “sell” rating and dropped their target price for the stock from $15.00 to $12.00 in a research report on Thursday, November 3rd. Morgan Stanley dropped their target price on shares of ACADIA Pharmaceuticals from $22.00 to $18.00 and set an “equal weight” rating on the stock in a research report on Tuesday, August 9th. Loop Capital initiated coverage on shares of ACADIA Pharmaceuticals in a report on Tuesday, November 1st. They issued a “hold” rating and a $17.00 price target on the stock. Royal Bank of Canada lowered their price target on shares of ACADIA Pharmaceuticals from $22.00 to $21.00 and set an “outperform” rating on the stock in a report on Thursday, November 3rd. Finally, Cowen lowered their price target on shares of ACADIA Pharmaceuticals from $32.00 to $21.00 and set an “outperform” rating on the stock in a report on Monday, August 8th. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $21.90.
ACADIA Pharmaceuticals Price Performance
ACADIA Pharmaceuticals (NASDAQ:ACAD – Get Rating) last released its quarterly earnings results on Wednesday, November 2nd. The biopharmaceutical company reported ($0.17) EPS for the quarter, beating analysts’ consensus estimates of ($0.18) by $0.01. The firm had revenue of $130.70 million during the quarter, compared to analyst estimates of $139.04 million. ACADIA Pharmaceuticals had a negative net margin of 42.49% and a negative return on equity of 47.09%. The business’s revenue for the quarter was down .7% on a year-over-year basis. During the same period in the previous year, the business earned ($0.09) EPS. On average, analysts expect that ACADIA Pharmaceuticals Inc. will post -1.31 earnings per share for the current year.
In other news, CEO Stephen Davis sold 2,804 shares of the business’s stock in a transaction on Saturday, October 15th. The shares were sold at an average price of $15.81, for a total transaction of $44,331.24. Following the completion of the transaction, the chief executive officer now directly owns 79,009 shares in the company, valued at approximately $1,249,132.29. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 28.40% of the company’s stock.
About ACADIA Pharmaceuticals
ACADIA Pharmaceuticals Inc, a biopharmaceutical company, focuses on the development and commercialization of small molecule drugs that address unmet medical needs in central nervous system disorders. The company offers NUPLAZID (pimavanserin) for the treatment of hallucinations and delusions associated with Parkinson's disease psychosis.
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