ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD) Shares Sold by Edgestream Partners L.P.

Edgestream Partners L.P. lowered its position in shares of ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD) by 39.8% during the first quarter, Holdings Channel reports. The fund owned 159,108 shares of the biopharmaceutical company’s stock after selling 105,282 shares during the quarter. Edgestream Partners L.P.’s holdings in ACADIA Pharmaceuticals were worth $2,643,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in ACAD. Exchange Traded Concepts LLC acquired a new stake in shares of ACADIA Pharmaceuticals in the 1st quarter worth approximately $29,000. Virtus Fund Advisers LLC acquired a new stake in ACADIA Pharmaceuticals in the 4th quarter worth $39,000. GF Fund Management CO. LTD. bought a new stake in ACADIA Pharmaceuticals in the fourth quarter valued at about $64,000. GAMMA Investing LLC boosted its position in ACADIA Pharmaceuticals by 627.3% in the first quarter. GAMMA Investing LLC now owns 3,513 shares of the biopharmaceutical company’s stock valued at $58,000 after buying an additional 3,030 shares in the last quarter. Finally, CWM LLC boosted its position in ACADIA Pharmaceuticals by 50.1% in the first quarter. CWM LLC now owns 5,845 shares of the biopharmaceutical company’s stock valued at $97,000 after buying an additional 1,951 shares in the last quarter. Institutional investors and hedge funds own 96.71% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have commented on ACAD. Oppenheimer reaffirmed a “market perform” rating and issued a $22.00 target price (up previously from $19.00) on shares of ACADIA Pharmaceuticals in a research note on Thursday, June 26th. JMP Securities reiterated a “market outperform” rating and issued a $37.00 price objective on shares of ACADIA Pharmaceuticals in a research note on Thursday, June 26th. Robert W. Baird lifted their price target on shares of ACADIA Pharmaceuticals from $28.00 to $31.00 and gave the company an “outperform” rating in a report on Monday, May 19th. Deutsche Bank Aktiengesellschaft raised shares of ACADIA Pharmaceuticals from a “hold” rating to a “buy” rating and upped their price objective for the company from $20.00 to $35.00 in a research note on Wednesday, May 21st. Finally, HC Wainwright reiterated a “buy” rating and set a $32.00 target price on shares of ACADIA Pharmaceuticals in a research report on Thursday, June 26th. Six research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, ACADIA Pharmaceuticals presently has an average rating of “Moderate Buy” and a consensus target price of $27.88.

Insiders Place Their Bets

In related news, Director Laura Brege sold 14,446 shares of the firm’s stock in a transaction that occurred on Wednesday, June 4th. The stock was sold at an average price of $21.78, for a total value of $314,633.88. Following the completion of the transaction, the director directly owned 15,095 shares of the company’s stock, valued at $328,769.10. This trade represents a 48.90% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider James Kihara sold 4,000 shares of ACADIA Pharmaceuticals stock in a transaction on Friday, May 16th. The shares were sold at an average price of $22.50, for a total value of $90,000.00. Following the completion of the sale, the insider directly owned 20,395 shares of the company’s stock, valued at approximately $458,887.50. This represents a 16.40% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 25,271 shares of company stock valued at $525,079. 26.50% of the stock is owned by company insiders.

ACADIA Pharmaceuticals Price Performance

ACADIA Pharmaceuticals stock opened at $22.55 on Friday. ACADIA Pharmaceuticals Inc. has a 52 week low of $13.40 and a 52 week high of $25.23. The company has a market capitalization of $3.77 billion, a price-to-earnings ratio of 16.46, a price-to-earnings-growth ratio of 4.86 and a beta of 0.64. The stock has a 50-day moving average price of $21.48 and a 200 day moving average price of $18.64.

ACADIA Pharmaceuticals (NASDAQ:ACAD) last announced its quarterly earnings results on Wednesday, May 7th. The biopharmaceutical company reported $0.11 EPS for the quarter, beating the consensus estimate of $0.10 by $0.01. ACADIA Pharmaceuticals had a return on equity of 17.46% and a net margin of 22.97%. The business had revenue of $244.32 million for the quarter, compared to analyst estimates of $239.32 million. During the same quarter in the prior year, the company posted $0.10 EPS. The company’s quarterly revenue was up 18.7% on a year-over-year basis. Research analysts anticipate that ACADIA Pharmaceuticals Inc. will post 0.7 EPS for the current fiscal year.

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.