ACADIA Pharmaceuticals Inc. $ACAD Stake Cut by Avidity Partners Management LP

Avidity Partners Management LP reduced its holdings in ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD) by 25.8% in the 4th quarter, Holdings Channel reports. The fund owned 106,900 shares of the biopharmaceutical company’s stock after selling 37,100 shares during the period. ACADIA Pharmaceuticals makes up about 0.8% of Avidity Partners Management LP’s portfolio, making the stock its 27th biggest position. Avidity Partners Management LP’s holdings in ACADIA Pharmaceuticals were worth $2,855,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of the business. Farther Finance Advisors LLC lifted its stake in ACADIA Pharmaceuticals by 67.5% in the 4th quarter. Farther Finance Advisors LLC now owns 958 shares of the biopharmaceutical company’s stock worth $26,000 after acquiring an additional 386 shares in the last quarter. J.W. Cole Advisors Inc. lifted its stake in ACADIA Pharmaceuticals by 2.5% in the 4th quarter. J.W. Cole Advisors Inc. now owns 20,632 shares of the biopharmaceutical company’s stock worth $551,000 after acquiring an additional 501 shares in the last quarter. Pallas Capital Advisors LLC lifted its stake in ACADIA Pharmaceuticals by 4.0% in the 4th quarter. Pallas Capital Advisors LLC now owns 13,192 shares of the biopharmaceutical company’s stock worth $352,000 after acquiring an additional 512 shares in the last quarter. PNC Financial Services Group Inc. lifted its stake in ACADIA Pharmaceuticals by 11.2% in the 3rd quarter. PNC Financial Services Group Inc. now owns 5,323 shares of the biopharmaceutical company’s stock worth $114,000 after acquiring an additional 534 shares in the last quarter. Finally, Oregon Public Employees Retirement Fund lifted its stake in ACADIA Pharmaceuticals by 2.0% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 28,666 shares of the biopharmaceutical company’s stock worth $766,000 after acquiring an additional 566 shares in the last quarter. 96.71% of the stock is owned by hedge funds and other institutional investors.

ACADIA Pharmaceuticals Price Performance

Shares of ACAD stock opened at $21.09 on Friday. ACADIA Pharmaceuticals Inc. has a fifty-two week low of $19.69 and a fifty-two week high of $28.35. The stock’s 50-day moving average is $21.76 and its two-hundred day moving average is $23.67. The firm has a market cap of $3.61 billion, a P/E ratio of 9.59, a PEG ratio of 26.48 and a beta of 0.83.

ACADIA Pharmaceuticals (NASDAQ:ACAD) last issued its earnings results on Wednesday, May 6th. The biopharmaceutical company reported $0.02 earnings per share for the quarter, missing the consensus estimate of $0.04 by ($0.02). ACADIA Pharmaceuticals had a return on equity of 9.61% and a net margin of 34.30%.The firm had revenue of $268.10 million during the quarter, compared to analyst estimates of $280.25 million. During the same period in the previous year, the company earned $0.11 earnings per share. The business’s revenue for the quarter was up 9.7% on a year-over-year basis. As a group, research analysts expect that ACADIA Pharmaceuticals Inc. will post 0.37 EPS for the current year.

Analyst Ratings Changes

Several equities research analysts recently issued reports on ACAD shares. Wolfe Research started coverage on ACADIA Pharmaceuticals in a research note on Monday, February 23rd. They issued an “outperform” rating and a $33.00 price objective for the company. Citizens Jmp increased their price objective on ACADIA Pharmaceuticals from $34.00 to $35.00 and gave the stock a “market outperform” rating in a research note on Thursday, February 26th. Citigroup dropped their target price on ACADIA Pharmaceuticals from $33.00 to $32.00 and set a “buy” rating on the stock in a research report on Friday, May 8th. Stifel Nicolaus dropped their target price on ACADIA Pharmaceuticals from $25.00 to $24.00 and set a “hold” rating on the stock in a research report on Thursday, February 26th. Finally, JPMorgan Chase & Co. upped their target price on ACADIA Pharmaceuticals from $31.00 to $34.00 and gave the stock an “overweight” rating in a research report on Wednesday, March 4th. Eleven analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $31.63.

Insider Activity

In other ACADIA Pharmaceuticals news, EVP Mark C. Schneyer sold 3,506 shares of the company’s stock in a transaction dated Monday, May 4th. The stock was sold at an average price of $21.79, for a total value of $76,395.74. Following the transaction, the executive vice president directly owned 66,145 shares of the company’s stock, valued at $1,441,299.55. This represents a 5.03% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider James Kihara sold 5,401 shares of the stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $21.18, for a total value of $114,393.18. Following the transaction, the insider directly owned 24,509 shares in the company, valued at approximately $519,100.62. This represents a 18.06% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 13,978 shares of company stock worth $302,819. Insiders own 26.20% of the company’s stock.

ACADIA Pharmaceuticals Company Profile

ACADIA Pharmaceuticals Inc is a biopharmaceutical company focused on the development and commercialization of innovative therapies for central nervous system (CNS) disorders. Established in 1993 and headquartered in San Diego, California, ACADIA’s research centers concentrate on conditions with significant unmet medical needs, including Parkinson’s disease psychosis, Alzheimer’s disease psychosis, and schizophrenia. The company utilizes a range of scientific platforms, including selective receptor modulation and precision-targeted compounds, to advance its portfolio of small-molecule therapeutics.

The company’s flagship product, NUPLAZID® (pimavanserin), received U.S.