Erste Asset Management GmbH Acquires Shares of 242,300 ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD)

Erste Asset Management GmbH bought a new position in shares of ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD) during the 3rd quarter, HoldingsChannel reports. The fund bought 242,300 shares of the biopharmaceutical company’s stock, valued at approximately $3,802,000.

A number of other hedge funds also recently modified their holdings of the stock. Fred Alger Management LLC grew its stake in ACADIA Pharmaceuticals by 17.8% during the third quarter. Fred Alger Management LLC now owns 3,186,389 shares of the biopharmaceutical company’s stock worth $49,007,000 after buying an additional 481,950 shares in the last quarter. Millennium Management LLC boosted its position in shares of ACADIA Pharmaceuticals by 36.2% during the 2nd quarter. Millennium Management LLC now owns 2,937,714 shares of the biopharmaceutical company’s stock worth $47,738,000 after acquiring an additional 781,070 shares in the last quarter. D. E. Shaw & Co. Inc. increased its stake in ACADIA Pharmaceuticals by 11.1% in the second quarter. D. E. Shaw & Co. Inc. now owns 2,934,926 shares of the biopharmaceutical company’s stock valued at $47,693,000 after acquiring an additional 292,906 shares during the last quarter. Marshall Wace LLP raised its position in ACADIA Pharmaceuticals by 431.1% during the second quarter. Marshall Wace LLP now owns 2,774,353 shares of the biopharmaceutical company’s stock valued at $45,083,000 after purchasing an additional 2,251,940 shares in the last quarter. Finally, Rockefeller Capital Management L.P. lifted its stake in ACADIA Pharmaceuticals by 19.5% during the third quarter. Rockefeller Capital Management L.P. now owns 1,139,934 shares of the biopharmaceutical company’s stock worth $17,532,000 after purchasing an additional 185,684 shares during the last quarter. Institutional investors own 96.71% of the company’s stock.

ACADIA Pharmaceuticals Price Performance

Shares of NASDAQ:ACAD opened at $16.61 on Tuesday. ACADIA Pharmaceuticals Inc. has a 1 year low of $14.15 and a 1 year high of $32.59. The business’s 50-day moving average is $15.61 and its 200-day moving average is $16.01. The company has a market capitalization of $2.76 billion, a price-to-earnings ratio of 21.30 and a beta of 0.38.

ACADIA Pharmaceuticals (NASDAQ:ACAD) last issued its quarterly 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 firm had revenue of $250.40 million for the quarter, compared to analyst estimates of $248.83 million. ACADIA Pharmaceuticals had a return on equity of 25.83% and a net margin of 13.83%. The company’s revenue was up 18.3% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.40) earnings per share. Analysts anticipate that ACADIA Pharmaceuticals Inc. will post 0.73 EPS for the current year.

Insider Buying and Selling

In related news, CFO Mark C. Schneyer sold 10,259 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 $172,453.79. Following the completion of the sale, the chief financial officer now directly owns 53,302 shares of the company’s stock, valued at $896,006.62. The trade was a 16.14 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider James Kihara sold 4,073 shares of the stock in a transaction that occurred on 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 owns 19,863 shares in the company, valued at approximately $333,897.03. The trade was 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 ninety days. 28.30% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the company. UBS Group lowered their price target on ACADIA Pharmaceuticals from $25.00 to $23.00 and set a “buy” rating for the company in a report on Thursday, August 8th. Citigroup cut their target price on shares of ACADIA Pharmaceuticals from $30.00 to $23.00 and set a “buy” rating on the stock in a research report on Thursday, August 8th. StockNews.com cut ACADIA Pharmaceuticals from a “strong-buy” rating to a “buy” rating in a research note on Thursday, November 14th. Royal Bank of Canada dropped their target price on ACADIA Pharmaceuticals from $29.00 to $26.00 and set an “outperform” rating for the company in a research report on Wednesday, August 7th. Finally, Cantor Fitzgerald reduced their price target on ACADIA Pharmaceuticals from $37.00 to $28.00 and set an “overweight” rating on the stock in a report 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 company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $25.56.

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.