Fred Alger Management LLC Increases Stock Holdings in ACADIA Pharmaceuticals Inc. $ACAD

Fred Alger Management LLC increased its stake in ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD) by 2.0% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 2,769,828 shares of the biopharmaceutical company’s stock after purchasing an additional 54,899 shares during the period. Fred Alger Management LLC owned approximately 1.66% of ACADIA Pharmaceuticals worth $46,007,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Exchange Traded Concepts LLC bought a new position in shares of ACADIA Pharmaceuticals in the first quarter worth approximately $29,000. Banque Transatlantique SA bought a new position in ACADIA Pharmaceuticals during the first quarter valued at approximately $31,000. Picton Mahoney Asset Management bought a new position in ACADIA Pharmaceuticals during the first quarter valued at approximately $32,000. Federated Hermes Inc. grew its position in ACADIA Pharmaceuticals by 231.5% during the first quarter. Federated Hermes Inc. now owns 2,317 shares of the biopharmaceutical company’s stock valued at $38,000 after acquiring an additional 1,618 shares during the last quarter. Finally, Virtus Fund Advisers LLC bought a new position in ACADIA Pharmaceuticals during the fourth quarter valued at approximately $39,000. 96.71% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In related news, EVP Mark C. Schneyer sold 22,000 shares of the firm’s stock in a transaction on Monday, August 18th. The stock was sold at an average price of $25.18, for a total value of $553,960.00. Following the completion of the sale, the executive vice president owned 40,130 shares of the company’s stock, valued at $1,010,473.40. This trade represents a 35.41% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Elizabeth A. Garofalo sold 1,600 shares of the firm’s stock in a transaction on Tuesday, September 2nd. The stock was sold at an average price of $25.98, for a total value of $41,568.00. Following the completion of the sale, the director directly owned 25,382 shares of the company’s stock, valued at $659,424.36. The trade was a 5.93% decrease in their position. The disclosure for this sale can be found here. Company insiders own 28.30% of the company’s stock.

Analyst Ratings Changes

ACAD has been the topic of a number of recent research reports. Morgan Stanley set a $24.00 price target on shares of ACADIA Pharmaceuticals and gave the company an “equal weight” rating in a research report on Tuesday, May 20th. The Goldman Sachs Group increased their price target on shares of ACADIA Pharmaceuticals from $15.00 to $17.00 and gave the company a “sell” rating in a research report on Thursday, August 7th. Citigroup reiterated an “outperform” rating on shares of ACADIA Pharmaceuticals in a research report on Thursday, August 7th. HC Wainwright reiterated a “buy” rating and set a $32.00 price target on shares of ACADIA Pharmaceuticals in a research report on Thursday, June 26th. Finally, UBS Group increased their price target on shares of ACADIA Pharmaceuticals from $32.00 to $36.00 and gave the company a “buy” rating in a research report on Friday, August 8th. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, ACADIA Pharmaceuticals has an average rating of “Moderate Buy” and an average price target of $28.88.

ACADIA Pharmaceuticals Stock Performance

NASDAQ:ACAD opened at $25.26 on Monday. The firm has a market cap of $4.26 billion, a PE ratio of 18.99, a price-to-earnings-growth ratio of 6.40 and a beta of 0.75. ACADIA Pharmaceuticals Inc. has a fifty-two week low of $13.40 and a fifty-two week high of $26.65. The business has a 50 day moving average price of $23.68 and a 200-day moving average price of $20.16.

ACADIA Pharmaceuticals (NASDAQ:ACAD) last released its quarterly earnings data on Wednesday, August 6th. The biopharmaceutical company reported $0.16 earnings per share for the quarter, beating analysts’ consensus estimates of $0.14 by $0.02. The firm had revenue of $264.57 million during the quarter, compared to analyst estimates of $263.07 million. ACADIA Pharmaceuticals had a return on equity of 14.69% and a net margin of 21.80%.The business’s quarterly revenue was up 9.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.20 earnings per share. Research analysts predict that ACADIA Pharmaceuticals Inc. will post 0.7 EPS for the current year.

ACADIA Pharmaceuticals 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.