Walleye Capital LLC Trims Stock Position in ACADIA Pharmaceuticals Inc. $ACAD

Key Points

• Walleye Capital LLC significantly reduced its holdings in ACADIA Pharmaceuticals by 70.8%, now owning 51,962 shares valued at approximately $863,000.
• Several hedge funds adjusted their positions in ACADIA, with Advantage Alpha Capital Partners LP increasing its holdings by 53.0% and American Century Companies Inc. boosting theirs by an impressive 1,055.8%.
• ACADIA Pharmaceuticals reported a 9.4% increase in revenue year-over-year for the quarter, with $264.57 million in revenue and earnings per share beating estimates at $0.16.

Walleye Capital LLC cut its stake in ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD - Free Report) by 70.8% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 51,962 shares of the biopharmaceutical company's stock after selling 126,045 shares during the period. Walleye Capital LLC's holdings in ACADIA Pharmaceuticals were worth $863,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Raymond James Financial Inc. bought a new position in shares of ACADIA Pharmaceuticals during the 4th quarter worth approximately $664,000. Dimensional Fund Advisors LP boosted its holdings in shares of ACADIA Pharmaceuticals by 28.8% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,086,840 shares of the biopharmaceutical company's stock worth $19,932,000 after buying an additional 243,082 shares in the last quarter. Tower Research Capital LLC TRC boosted its holdings in shares of ACADIA Pharmaceuticals by 202.3% during the 4th quarter. Tower Research Capital LLC TRC now owns 13,118 shares of the biopharmaceutical company's stock worth $241,000 after buying an additional 8,778 shares in the last quarter. The Manufacturers Life Insurance Company boosted its holdings in shares of ACADIA Pharmaceuticals by 52.0% during the 4th quarter. The Manufacturers Life Insurance Company now owns 628,016 shares of the biopharmaceutical company's stock worth $11,524,000 after buying an additional 214,747 shares in the last quarter. Finally, Northern Trust Corp boosted its holdings in shares of ACADIA Pharmaceuticals by 9.4% during the 4th quarter. Northern Trust Corp now owns 1,232,366 shares of the biopharmaceutical company's stock worth $22,614,000 after buying an additional 106,236 shares in the last quarter. 96.71% of the stock is currently owned by institutional investors.

Insider Activity

In related news, Director Elizabeth A. Garofalo sold 1,600 shares of ACADIA Pharmaceuticals stock in a transaction dated 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 owned 25,382 shares of the company's stock, valued at approximately $659,424.36. This trade represents a 5.93% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Mark C. Schneyer sold 22,000 shares of ACADIA Pharmaceuticals stock in a transaction dated 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 directly owned 40,130 shares of the company's stock, valued at approximately $1,010,473.40. This trade represents a 35.41% decrease in their position. The disclosure for this sale can be found here. Company insiders own 26.50% of the company's stock.

Analyst Ratings Changes

A number of research firms have issued reports on ACAD. Citigroup restated an "outperform" rating on shares of ACADIA Pharmaceuticals in a report on Thursday, August 7th. Morgan Stanley set a $24.00 target price on ACADIA Pharmaceuticals and gave the stock an "equal weight" rating in a research report on Tuesday, May 20th. Oppenheimer reaffirmed a "market perform" rating and set a $22.00 target price (up from $19.00) on shares of ACADIA Pharmaceuticals in a research report on Thursday, June 26th. The Goldman Sachs Group upped their target price on ACADIA Pharmaceuticals from $15.00 to $17.00 and gave the stock a "sell" rating in a research report on Thursday, August 7th. Finally, BMO Capital Markets upped their target price on ACADIA Pharmaceuticals from $24.00 to $28.00 and gave the stock an "outperform" rating in a research report on Monday, May 19th. One research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $28.88.

ACADIA Pharmaceuticals Trading Down 0.8%

Shares of NASDAQ:ACAD traded down $0.21 during midday trading on Friday, reaching $25.29. The company had a trading volume of 325,373 shares, compared to its average volume of 2,155,093. The company's 50 day moving average price is $23.62 and its 200 day moving average price is $20.12. The stock has a market cap of $4.27 billion, a P/E ratio of 19.08, a P/E/G ratio of 6.52 and a beta of 0.75. ACADIA Pharmaceuticals Inc. has a 52-week low of $13.40 and a 52-week high of $26.65.

ACADIA Pharmaceuticals (NASDAQ:ACAD - Get Free Report) last announced its quarterly earnings data on Wednesday, August 6th. The biopharmaceutical company reported $0.16 earnings per share for the quarter, topping the consensus estimate of $0.14 by $0.02. ACADIA Pharmaceuticals had a return on equity of 14.69% and a net margin of 21.80%.The company had revenue of $264.57 million during the quarter, compared to analyst estimates of $263.07 million. During the same quarter last year, the firm posted $0.20 EPS. The firm's revenue for the quarter was up 9.4% on a year-over-year basis. Research analysts forecast that ACADIA Pharmaceuticals Inc. will post 0.7 EPS for the current fiscal 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.