Algert Global LLC Sells 136,200 Shares of ACADIA Pharmaceuticals Inc. $ACAD

Key Points

• Algert Global LLC has reduced its stake in ACADIA Pharmaceuticals by 28% during the first quarter, selling 136,200 shares and retaining ownership of 349,704 shares valued at approximately $5.8 million.
• Major institutional investors have increased their holdings in ACADIA, with American Century Companies raising its position by 1,055.8% and acquiring an additional 1.5 million shares.
• Wall Street analysts have set a consensus target price for ACADIA Pharmaceuticals at $28.88, with ratings ranging from "sell" to "strong buy".

Algert Global LLC trimmed its stake in shares of ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD - Free Report) by 28.0% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 349,704 shares of the biopharmaceutical company's stock after selling 136,200 shares during the quarter. Algert Global LLC owned 0.21% of ACADIA Pharmaceuticals worth $5,809,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently modified their holdings of the stock. American Century Companies Inc. lifted its position in shares of ACADIA Pharmaceuticals by 1,055.8% during the 1st quarter. American Century Companies Inc. now owns 1,632,749 shares of the biopharmaceutical company's stock worth $27,120,000 after buying an additional 1,491,484 shares during the period. Fox Run Management L.L.C. lifted its holdings in shares of ACADIA Pharmaceuticals by 25.6% during the first quarter. Fox Run Management L.L.C. now owns 31,938 shares of the biopharmaceutical company's stock valued at $530,000 after acquiring an additional 6,516 shares during the period. E Fund Management Co. Ltd. lifted its holdings in shares of ACADIA Pharmaceuticals by 76.1% during the first quarter. E Fund Management Co. Ltd. now owns 18,718 shares of the biopharmaceutical company's stock valued at $311,000 after acquiring an additional 8,090 shares during the period. Russell Investments Group Ltd. boosted its stake in shares of ACADIA Pharmaceuticals by 22.0% in the 1st quarter. Russell Investments Group Ltd. now owns 241,323 shares of the biopharmaceutical company's stock valued at $4,008,000 after purchasing an additional 43,523 shares in the last quarter. Finally, HighTower Advisors LLC bought a new stake in shares of ACADIA Pharmaceuticals in the 1st quarter worth about $445,000. 96.71% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on ACAD. Morgan Stanley set a $24.00 price target on shares of ACADIA Pharmaceuticals and gave the company an "equal weight" rating in a report on Tuesday, May 20th. Oppenheimer reaffirmed a "market perform" rating and set a $22.00 price objective (up previously from $19.00) on shares of ACADIA Pharmaceuticals in a report on Thursday, June 26th. JPMorgan Chase & Co. boosted their target price on ACADIA Pharmaceuticals from $30.00 to $34.00 and gave the stock an "overweight" rating in a report on Thursday, July 24th. Mizuho increased their price target on ACADIA Pharmaceuticals from $23.00 to $24.00 and gave the stock a "neutral" rating in a research report on Thursday, August 7th. Finally, Wall Street Zen upgraded ACADIA Pharmaceuticals from a "hold" rating to a "buy" rating in a research report on Saturday. One research analyst has rated the stock with a sell rating, six have given a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $28.88.

Insider Activity

In related news, Director Laura Brege sold 14,446 shares of the company's stock in a transaction dated 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 sale, the director owned 15,095 shares in the company, valued at approximately $328,769.10. This represents a 48.90% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 26.50% of the stock is owned by corporate insiders.

ACADIA Pharmaceuticals Trading Down 1.1%

ACADIA Pharmaceuticals stock opened at $25.06 on Tuesday. The company has a market cap of $4.23 billion, a PE ratio of 18.84, a PEG ratio of 6.45 and a beta of 0.70. ACADIA Pharmaceuticals Inc. has a 1 year low of $13.40 and a 1 year high of $25.88. The company's 50-day moving average is $22.77 and its two-hundred day moving average is $19.55.

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, beating the consensus estimate of $0.14 by $0.02. ACADIA Pharmaceuticals had a net margin of 21.80% and a return on equity of 14.69%. The business had revenue of $264.57 million for the quarter, compared to analyst estimates of $263.07 million. During the same period in the prior year, the business posted $0.20 earnings per share. ACADIA Pharmaceuticals's revenue was up 9.4% compared to the same quarter last year. Research analysts forecast that ACADIA Pharmaceuticals Inc. will post 0.7 EPS for the current 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.

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