Birchview Capital LP Cuts Stock Position in ACADIA Pharmaceuticals Inc. $ACAD

Key Points

• Birchview Capital LP has reduced its stake in ACADIA Pharmaceuticals by 22.2%, now holding 263,400 shares valued at approximately $4.38 million.
• Institutional investors and hedge funds own 96.71% of ACADIA Pharmaceuticals, indicating strong support for the company.
• ACADIA reported $0.16 EPS for the last quarter, exceeding analysts' expectations, with a revenue of $264.57 million, up 9.4% year-over-year.

Birchview Capital LP trimmed its position in shares of ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD - Free Report) by 22.2% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 263,400 shares of the biopharmaceutical company's stock after selling 75,000 shares during the period. ACADIA Pharmaceuticals accounts for 3.8% of Birchview Capital LP's portfolio, making the stock its 3rd largest holding. Birchview Capital LP owned 0.16% of ACADIA Pharmaceuticals worth $4,375,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of ACAD. Assenagon Asset Management S.A. bought a new stake in shares of ACADIA Pharmaceuticals during the 1st quarter valued at $60,845,000. Point72 Asset Management L.P. bought a new stake in ACADIA Pharmaceuticals in the 4th quarter valued at $40,935,000. American Century Companies Inc. increased its holdings in ACADIA Pharmaceuticals by 1,055.8% in the 1st quarter. American Century Companies Inc. now owns 1,632,749 shares of the biopharmaceutical company's stock valued at $27,120,000 after acquiring an additional 1,491,484 shares during the last quarter. Nuveen LLC bought a new stake in ACADIA Pharmaceuticals in the 1st quarter valued at $21,630,000. Finally, Vanguard Group Inc. increased its holdings in ACADIA Pharmaceuticals by 9.0% in the 1st quarter. Vanguard Group Inc. now owns 15,203,234 shares of the biopharmaceutical company's stock valued at $252,526,000 after acquiring an additional 1,255,594 shares during the last quarter. 96.71% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of analysts have issued reports on the stock. Deutsche Bank Aktiengesellschaft upgraded shares of ACADIA Pharmaceuticals from a "hold" rating to a "buy" rating and lifted their price target for the company from $20.00 to $35.00 in a report on Wednesday, May 21st. Needham & Company LLC reiterated a "buy" rating and issued a $30.00 price target on shares of ACADIA Pharmaceuticals in a report on Thursday, June 26th. Cantor Fitzgerald upgraded shares of ACADIA Pharmaceuticals to a "strong-buy" rating in a report on Thursday, June 5th. Wall Street Zen downgraded shares of ACADIA Pharmaceuticals from a "buy" rating to a "hold" rating in a report on Friday. Finally, Oppenheimer reiterated a "market perform" rating and issued a $22.00 price target (up from $19.00) on shares of ACADIA Pharmaceuticals in a report on Thursday, June 26th. One 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 given a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $28.88.

Insider Transactions at ACADIA Pharmaceuticals

In other news, Director Elizabeth A. Garofalo sold 1,600 shares of the business's stock in a transaction dated Tuesday, September 2nd. The shares were sold at an average price of $25.98, for a total value of $41,568.00. Following the sale, the director directly owned 25,382 shares in the company, valued at $659,424.36. The trade was a 5.93% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 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 transaction of $553,960.00. Following the transaction, the executive vice president directly owned 40,130 shares of the company's stock, valued at approximately $1,010,473.40. This represents a 35.41% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 28.30% of the company's stock.

ACADIA Pharmaceuticals Price Performance

Shares of ACADIA Pharmaceuticals stock traded down $0.24 during trading hours on Friday, reaching $25.26. The company's stock had a trading volume of 1,109,663 shares, compared to its average volume of 1,890,401. The firm has a 50 day moving average price of $23.68 and a 200-day moving average price of $20.16. ACADIA Pharmaceuticals Inc. has a one year low of $13.40 and a one year high of $26.65. The stock has a market cap of $4.26 billion, a P/E ratio of 18.99, a P/E/G ratio of 6.40 and a beta of 0.75.

ACADIA Pharmaceuticals (NASDAQ:ACAD - Get Free Report) last posted its earnings results on Wednesday, August 6th. The biopharmaceutical company reported $0.16 earnings per share for the quarter, topping analysts' consensus estimates of $0.14 by $0.02. ACADIA Pharmaceuticals had a net margin of 21.80% and a return on equity of 14.69%. The firm had revenue of $264.57 million for the quarter, compared to the consensus estimate of $263.07 million. During the same period in the previous year, the firm posted $0.20 EPS. The business's quarterly revenue was up 9.4% on a year-over-year basis. As a group, sell-side 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.