ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD) Position Reduced by Connor Clark & Lunn Investment Management Ltd.

Key Points

• Connor Clark & Lunn Investment Management Ltd. has reduced its stake in ACADIA Pharmaceuticals by 16.5%, selling 113,455 shares, and now owns approximately 0.34% of the company valued at $9.5 million.
• Various hedge funds have acted on ACADIA's stock, with GF Fund Management increasing its holdings by 21.9% and Federated Hermes boosting its stake by an impressive 231.5% in the first quarter.
• ACADIA Pharmaceuticals reported $0.16 earnings per share for the last quarter, surpassing analysts' expectations and indicating a 9.4% revenue growth compared to the same period last year.

Connor Clark & Lunn Investment Management Ltd. cut its position in shares of ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD - Free Report) by 16.5% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 572,261 shares of the biopharmaceutical company's stock after selling 113,455 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.34% of ACADIA Pharmaceuticals worth $9,505,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of the stock. JPMorgan Chase & Co. grew its stake in ACADIA Pharmaceuticals by 61.7% during the fourth quarter. JPMorgan Chase & Co. now owns 713,360 shares of the biopharmaceutical company's stock worth $13,090,000 after buying an additional 272,236 shares during the period. Wells Fargo & Company MN boosted its stake in shares of ACADIA Pharmaceuticals by 7.7% in the fourth quarter. Wells Fargo & Company MN now owns 202,349 shares of the biopharmaceutical company's stock valued at $3,713,000 after purchasing an additional 14,447 shares during the period. Cerity Partners LLC boosted its stake in shares of ACADIA Pharmaceuticals by 43.2% in the fourth quarter. Cerity Partners LLC now owns 20,459 shares of the biopharmaceutical company's stock valued at $349,000 after purchasing an additional 6,173 shares during the period. Bank of Montreal Can purchased a new position in shares of ACADIA Pharmaceuticals in the fourth quarter valued at $211,000. Finally, Raymond James Financial Inc. purchased a new position in shares of ACADIA Pharmaceuticals in the fourth quarter valued at $664,000. 96.71% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at ACADIA Pharmaceuticals

In other news, Director Laura Brege sold 14,446 shares of the firm's stock in a transaction dated Wednesday, June 4th. The shares were sold at an average price of $21.78, for a total transaction of $314,633.88. Following the completion of the transaction, the director owned 15,095 shares in the company, valued at approximately $328,769.10. This trade represents a 48.90% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 26.50% of the company's stock.

ACADIA Pharmaceuticals Trading Up 2.7%

ACAD traded up $0.66 on Friday, reaching $25.19. The company had a trading volume of 1,537,554 shares, compared to its average volume of 2,180,987. The company has a fifty day moving average of $22.65 and a 200-day moving average of $19.44. The company has a market capitalization of $4.25 billion, a P/E ratio of 18.90, a PEG ratio of 6.40 and a beta of 0.70. ACADIA Pharmaceuticals Inc. has a one year low of $13.40 and a one year high of $25.88.

ACADIA Pharmaceuticals (NASDAQ:ACAD - Get Free Report) last posted 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 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 business's revenue for the quarter was up 9.4% on a year-over-year basis. Research analysts predict that ACADIA Pharmaceuticals Inc. will post 0.7 EPS for the current year.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on ACAD. The Goldman Sachs Group upped their target price on shares of ACADIA Pharmaceuticals from $15.00 to $17.00 and gave the company a "sell" rating in a research note on Thursday, August 7th. JMP Securities upped their price target on shares of ACADIA Pharmaceuticals from $37.00 to $38.00 and gave the company a "market outperform" rating in a report on Thursday, August 7th. Wall Street Zen raised shares of ACADIA Pharmaceuticals from a "hold" rating to a "buy" rating in a report on Wednesday, May 21st. Cantor Fitzgerald raised shares of ACADIA Pharmaceuticals to a "strong-buy" rating in a report on Thursday, June 5th. Finally, Deutsche Bank Aktiengesellschaft raised shares of ACADIA Pharmaceuticals from a "hold" rating to a "buy" rating and increased their target price for the stock from $20.00 to $35.00 in a report on Wednesday, May 21st. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, ACADIA Pharmaceuticals presently has an average rating of "Moderate Buy" and a consensus price target of $28.88.

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.