Freestone Grove Partners LP Buys New Position in ACADIA Pharmaceuticals Inc. $ACAD

Key Points

• Freestone Grove Partners initiated a position in ACADIA Pharmaceuticals during the second quarter, purchasing 69,393 shares worth approximately $1.76 million. Institutional investors collectively own 96.71% of the company.
• Analyst sentiment remains positive, with 14 Buy ratings and four Holds producing a consensus “Moderate Buy” rating and an average price target of $34.36.
• ACADIA exceeded quarterly expectations, reporting adjusted EPS of $0.18 versus the $0.07 consensus and revenue of $308 million, up 16.4% year over year.

Freestone Grove Partners LP purchased a new position in shares of ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 69,393 shares of the biopharmaceutical company's stock, valued at approximately $1,756,000.

Several other institutional investors also recently added to or reduced their stakes in the company. Farther Finance Advisors LLC boosted its holdings in shares of ACADIA Pharmaceuticals by 67.5% in the fourth quarter. Farther Finance Advisors LLC now owns 958 shares of the biopharmaceutical company's stock valued at $26,000 after acquiring an additional 386 shares during the period. Meeder Asset Management Inc. purchased a new position in shares of ACADIA Pharmaceuticals during the fourth quarter worth approximately $26,000. Transamerica Financial Advisors LLC increased its holdings in shares of ACADIA Pharmaceuticals by 304.5% in the 4th quarter. Transamerica Financial Advisors LLC now owns 1,335 shares of the biopharmaceutical company's stock valued at $36,000 after acquiring an additional 1,005 shares during the period. Federated Hermes Inc. increased its holdings in shares of ACADIA Pharmaceuticals by 277.5% in the 4th quarter. Federated Hermes Inc. now owns 1,612 shares of the biopharmaceutical company's stock valued at $43,000 after acquiring an additional 1,185 shares during the period. Finally, Leonteq Securities AG purchased a new stake in ACADIA Pharmaceuticals in the 4th quarter valued at $52,000. Institutional investors and hedge funds own 96.71% of the company's stock.

Insider Transactions at ACADIA Pharmaceuticals

In related news, EVP Elizabeth H.Z. Thompson sold 16,558 shares of the stock in a transaction on Thursday, July 30th. The stock was sold at an average price of $26.13, for a total transaction of $432,660.54. Following the sale, the executive vice president owned 18,994 shares of the company's stock, valued at $496,313.22. This trade represents a 46.57% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Mark C. Schneyer sold 14,292 shares of ACADIA Pharmaceuticals stock in a transaction dated Thursday, August 6th. The stock was sold at an average price of $29.22, for a total value of $417,612.24. Following the sale, the executive vice president owned 67,828 shares of the company's stock, valued at approximately $1,981,934.16. This represents a 17.40% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 36,699 shares of company stock valued at $1,019,894. 26.20% of the stock is currently owned by company insiders.

Analyst Ratings Changes

ACAD has been the topic of several research reports. Wall Street Zen raised shares of ACADIA Pharmaceuticals from a "hold" rating to a "buy" rating in a research report on Saturday, August 8th. Needham & Company LLC upped their price objective on ACADIA Pharmaceuticals from $38.00 to $41.00 and gave the company a "buy" rating in a research note on Wednesday, August 12th. Deutsche Bank Aktiengesellschaft increased their price objective on ACADIA Pharmaceuticals from $37.00 to $38.00 and gave the stock a "buy" rating in a research report on Tuesday. Citigroup lifted their target price on ACADIA Pharmaceuticals from $39.00 to $40.00 and gave the company a "buy" rating in a research note on Tuesday, August 25th. Finally, Royal Bank Of Canada boosted their target price on ACADIA Pharmaceuticals from $36.00 to $37.00 and gave the company an "outperform" rating in a report on Wednesday, August 5th. Fourteen investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $34.36.

ACADIA Pharmaceuticals Stock Performance

ACADIA Pharmaceuticals stock opened at $29.11 on Friday. ACADIA Pharmaceuticals Inc. has a fifty-two week low of $19.69 and a fifty-two week high of $30.96. The firm has a market capitalization of $5.02 billion, a price-to-earnings ratio of 13.11, a price-to-earnings-growth ratio of 21.71 and a beta of 0.81. The stock's fifty day moving average is $26.79 and its two-hundred day moving average is $23.67.

ACADIA Pharmaceuticals (NASDAQ:ACAD - Get Free Report) last released its quarterly earnings results on Tuesday, August 4th. The biopharmaceutical company reported $0.18 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.07 by $0.11. ACADIA Pharmaceuticals had a return on equity of 9.03% and a net margin of 33.42%.The business had revenue of $308.00 million during the quarter, compared to the consensus estimate of $296.55 million. During the same quarter in the previous year, the company posted $0.16 EPS. The business's revenue was up 16.4% on a year-over-year basis. As a group, sell-side analysts forecast that ACADIA Pharmaceuticals Inc. will post 0.63 EPS for the current fiscal year.

ACADIA Pharmaceuticals Profile

ACADIA Pharmaceuticals Inc is a biopharmaceutical company focused on the development and commercialization of innovative therapies for central nervous system (CNS) disorders. Established in 1993 and headquartered in San Diego, California, ACADIA's research centers concentrate on conditions with significant unmet medical needs, including Parkinson's disease psychosis, Alzheimer's disease psychosis, and schizophrenia. The company utilizes a range of scientific platforms, including selective receptor modulation and precision-targeted compounds, to advance its portfolio of small-molecule therapeutics.

The company's flagship product, NUPLAZID® (pimavanserin), received U.S.

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