GAMMA Investing LLC Raises Stake in ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD)

GAMMA Investing LLC grew its position in ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD - Free Report) by 11,981.0% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 58,351 shares of the biopharmaceutical company's stock after buying an additional 57,868 shares during the period. GAMMA Investing LLC's holdings in ACADIA Pharmaceuticals were worth $969,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the company. Phocas Financial Corp. boosted its holdings in shares of ACADIA Pharmaceuticals by 79.0% during the 4th quarter. Phocas Financial Corp. now owns 107,811 shares of the biopharmaceutical company's stock valued at $1,978,000 after acquiring an additional 47,596 shares during the last quarter. Jefferies Financial Group Inc. purchased a new position in shares of ACADIA Pharmaceuticals in the fourth quarter worth approximately $2,106,000. Mackenzie Financial Corp grew its position in ACADIA Pharmaceuticals by 180.1% during the fourth quarter. Mackenzie Financial Corp now owns 51,065 shares of the biopharmaceutical company's stock valued at $937,000 after buying an additional 32,833 shares during the period. GF Fund Management CO. LTD. purchased a new stake in ACADIA Pharmaceuticals during the fourth quarter valued at approximately $64,000. Finally, CTC Alternative Strategies Ltd. purchased a new stake in ACADIA Pharmaceuticals during the fourth quarter valued at approximately $1,012,000. 96.71% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, EVP Mark C. Schneyer sold 3,498 shares of ACADIA Pharmaceuticals stock in a transaction dated Friday, May 2nd. The shares were sold at an average price of $14.60, for a total transaction of $51,070.80. Following the completion of the transaction, the executive vice president now directly owns 62,773 shares of the company's stock, valued at approximately $916,485.80. The trade was a 5.28% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Laura Brege sold 14,446 shares of the company's stock in a transaction that occurred on Wednesday, June 4th. The shares were sold at an average price of $21.78, for a total value of $314,633.88. Following the transaction, the director now directly owns 15,095 shares in the company, valued at approximately $328,769.10. This represents a 48.90% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 33,273 shares of company stock worth $653,182. Corporate insiders own 26.50% of the company's stock.

ACADIA Pharmaceuticals Trading Down 0.9%

Shares of ACAD stock traded down $0.20 on Friday, reaching $22.75. The company's stock had a trading volume of 1,732,180 shares, compared to its average volume of 1,942,210. The stock's fifty day simple moving average is $18.68 and its 200-day simple moving average is $18.01. ACADIA Pharmaceuticals Inc. has a 1 year low of $13.40 and a 1 year high of $25.23. The company has a market capitalization of $3.81 billion, a price-to-earnings ratio of 16.60, a price-to-earnings-growth ratio of 4.91 and a beta of 0.65.

ACADIA Pharmaceuticals (NASDAQ:ACAD - Get Free Report) last released its quarterly earnings data on Wednesday, May 7th. The biopharmaceutical company reported $0.11 EPS for the quarter, beating the consensus estimate of $0.10 by $0.01. ACADIA Pharmaceuticals had a net margin of 22.97% and a return on equity of 17.46%. The business had revenue of $244.32 million during the quarter, compared to analyst estimates of $239.32 million. During the same quarter last year, the business earned $0.10 earnings per share. ACADIA Pharmaceuticals's quarterly revenue was up 18.7% compared to the same quarter last year. Equities research analysts forecast that ACADIA Pharmaceuticals Inc. will post 0.7 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of brokerages have commented on ACAD. Mizuho upped their price target on ACADIA Pharmaceuticals from $20.00 to $23.00 and gave the stock a "neutral" rating in a research report on Monday, May 19th. Needham & Company LLC increased their target price on shares of ACADIA Pharmaceuticals from $27.00 to $30.00 and gave the stock a "buy" rating in a report on Monday, May 19th. JPMorgan Chase & Co. raised their target price on shares of ACADIA Pharmaceuticals from $26.00 to $30.00 and gave the stock an "overweight" rating in a research note on Friday, June 6th. Deutsche Bank Aktiengesellschaft upgraded shares of ACADIA Pharmaceuticals from a "hold" rating to a "buy" rating and upped their price target for the stock from $20.00 to $35.00 in a research report on Wednesday, May 21st. Finally, BMO Capital Markets raised their price objective on shares of ACADIA Pharmaceuticals from $24.00 to $28.00 and gave the company an "outperform" rating in a research report on Monday, May 19th. Six research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $26.79.

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.