Point72 Europe London LLP Acquires 116,600 Shares of ACADIA Pharmaceuticals Inc. $ACAD

Key Points

• Point72 Europe London LLP increased its stake in ACADIA Pharmaceuticals by 67.3%, owning 289,755 shares worth approximately $4.81 million by the end of the first quarter.
• ACADIA Pharmaceuticals reported earnings of $0.16 per share last quarter, surpassing analysts' expectations of $0.14, with a revenue increase of 9.4% year-over-year.
• Insider trading activity included notable sales by Director Laura Brege and EVP Mark C. Schneyer, significantly reducing their respective shareholdings by 48.9% and 35.41%.

Point72 Europe London LLP raised its holdings in shares of ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD - Free Report) by 67.3% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 289,755 shares of the biopharmaceutical company's stock after purchasing an additional 116,600 shares during the quarter. Point72 Europe London LLP owned 0.17% of ACADIA Pharmaceuticals worth $4,813,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in ACAD. Exchange Traded Concepts LLC purchased a new stake in ACADIA Pharmaceuticals in the first quarter worth about $29,000. Picton Mahoney Asset Management purchased a new stake in ACADIA Pharmaceuticals in the first quarter worth about $32,000. Federated Hermes Inc. lifted its stake in ACADIA Pharmaceuticals by 231.5% in the first quarter. Federated Hermes Inc. now owns 2,317 shares of the biopharmaceutical company's stock worth $38,000 after acquiring an additional 1,618 shares during the period. Virtus Fund Advisers LLC purchased a new stake in ACADIA Pharmaceuticals in the fourth quarter worth about $39,000. Finally, Quantbot Technologies LP bought a new position in ACADIA Pharmaceuticals in the first quarter worth about $52,000. 96.71% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at ACADIA Pharmaceuticals

In other news, Director Laura Brege sold 14,446 shares of the company's stock in a transaction that occurred on Wednesday, June 4th. The stock was sold at an average price of $21.78, for a total transaction of $314,633.88. Following the completion of the transaction, the director directly owned 15,095 shares of the company's stock, valued at $328,769.10. This represents a 48.90% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, EVP Mark C. Schneyer sold 22,000 shares of the company's stock in a transaction that occurred on Monday, August 18th. The stock was sold at an average price of $25.18, for a total value 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. The trade was a 35.41% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 26.50% of the company's stock.

ACADIA Pharmaceuticals Trading Down 0.9%

Shares of NASDAQ:ACAD opened at $25.99 on Friday. ACADIA Pharmaceuticals Inc. has a 12-month low of $13.40 and a 12-month high of $26.65. The company has a market capitalization of $4.38 billion, a PE ratio of 19.54, a PEG ratio of 6.62 and a beta of 0.70. The business has a 50 day moving average of $23.35 and a two-hundred day moving average of $19.96.

ACADIA Pharmaceuticals (NASDAQ:ACAD - Get Free Report) last announced its quarterly earnings results on Wednesday, August 6th. The biopharmaceutical company reported $0.16 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.14 by $0.02. The company had revenue of $264.57 million during the quarter, compared to the consensus estimate of $263.07 million. ACADIA Pharmaceuticals had a return on equity of 14.69% and a net margin of 21.80%.ACADIA Pharmaceuticals's revenue for the quarter was up 9.4% on a year-over-year basis. During the same period in the previous year, the company posted $0.20 earnings per share. Equities research analysts predict that ACADIA Pharmaceuticals Inc. will post 0.7 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of brokerages have commented on ACAD. Morgan Stanley set a $24.00 target price on shares of ACADIA Pharmaceuticals and gave the stock an "equal weight" rating in a report on Tuesday, May 20th. Robert W. Baird boosted their price target on ACADIA Pharmaceuticals from $28.00 to $31.00 and gave the stock an "outperform" rating in a research note on Monday, May 19th. Bank of America boosted their price target on ACADIA Pharmaceuticals from $18.00 to $23.00 and gave the stock a "hold" rating in a research note on Thursday, June 5th. JMP Securities boosted their price target on ACADIA Pharmaceuticals from $37.00 to $38.00 and gave the stock a "market outperform" rating in a research note on Thursday, August 7th. Finally, HC Wainwright reiterated a "buy" rating and issued a $32.00 target price on shares of ACADIA Pharmaceuticals in a research report on Thursday, June 26th. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, ACADIA Pharmaceuticals has a consensus rating of "Moderate Buy" and an average price target of $28.88.

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.

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