Squarepoint Ops LLC Sells 230,445 Shares of ACADIA Pharmaceuticals Inc. $ACAD

Key Points

• Squarepoint Ops LLC cut its ACADIA Pharmaceuticals stake by 62.2%, selling 230,445 shares in the second quarter and retaining 140,013 shares worth approximately $3.54 million.
• Institutional ownership remains high at 96.71%, with BlackRock, California State Teachers Retirement System, Palo Alto Investors, Norges Bank, and Millennium Management among notable buyers or position-builders.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $34.36; ACADIA also exceeded quarterly earnings and revenue estimates, reporting $0.18 EPS and $308 million in revenue.

Squarepoint Ops LLC trimmed its holdings in shares of ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD - Free Report) by 62.2% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 140,013 shares of the biopharmaceutical company's stock after selling 230,445 shares during the period. Squarepoint Ops LLC owned 0.08% of ACADIA Pharmaceuticals worth $3,542,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of the business. BlackRock Inc. bought a new stake in shares of ACADIA Pharmaceuticals during the second quarter worth $569,634,000. California State Teachers Retirement System increased its stake in shares of ACADIA Pharmaceuticals by 2,351.9% in the second quarter. California State Teachers Retirement System now owns 3,389,669 shares of the biopharmaceutical company's stock valued at $85,759,000 after buying an additional 3,251,425 shares in the last quarter. Palo Alto Investors LP bought a new position in shares of ACADIA Pharmaceuticals in the second quarter valued at about $72,461,629. Norges Bank bought a new position in shares of ACADIA Pharmaceuticals in the fourth quarter valued at about $40,266,000. Finally, Millennium Management LLC lifted its position in ACADIA Pharmaceuticals by 2,052.1% during the 3rd quarter. Millennium Management LLC now owns 1,483,235 shares of the biopharmaceutical company's stock worth $31,652,000 after buying an additional 1,414,315 shares in the last quarter. Institutional investors own 96.71% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on ACAD shares. Citigroup increased their price objective on shares of ACADIA Pharmaceuticals from $39.00 to $40.00 and gave the stock a "buy" rating in a report on Tuesday, August 25th. Deutsche Bank Aktiengesellschaft boosted their target price on shares of ACADIA Pharmaceuticals from $37.00 to $38.00 and gave the stock a "buy" rating in a research note on Tuesday, August 25th. Bank of America reiterated a "buy" rating and set a $14.50 target price on shares of ACADIA Pharmaceuticals in a research report on Wednesday, July 29th. Morgan Stanley increased their price target on shares of ACADIA Pharmaceuticals from $27.00 to $28.00 and gave the company an "equal weight" rating in a research note on Tuesday, August 25th. Finally, UBS Group raised their price target on shares of ACADIA Pharmaceuticals from $45.00 to $49.00 and gave the company a "buy" rating in a report on Monday, August 17th. Fourteen analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company's stock. According to MarketBeat, ACADIA Pharmaceuticals has a consensus rating of "Moderate Buy" and an average target price of $34.36.

Insider Transactions at ACADIA Pharmaceuticals

In other news, EVP Elizabeth Thompson sold 16,558 shares of ACADIA Pharmaceuticals stock in a transaction dated Thursday, July 30th. The stock was sold at an average price of $26.13, for a total transaction of $432,660.54. Following the transaction, the executive vice president owned 18,994 shares in the company, valued at $496,313.22. The trade was a 46.57% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Mark Schneyer sold 14,292 shares of the business's stock in a transaction that occurred on Thursday, August 6th. The shares were sold at an average price of $29.22, for a total value of $417,612.24. Following the completion of the transaction, the executive vice president owned 67,828 shares of the company's stock, valued at $1,981,934.16. This represents a 17.40% decrease in their ownership of the stock. 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 ninety days, insiders have sold 36,699 shares of company stock worth $1,019,894. 26.20% of the stock is currently owned by insiders.

ACADIA Pharmaceuticals Stock Up 0.3%

Shares of ACAD stock opened at $27.83 on Friday. ACADIA Pharmaceuticals Inc. has a 12-month low of $19.69 and a 12-month high of $30.96. The firm has a fifty day moving average of $27.52 and a 200-day moving average of $24.04. The firm has a market capitalization of $4.80 billion, a price-to-earnings ratio of 12.54 and a beta of 0.86.

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

ACADIA Pharmaceuticals Profile

ACADIA Pharmaceuticals Inc is a biopharmaceutical company focused on developing and commercializing medicines for neurological and psychiatric disorders. The company is headquartered in San Diego, California, and conducts research and commercial activities primarily in the United States.

ACADIA's marketed products include NUPLAZID (pimavanserin), an atypical antipsychotic approved for the treatment of hallucinations and delusions associated with Parkinson's disease psychosis. The company also markets DAYBUE (trofinetide), a therapy for Rett syndrome, a rare neurodevelopmental disorder.

Founded in 1993, ACADIA continues to advance a pipeline of therapies for central nervous system conditions, including additional neurological and psychiatric disorders.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.