Woodline Partners LP Acquires 268,445 Shares of ACADIA Pharmaceuticals Inc. $ACAD

Key Points

• Woodline Partners LP increased its stake in ACADIA Pharmaceuticals by 1,003%, acquiring an additional 268,445 shares, bringing its total ownership to 295,210 shares valued at approximately $4.9 million.
• Several hedge funds, including Assenagon Asset Management and American Century Companies, also significantly increased their investments in ACADIA Pharmaceuticals during the 1st quarter.
• Despite a strong financial performance with a quarterly revenue of $264.57 million, ACADIA Pharmaceuticals' stock has seen a 2.4% decline recently, and the company has an average "Moderate Buy" rating from analysts.

Woodline Partners LP boosted its holdings in shares of ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD - Free Report) by 1,003.0% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 295,210 shares of the biopharmaceutical company's stock after purchasing an additional 268,445 shares during the quarter. Woodline Partners LP owned about 0.18% of ACADIA Pharmaceuticals worth $4,903,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in ACAD. Assenagon Asset Management S.A. bought a new stake in ACADIA Pharmaceuticals during the 1st quarter valued at approximately $60,845,000. Point72 Asset Management L.P. bought a new stake in ACADIA Pharmaceuticals during the 4th quarter valued at approximately $40,935,000. American Century Companies Inc. boosted its stake in ACADIA Pharmaceuticals by 1,055.8% during the 1st quarter. American Century Companies Inc. now owns 1,632,749 shares of the biopharmaceutical company's stock valued at $27,120,000 after purchasing an additional 1,491,484 shares during the period. Nuveen LLC bought a new stake in ACADIA Pharmaceuticals during the 1st quarter valued at approximately $21,630,000. Finally, Vanguard Group Inc. boosted its stake in ACADIA Pharmaceuticals by 9.0% during the 1st quarter. Vanguard Group Inc. now owns 15,203,234 shares of the biopharmaceutical company's stock valued at $252,526,000 after purchasing an additional 1,255,594 shares during the period. Institutional investors own 96.71% of the company's stock.

Insider Buying and Selling

In other news, EVP Mark C. Schneyer sold 22,000 shares of the 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 completion of the transaction, the executive vice president directly owned 40,130 shares of the company's stock, valued at approximately $1,010,473.40. This represents a 35.41% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Elizabeth A. Garofalo sold 1,600 shares of the stock in a transaction that occurred on Tuesday, September 2nd. The stock was sold at an average price of $25.98, for a total value of $41,568.00. Following the completion of the transaction, the director directly owned 25,382 shares of the company's stock, valued at approximately $659,424.36. The trade was a 5.93% 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 2.4%

Shares of ACAD stock opened at $23.61 on Friday. ACADIA Pharmaceuticals Inc. has a 12 month low of $13.40 and a 12 month high of $26.65. The stock has a 50 day moving average of $23.99 and a two-hundred day moving average of $20.32. The company has a market capitalization of $3.98 billion, a P/E ratio of 17.75, a P/E/G ratio of 6.13 and a beta of 0.75.

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

Analyst Upgrades and Downgrades

ACAD has been the subject of several recent analyst reports. Oppenheimer restated a "market perform" rating and set a $22.00 target price (up previously from $19.00) on shares of ACADIA Pharmaceuticals in a research note on Thursday, June 26th. Morgan Stanley set a $24.00 target price on ACADIA Pharmaceuticals and gave the company an "equal weight" rating in a research note on Tuesday, May 20th. Citigroup reiterated an "outperform" rating on shares of ACADIA Pharmaceuticals in a research report on Thursday, August 7th. Mizuho raised their price objective on ACADIA Pharmaceuticals from $23.00 to $24.00 and gave the stock a "neutral" rating in a research report on Thursday, August 7th. Finally, JMP Securities raised their price objective on ACADIA Pharmaceuticals from $37.00 to $38.00 and gave the stock a "market outperform" rating in a research report on Thursday, August 7th. One analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $29.65.

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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