Woodline Partners LP Boosts Position in 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 its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 295,210 shares of the biopharmaceutical company's stock after buying an additional 268,445 shares during the quarter. Woodline Partners LP owned approximately 0.18% of ACADIA Pharmaceuticals worth $4,903,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Exchange Traded Concepts LLC bought a new position in shares of ACADIA Pharmaceuticals in the first quarter worth approximately $29,000. Banque Transatlantique SA bought a new position in shares of ACADIA Pharmaceuticals in the first quarter worth approximately $31,000. Picton Mahoney Asset Management bought a new position in shares of ACADIA Pharmaceuticals in the first quarter worth approximately $32,000. Federated Hermes Inc. boosted its position in shares of 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 purchasing an additional 1,618 shares during the period. Finally, Virtus Fund Advisers LLC bought a new position in shares of ACADIA Pharmaceuticals in the fourth quarter worth approximately $39,000. 96.71% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the stock. The Goldman Sachs Group upped their price target on shares of ACADIA Pharmaceuticals from $15.00 to $17.00 and gave the stock a "sell" rating in a research report on Thursday, August 7th. HC Wainwright restated a "buy" rating and set a $32.00 target price on shares of ACADIA Pharmaceuticals in a research report on Thursday, June 26th. Deutsche Bank Aktiengesellschaft upgraded shares of ACADIA Pharmaceuticals from a "hold" rating to a "buy" rating and upped their target price for the stock from $20.00 to $35.00 in a research report on Wednesday, May 21st. Needham & Company LLC restated a "buy" rating and set a $30.00 target price on shares of ACADIA Pharmaceuticals in a research report on Thursday, June 26th. Finally, Wall Street Zen lowered shares of ACADIA Pharmaceuticals from a "buy" rating to a "hold" rating in a research report on Friday, September 5th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $29.65.

ACADIA Pharmaceuticals Stock Up 1.4%

ACADIA Pharmaceuticals stock traded up $0.33 during mid-day trading on Thursday, reaching $24.53. 321,485 shares of the company's stock traded hands, compared to its average volume of 2,145,058. The company has a market cap of $4.14 billion, a price-to-earnings ratio of 18.50, a PEG ratio of 6.07 and a beta of 0.75. The stock has a 50 day moving average of $24.18 and a two-hundred day moving average of $20.42. ACADIA Pharmaceuticals Inc. has a 12-month low of $13.40 and a 12-month high of $26.65.

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

Insider Transactions at ACADIA Pharmaceuticals

In other ACADIA Pharmaceuticals news, EVP Mark C. Schneyer sold 22,000 shares of the stock in a transaction dated Monday, August 18th. The shares were sold at an average price of $25.18, for a total transaction of $553,960.00. Following the transaction, the executive vice president directly owned 40,130 shares in the company, valued at $1,010,473.40. This represents a 35.41% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Elizabeth A. Garofalo sold 1,600 shares of the firm's stock in a transaction dated Tuesday, September 2nd. The shares were sold at an average price of $25.98, for a total transaction of $41,568.00. Following the completion of the sale, the director owned 25,382 shares in the company, valued at $659,424.36. This represents a 5.93% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 27,098 shares of company stock worth $678,256. Company insiders own 26.50% of the company's stock.

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.