Fred Alger Management LLC Trims Stake in ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD)

Fred Alger Management LLC lowered its stake in shares of ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD - Free Report) by 14.8% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,714,929 shares of the biopharmaceutical company's stock after selling 471,460 shares during the quarter. Fred Alger Management LLC owned about 1.63% of ACADIA Pharmaceuticals worth $49,819,000 at the end of the most recent reporting period.

Other institutional investors have also recently modified their holdings of the company. Summit Investment Advisors Inc. lifted its position in ACADIA Pharmaceuticals by 6.8% during the fourth quarter. Summit Investment Advisors Inc. now owns 12,519 shares of the biopharmaceutical company's stock worth $230,000 after purchasing an additional 795 shares during the period. Arete Wealth Advisors LLC boosted its position in shares of ACADIA Pharmaceuticals by 15.9% during the 4th quarter. Arete Wealth Advisors LLC now owns 13,700 shares of the biopharmaceutical company's stock worth $251,000 after acquiring an additional 1,875 shares in the last quarter. KBC Group NV increased its stake in ACADIA Pharmaceuticals by 67.0% in the fourth quarter. KBC Group NV now owns 5,093 shares of the biopharmaceutical company's stock valued at $93,000 after acquiring an additional 2,044 shares during the last quarter. R Squared Ltd acquired a new position in ACADIA Pharmaceuticals during the fourth quarter valued at approximately $47,000. Finally, MetLife Investment Management LLC lifted its stake in ACADIA Pharmaceuticals by 3.8% during the fourth quarter. MetLife Investment Management LLC now owns 73,048 shares of the biopharmaceutical company's stock worth $1,340,000 after purchasing an additional 2,669 shares during the last quarter. 96.71% of the stock is currently owned by institutional investors.

Insider Activity at ACADIA Pharmaceuticals

In other news, Director Elizabeth A. Garofalo sold 4,919 shares of the stock in a transaction on Wednesday, March 5th. The stock was sold at an average price of $18.23, for a total transaction of $89,673.37. Following the completion of the transaction, the director now owns 17,595 shares in the company, valued at approximately $320,756.85. This represents a 21.85 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Mark C. Schneyer sold 3,171 shares of ACADIA Pharmaceuticals stock in a transaction dated Wednesday, March 26th. The stock was sold at an average price of $17.05, for a total transaction of $54,065.55. Following the completion of the transaction, the executive vice president now owns 56,889 shares of the company's stock, valued at $969,957.45. The trade was a 5.28 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 18,994 shares of company stock valued at $313,131. 26.50% of the stock is owned by insiders.

ACADIA Pharmaceuticals Price Performance

Shares of ACAD traded up $0.51 during trading hours on Friday, hitting $17.44. The stock had a trading volume of 2,854,983 shares, compared to its average volume of 1,855,937. ACADIA Pharmaceuticals Inc. has a 1-year low of $13.40 and a 1-year high of $20.68. The firm has a 50 day simple moving average of $15.83 and a 200-day simple moving average of $16.98. The firm has a market capitalization of $2.92 billion, a P/E ratio of 22.36 and a beta of 0.47.

ACADIA Pharmaceuticals (NASDAQ:ACAD - Get Free Report) last issued its quarterly earnings data on Wednesday, May 7th. The biopharmaceutical company reported $0.11 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.10 by $0.01. The firm had revenue of $244.32 million during the quarter, compared to analysts' expectations of $239.32 million. ACADIA Pharmaceuticals had a net margin of 13.83% and a return on equity of 25.83%. The business's revenue was up 18.7% on a year-over-year basis. During the same period last year, the company earned $0.10 earnings per share. Equities analysts predict that ACADIA Pharmaceuticals Inc. will post 0.7 EPS for the current fiscal year.

Analyst Ratings Changes

ACAD has been the topic of a number of research reports. Needham & Company LLC reaffirmed a "buy" rating and set a $28.00 target price on shares of ACADIA Pharmaceuticals in a research note on Tuesday, April 8th. Morgan Stanley reiterated an "equal weight" rating and set a $20.00 price target on shares of ACADIA Pharmaceuticals in a report on Friday, March 7th. StockNews.com upgraded ACADIA Pharmaceuticals from a "hold" rating to a "buy" rating in a report on Saturday, March 8th. HC Wainwright reaffirmed a "buy" rating and set a $27.00 target price on shares of ACADIA Pharmaceuticals in a report on Thursday, February 27th. Finally, Deutsche Bank Aktiengesellschaft started coverage on ACADIA Pharmaceuticals in a research note on Tuesday, February 11th. They issued a "hold" rating and a $22.00 price target for the company. Four equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company's stock. According to data from MarketBeat, ACADIA Pharmaceuticals has an average rating of "Moderate Buy" and an average target price of $24.70.

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.