Iron Triangle Partners LP Purchases New Shares in ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD)

Iron Triangle Partners LP acquired a new position in ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD) in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 750,000 shares of the biopharmaceutical company’s stock, valued at approximately $11,535,000. ACADIA Pharmaceuticals makes up about 1.6% of Iron Triangle Partners LP’s investment portfolio, making the stock its 21st biggest position. Iron Triangle Partners LP owned about 0.45% of ACADIA Pharmaceuticals as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Marshall Wace LLP increased its position in shares of ACADIA Pharmaceuticals by 431.1% during the second quarter. Marshall Wace LLP now owns 2,774,353 shares of the biopharmaceutical company’s stock worth $45,083,000 after acquiring an additional 2,251,940 shares during the period. Millennium Management LLC increased its position in shares of ACADIA Pharmaceuticals by 36.2% in the 2nd quarter. Millennium Management LLC now owns 2,937,714 shares of the biopharmaceutical company’s stock worth $47,738,000 after purchasing an additional 781,070 shares during the last quarter. Dimensional Fund Advisors LP acquired a new stake in shares of ACADIA Pharmaceuticals in the second quarter valued at approximately $10,550,000. Eventide Asset Management LLC bought a new stake in shares of ACADIA Pharmaceuticals during the 3rd quarter worth $8,882,000. Finally, Fred Alger Management LLC lifted its holdings in shares of ACADIA Pharmaceuticals by 17.8% during the 3rd quarter. Fred Alger Management LLC now owns 3,186,389 shares of the biopharmaceutical company’s stock valued at $49,007,000 after buying an additional 481,950 shares during the last quarter. Institutional investors and hedge funds own 96.71% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on ACAD shares. HC Wainwright restated a “buy” rating and set a $27.00 target price on shares of ACADIA Pharmaceuticals in a research report on Thursday, November 7th. Cantor Fitzgerald cut their price target on ACADIA Pharmaceuticals from $37.00 to $28.00 and set an “overweight” rating on the stock in a report on Wednesday, August 7th. Needham & Company LLC reaffirmed a “buy” rating and issued a $28.00 price objective on shares of ACADIA Pharmaceuticals in a research report on Thursday, November 7th. Citigroup lowered their price target on ACADIA Pharmaceuticals from $30.00 to $23.00 and set a “buy” rating on the stock in a research report on Thursday, August 8th. Finally, Raymond James reiterated a “market perform” rating on shares of ACADIA Pharmaceuticals in a research note on Thursday, October 10th. Six equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $25.56.

ACADIA Pharmaceuticals Stock Performance

NASDAQ ACAD opened at $16.61 on Tuesday. The stock has a 50 day moving average price of $15.62 and a 200-day moving average price of $16.02. ACADIA Pharmaceuticals Inc. has a one year low of $14.15 and a one year high of $32.59. The company has a market capitalization of $2.76 billion, a P/E ratio of 21.30 and a beta of 0.40.

ACADIA Pharmaceuticals (NASDAQ:ACAD) last released its quarterly earnings results on Wednesday, November 6th. The biopharmaceutical company reported $0.20 earnings per share for the quarter, topping the consensus estimate of $0.14 by $0.06. The firm had revenue of $250.40 million during the quarter, compared to the consensus estimate of $248.83 million. ACADIA Pharmaceuticals had a net margin of 13.83% and a return on equity of 25.83%. The company’s revenue for the quarter was up 18.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.40) EPS. As a group, equities analysts predict that ACADIA Pharmaceuticals Inc. will post 0.73 EPS for the current fiscal year.

Insider Activity at ACADIA Pharmaceuticals

In related news, insider James Kihara sold 4,073 shares of ACADIA Pharmaceuticals stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $16.81, for a total value of $68,467.13. Following the transaction, the insider now directly owns 19,863 shares in the company, valued at $333,897.03. The trade was a 17.02 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Mark C. Schneyer sold 10,259 shares of ACADIA Pharmaceuticals stock in a transaction that occurred on Tuesday, November 19th. The shares were sold at an average price of $16.81, for a total transaction of $172,453.79. Following the completion of the transaction, the chief financial officer now directly owns 53,302 shares in the company, valued at approximately $896,006.62. This represents a 16.14 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 24,661 shares of company stock valued at $414,551. 28.30% of the stock is owned by insiders.

ACADIA Pharmaceuticals Company 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.