Fred Alger Management LLC Grows Stock Position in ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD)

Fred Alger Management LLC lifted its holdings in ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD) by 17.8% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,186,389 shares of the biopharmaceutical company’s stock after purchasing an additional 481,950 shares during the period. Fred Alger Management LLC owned about 1.91% of ACADIA Pharmaceuticals worth $49,007,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of the business. Millennium Management LLC boosted its holdings in shares of ACADIA Pharmaceuticals by 36.2% during 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. D. E. Shaw & Co. Inc. raised its position in ACADIA Pharmaceuticals by 11.1% in the second quarter. D. E. Shaw & Co. Inc. now owns 2,934,926 shares of the biopharmaceutical company’s stock valued at $47,693,000 after purchasing an additional 292,906 shares during the period. 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. Rockefeller Capital Management L.P. increased its position in shares of ACADIA Pharmaceuticals by 19.5% during the third quarter. Rockefeller Capital Management L.P. now owns 1,139,934 shares of the biopharmaceutical company’s stock worth $17,532,000 after acquiring an additional 185,684 shares during the period. Finally, Emerald Advisers LLC increased its position in shares of ACADIA Pharmaceuticals by 2.7% during the third quarter. Emerald Advisers LLC now owns 830,829 shares of the biopharmaceutical company’s stock worth $12,778,000 after acquiring an additional 21,998 shares during the period. Hedge funds and other institutional investors own 96.71% of the company’s stock.

Insider Buying and Selling

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

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on ACAD shares. Needham & Company LLC reissued a “buy” rating and issued a $28.00 target price on shares of ACADIA Pharmaceuticals in a report on Thursday, November 7th. Morgan Stanley cut shares of ACADIA Pharmaceuticals from an “overweight” rating to an “equal weight” rating and dropped their target price for the company from $28.00 to $20.00 in a report on Wednesday, August 7th. Raymond James reissued a “market perform” rating on shares of ACADIA Pharmaceuticals in a research note on Thursday, October 10th. Royal Bank of Canada decreased their target price on shares of ACADIA Pharmaceuticals from $29.00 to $26.00 and set an “outperform” rating on the stock in a research report on Wednesday, August 7th. Finally, StockNews.com lowered shares of ACADIA Pharmaceuticals from a “strong-buy” rating to a “buy” rating in a research report on Thursday, November 14th. Six investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat.com, ACADIA Pharmaceuticals currently has an average rating of “Moderate Buy” and an average price target of $25.56.

ACADIA Pharmaceuticals Trading Up 0.5 %

NASDAQ:ACAD opened at $16.29 on Friday. The firm has a market capitalization of $2.71 billion, a price-to-earnings ratio of 20.88 and a beta of 0.38. The firm’s fifty day simple moving average is $15.61 and its 200 day simple moving average is $15.99. ACADIA Pharmaceuticals Inc. has a twelve month low of $14.15 and a twelve month high of $32.59.

ACADIA Pharmaceuticals (NASDAQ:ACAD) last posted its earnings results on Wednesday, November 6th. The biopharmaceutical company reported $0.20 earnings per share for the quarter, beating the consensus estimate of $0.14 by $0.06. ACADIA Pharmaceuticals had a net margin of 13.83% and a return on equity of 25.83%. The business had revenue of $250.40 million for the quarter, compared to analyst estimates of $248.83 million. During the same quarter in the previous year, the business posted ($0.40) EPS. The business’s quarterly revenue was up 18.3% on a year-over-year basis. On average, analysts predict that ACADIA Pharmaceuticals Inc. will post 0.72 earnings per share for the current year.

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.