Braidwell LP Purchases New Position in ACADIA Pharmaceuticals Inc. $ACAD

Braidwell LP acquired a new position in ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD) in the third quarter, HoldingsChannel.com reports. The firm acquired 2,378,655 shares of the biopharmaceutical company’s stock, valued at approximately $50,760,000. ACADIA Pharmaceuticals comprises about 1.5% of Braidwell LP’s investment portfolio, making the stock its 24th largest holding.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Geneos Wealth Management Inc. boosted its stake in ACADIA Pharmaceuticals by 113.0% during the 3rd quarter. Geneos Wealth Management Inc. now owns 1,425 shares of the biopharmaceutical company’s stock valued at $30,000 after purchasing an additional 756 shares during the last quarter. Smartleaf Asset Management LLC raised its stake in shares of ACADIA Pharmaceuticals by 107.0% in the third quarter. Smartleaf Asset Management LLC now owns 1,712 shares of the biopharmaceutical company’s stock worth $36,000 after purchasing an additional 885 shares during the last quarter. USA Financial Formulas purchased a new position in shares of ACADIA Pharmaceuticals in the third quarter worth $41,000. GAMMA Investing LLC lifted its holdings in shares of ACADIA Pharmaceuticals by 25.8% during the third quarter. GAMMA Investing LLC now owns 3,361 shares of the biopharmaceutical company’s stock valued at $72,000 after purchasing an additional 690 shares in the last quarter. Finally, iSAM Funds UK Ltd bought a new position in shares of ACADIA Pharmaceuticals during the third quarter valued at $93,000. 96.71% of the stock is owned by institutional investors.

ACADIA Pharmaceuticals Stock Performance

ACAD stock opened at $20.61 on Friday. ACADIA Pharmaceuticals Inc. has a fifty-two week low of $13.40 and a fifty-two week high of $28.35. The business’s 50-day moving average is $24.52 and its two-hundred day moving average is $24.24. The company has a market cap of $3.51 billion, a price-to-earnings ratio of 9.00, a P/E/G ratio of 20.49 and a beta of 0.66.

ACADIA Pharmaceuticals (NASDAQ:ACAD) last released its quarterly earnings results on Thursday, February 26th. The biopharmaceutical company reported $1.60 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.12 by $1.48. ACADIA Pharmaceuticals had a return on equity of 12.49% and a net margin of 36.49%.The business had revenue of $298.00 million during the quarter, compared to the consensus estimate of $292.54 million. During the same period in the previous year, the company posted $0.86 EPS. The business’s quarterly revenue was up 9.4% compared to the same quarter last year. Equities analysts predict that ACADIA Pharmaceuticals Inc. will post 0.7 earnings per share for the current year.

Insider Activity

In related news, EVP Jennifer J. Rhodes sold 6,950 shares of the firm’s stock in a transaction that occurred on Monday, February 9th. The shares were sold at an average price of $23.38, for a total value of $162,491.00. Following the transaction, the executive vice president owned 7,609 shares of the company’s stock, valued at approximately $177,898.42. This trade represents a 47.74% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 26.50% of the company’s stock.

Analyst Ratings Changes

Several research firms recently commented on ACAD. Wall Street Zen downgraded ACADIA Pharmaceuticals from a “buy” rating to a “hold” rating in a report on Saturday, January 31st. Citizens Jmp upped their target price on shares of ACADIA Pharmaceuticals from $34.00 to $35.00 and gave the company a “market outperform” rating in a research note on Thursday, February 26th. Mizuho raised shares of ACADIA Pharmaceuticals from a “neutral” rating to an “outperform” rating and raised their price target for the company from $29.00 to $35.00 in a report on Monday, February 23rd. Bank of America reiterated a “neutral” rating and issued a $29.00 price target on shares of ACADIA Pharmaceuticals in a research note on Monday, March 2nd. Finally, JPMorgan Chase & Co. boosted their price objective on shares of ACADIA Pharmaceuticals from $31.00 to $34.00 and gave the company an “overweight” rating in a report on Wednesday, March 4th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, ACADIA Pharmaceuticals has a consensus rating of “Moderate Buy” and an average price target of $31.21.

About ACADIA Pharmaceuticals

ACADIA Pharmaceuticals Inc is a biopharmaceutical company focused on the development and commercialization of innovative therapies for central nervous system (CNS) disorders. Established in 1993 and headquartered in San Diego, California, ACADIA’s research centers concentrate on conditions with significant unmet medical needs, including Parkinson’s disease psychosis, Alzheimer’s disease psychosis, and schizophrenia. The company utilizes a range of scientific platforms, including selective receptor modulation and precision-targeted compounds, to advance its portfolio of small-molecule therapeutics.

The company’s flagship product, NUPLAZID® (pimavanserin), received U.S.