The Manufacturers Life Insurance Company Sells 48,809 Shares of ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD)

The Manufacturers Life Insurance Company lessened its stake in shares of ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD - Free Report) by 10.6% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 413,269 shares of the biopharmaceutical company's stock after selling 48,809 shares during the quarter. The Manufacturers Life Insurance Company owned about 0.25% of ACADIA Pharmaceuticals worth $6,356,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Park Place Capital Corp acquired a new position in shares of ACADIA Pharmaceuticals during the 3rd quarter valued at $25,000. Values First Advisors Inc. bought a new position in ACADIA Pharmaceuticals during the third quarter valued at about $27,000. Quest Partners LLC grew its holdings in ACADIA Pharmaceuticals by 42.3% during the third quarter. Quest Partners LLC now owns 3,520 shares of the biopharmaceutical company's stock worth $54,000 after acquiring an additional 1,047 shares during the period. Stonepine Capital Management LLC bought a new stake in ACADIA Pharmaceuticals in the second quarter worth about $81,000. Finally, Mirae Asset Global Investments Co. Ltd. lifted its holdings in ACADIA Pharmaceuticals by 21.6% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 5,999 shares of the biopharmaceutical company's stock valued at $94,000 after acquiring an additional 1,066 shares during the last quarter. Institutional investors own 96.71% of the company's stock.

ACADIA Pharmaceuticals Stock Up 3.4 %

Shares of ACAD traded up $0.57 during midday trading on Friday, reaching $17.28. 1,082,310 shares of the stock were exchanged, compared to its average volume of 1,662,010. The company has a market cap of $2.88 billion, a price-to-earnings ratio of 21.42 and a beta of 0.40. The firm has a 50 day simple moving average of $15.69 and a 200-day simple moving average of $16.05. ACADIA Pharmaceuticals Inc. has a 12-month low of $14.15 and a 12-month high of $32.59.

ACADIA Pharmaceuticals (NASDAQ:ACAD - Get Free Report) last issued its quarterly earnings data on Wednesday, November 6th. The biopharmaceutical company reported $0.20 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.14 by $0.06. ACADIA Pharmaceuticals had a net margin of 13.83% and a return on equity of 25.83%. The firm had revenue of $250.40 million during the quarter, compared to analysts' expectations of $248.83 million. During the same period in the prior year, the company posted ($0.40) earnings per share. ACADIA Pharmaceuticals's revenue for the quarter was up 18.3% on a year-over-year basis. Research analysts expect that ACADIA Pharmaceuticals Inc. will post 0.73 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, COO Brendan Teehan sold 10,329 shares of the company's stock in a transaction dated Tuesday, November 19th. The shares were sold at an average price of $16.81, for a total transaction of $173,630.49. Following the completion of the transaction, the chief operating officer now owns 62,105 shares of the company's stock, valued at approximately $1,043,985.05. This represents a 14.26 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider James Kihara sold 4,073 shares of the business's stock in a transaction that occurred on Tuesday, November 19th. The shares were sold at an average price of $16.81, for a total value of $68,467.13. Following the sale, the insider now owns 19,863 shares in the company, valued at approximately $333,897.03. This represents a 17.02 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 24,661 shares of company stock valued at $414,551. Company insiders own 28.30% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the stock. Raymond James reaffirmed a "market perform" rating on shares of ACADIA Pharmaceuticals in a research note on Thursday, October 10th. Needham & Company LLC reiterated a "buy" rating and set a $28.00 price objective on shares of ACADIA Pharmaceuticals in a research report on Thursday, November 7th. UBS Group reduced their price objective on ACADIA Pharmaceuticals from $25.00 to $23.00 and set a "buy" rating for the company in a research note on Thursday, August 8th. Citigroup cut their target price 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, HC Wainwright reissued a "buy" rating and issued a $27.00 price target on shares of ACADIA Pharmaceuticals in a research note on Thursday, November 7th. Six equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat.com, ACADIA Pharmaceuticals has a consensus rating of "Moderate Buy" and a consensus target price of $25.56.

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.