ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD) Shares Sold by Connor Clark & Lunn Investment Management Ltd.

Connor Clark & Lunn Investment Management Ltd. lessened its stake in ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD - Free Report) by 22.4% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 972,665 shares of the biopharmaceutical company's stock after selling 280,877 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned 0.59% of ACADIA Pharmaceuticals worth $14,960,000 as of its most recent filing with the SEC.

A number of other large investors have also recently made changes to their positions in the company. Park Place Capital Corp acquired a new stake in ACADIA Pharmaceuticals in the third quarter valued at $25,000. Values First Advisors Inc. acquired a new stake in shares of ACADIA Pharmaceuticals during the 3rd quarter worth about $27,000. Covestor Ltd lifted its stake in ACADIA Pharmaceuticals by 70.5% during the first quarter. Covestor Ltd now owns 2,032 shares of the biopharmaceutical company's stock worth $38,000 after purchasing an additional 840 shares during the last quarter. Quest Partners LLC boosted its holdings in ACADIA Pharmaceuticals by 42.3% in the third quarter. Quest Partners LLC now owns 3,520 shares of the biopharmaceutical company's stock valued at $54,000 after purchasing an additional 1,047 shares in the last quarter. Finally, Stonepine Capital Management LLC purchased a new position in ACADIA Pharmaceuticals in the second quarter valued at approximately $81,000. 96.71% of the stock is currently owned by hedge funds and other institutional investors.

ACADIA Pharmaceuticals Stock Performance

ACAD traded down $0.09 during trading on Thursday, reaching $16.18. The company's stock had a trading volume of 1,209,811 shares, compared to its average volume of 1,677,123. The company's fifty day moving average price is $15.61 and its 200-day moving average price is $15.99. ACADIA Pharmaceuticals Inc. has a 52-week low of $14.15 and a 52-week high of $32.59. The company has a market capitalization of $2.69 billion, a price-to-earnings ratio of 20.74 and a beta of 0.38.

ACADIA Pharmaceuticals (NASDAQ:ACAD - Get Free Report) last announced its quarterly earnings data on Wednesday, November 6th. The biopharmaceutical company reported $0.20 earnings per share for the quarter, topping analysts' consensus estimates of $0.14 by $0.06. ACADIA Pharmaceuticals had a return on equity of 25.83% and a net margin of 13.83%. The firm had revenue of $250.40 million for the quarter, compared to analyst estimates of $248.83 million. During the same quarter in the prior year, the company posted ($0.40) earnings per share. ACADIA Pharmaceuticals's quarterly revenue was up 18.3% on a year-over-year basis. Equities analysts predict that ACADIA Pharmaceuticals Inc. will post 0.72 earnings per share for the current year.

Insider Activity

In related news, CFO Mark C. Schneyer sold 10,259 shares of the stock in a transaction dated Tuesday, November 19th. The shares were sold at an average price of $16.81, for a total value of $172,453.79. Following the sale, the chief financial officer now directly owns 53,302 shares of the company's stock, valued at approximately $896,006.62. This represents a 16.14 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider James Kihara sold 4,073 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 $68,467.13. Following the completion of the sale, the insider now directly owns 19,863 shares in the company, valued at $333,897.03. This trade represents a 17.02 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 24,661 shares of company stock worth $414,551 in the last 90 days. 28.30% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

ACAD has been the subject of several research analyst reports. UBS Group lowered their target price on shares of ACADIA Pharmaceuticals from $25.00 to $23.00 and set a "buy" rating for the company in a report on Thursday, August 8th. Needham & Company LLC restated a "buy" rating and issued a $28.00 price objective on shares of ACADIA Pharmaceuticals in a research note on Thursday, November 7th. HC Wainwright reiterated a "buy" rating and set a $27.00 target price on shares of ACADIA Pharmaceuticals in a research report on Thursday, November 7th. StockNews.com cut ACADIA Pharmaceuticals from a "strong-buy" rating to a "buy" rating in a research report on Thursday, November 14th. Finally, Raymond James reaffirmed a "market perform" rating on shares of ACADIA Pharmaceuticals in a research report on Thursday, October 10th. Six analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat, ACADIA Pharmaceuticals currently has a consensus rating of "Moderate Buy" and a consensus price target of $25.56.

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.