Fred Alger Management LLC Raises Holdings in ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD)

Fred Alger Management LLC boosted its holdings in shares of ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD - Free Report) by 17.8% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 3,186,389 shares of the biopharmaceutical company's stock after acquiring an additional 481,950 shares during the quarter. Fred Alger Management LLC owned about 1.91% of ACADIA Pharmaceuticals worth $49,007,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in ACAD. Marshall Wace LLP increased its position in shares of ACADIA Pharmaceuticals by 431.1% during the 2nd quarter. Marshall Wace LLP now owns 2,774,353 shares of the biopharmaceutical company's stock worth $45,083,000 after purchasing an additional 2,251,940 shares during the last quarter. Millennium Management LLC increased its position in shares of ACADIA Pharmaceuticals by 36.2% during the second quarter. Millennium Management LLC now owns 2,937,714 shares of the biopharmaceutical company's stock valued at $47,738,000 after acquiring an additional 781,070 shares during the last quarter. Dimensional Fund Advisors LP purchased a new stake in shares of ACADIA Pharmaceuticals in the 2nd quarter valued at approximately $10,550,000. Eventide Asset Management LLC acquired a new position in shares of ACADIA Pharmaceuticals in the 3rd quarter worth approximately $8,882,000. Finally, SG Americas Securities LLC boosted its position in shares of ACADIA Pharmaceuticals by 419.8% during the 3rd quarter. SG Americas Securities LLC now owns 517,124 shares of the biopharmaceutical company's stock worth $7,953,000 after purchasing an additional 417,648 shares during the period. Hedge funds and other institutional investors own 96.71% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on ACAD shares. Needham & Company LLC reissued a "buy" rating and issued a $28.00 target price on shares of ACADIA Pharmaceuticals in a research report on Thursday, November 7th. Royal Bank of Canada lowered their target price on ACADIA Pharmaceuticals from $29.00 to $26.00 and set an "outperform" rating for the company in a report on Wednesday, August 7th. Cantor Fitzgerald cut their price target on shares of ACADIA Pharmaceuticals from $37.00 to $28.00 and set an "overweight" rating on the stock in a research note on Wednesday, August 7th. HC Wainwright reissued a "buy" rating and issued a $27.00 price objective on shares of ACADIA Pharmaceuticals in a research note on Thursday, November 7th. Finally, Morgan Stanley lowered shares of ACADIA Pharmaceuticals from an "overweight" rating to an "equal weight" rating and reduced their target price for the stock from $28.00 to $20.00 in a report on Wednesday, August 7th. Six research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat.com, ACADIA Pharmaceuticals presently has a consensus rating of "Moderate Buy" and a consensus target price of $25.56.

ACADIA Pharmaceuticals Stock Up 0.2 %

ACAD traded up $0.03 during trading on Friday, hitting $16.32. 542,714 shares of the stock were exchanged, compared to its average volume of 1,665,856. ACADIA Pharmaceuticals Inc. has a 1-year low of $14.15 and a 1-year high of $32.59. The stock has a fifty day moving average price of $15.61 and a two-hundred day moving average price of $16.00. The firm has a market capitalization of $2.72 billion, a P/E ratio of 20.92 and a beta of 0.38.

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

Insider Activity

In related news, CFO Mark C. Schneyer sold 10,259 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 value of $172,453.79. Following the transaction, 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 transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, COO Brendan Teehan sold 10,329 shares of the business's stock in a transaction on 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 directly owns 62,105 shares in the company, valued at $1,043,985.05. This represents a 14.26 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 24,661 shares of company stock valued at $414,551. Insiders own 28.30% of the company's stock.

About ACADIA Pharmaceuticals

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.