Cinctive Capital Management LP Decreases Holdings in ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD)

Cinctive Capital Management LP trimmed its stake in ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD) by 12.0% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 39,040 shares of the biopharmaceutical company’s stock after selling 5,338 shares during the quarter. Cinctive Capital Management LP’s holdings in ACADIA Pharmaceuticals were worth $600,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently modified their holdings of ACAD. Marshall Wace LLP lifted its stake in ACADIA Pharmaceuticals by 431.1% in the second quarter. Marshall Wace LLP now owns 2,774,353 shares of the biopharmaceutical company’s stock valued at $45,083,000 after purchasing an additional 2,251,940 shares during the last quarter. Millennium Management LLC lifted its position 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 valued at $47,738,000 after buying an additional 781,070 shares during the last quarter. Dimensional Fund Advisors LP bought a new position in shares of ACADIA Pharmaceuticals during the 2nd quarter worth $10,550,000. Eventide Asset Management LLC purchased a new stake in ACADIA Pharmaceuticals in the 3rd quarter worth about $8,882,000. Finally, Fred Alger Management LLC raised its stake in ACADIA Pharmaceuticals by 17.8% in the 3rd quarter. Fred Alger Management LLC now owns 3,186,389 shares of the biopharmaceutical company’s stock valued at $49,007,000 after acquiring an additional 481,950 shares during the period. 96.71% of the stock is owned by institutional investors.

ACADIA Pharmaceuticals Stock Down 1.9 %

NASDAQ ACAD opened at $16.30 on Wednesday. The stock’s 50-day simple moving average is $15.63 and its two-hundred day simple moving average is $16.03. ACADIA Pharmaceuticals Inc. has a twelve month low of $14.15 and a twelve month high of $32.59. The company has a market capitalization of $2.71 billion, a price-to-earnings ratio of 20.90 and a beta of 0.40.

ACADIA Pharmaceuticals (NASDAQ:ACAD) last released its earnings results 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 company had revenue of $250.40 million during the quarter, compared to the consensus estimate of $248.83 million. During the same quarter in the previous year, the company posted ($0.40) EPS. ACADIA Pharmaceuticals’s quarterly revenue was up 18.3% compared to the same quarter last year. On average, equities analysts expect that ACADIA Pharmaceuticals Inc. will post 0.73 earnings per share for the current fiscal year.

Insider Activity at ACADIA Pharmaceuticals

In other ACADIA Pharmaceuticals news, 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 represents a 17.02 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, COO Brendan Teehan sold 10,329 shares of ACADIA Pharmaceuticals stock in a transaction dated Tuesday, November 19th. The stock was sold at an average price of $16.81, for a total value of $173,630.49. Following the completion of the transaction, the chief operating officer now owns 62,105 shares in the company, valued at approximately $1,043,985.05. This represents a 14.26 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 24,661 shares of company stock valued at $414,551. Insiders own 28.30% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the stock. Royal Bank of Canada reduced their target price on shares of ACADIA Pharmaceuticals from $29.00 to $26.00 and set an “outperform” rating for the company in a research note on Wednesday, August 7th. StockNews.com cut shares of ACADIA Pharmaceuticals from a “strong-buy” rating to a “buy” rating in a report on Thursday, November 14th. Needham & Company LLC reaffirmed a “buy” rating and issued a $28.00 price target on shares of ACADIA Pharmaceuticals in a report on Thursday, November 7th. UBS Group decreased their price objective on ACADIA Pharmaceuticals from $25.00 to $23.00 and set a “buy” rating on the stock in a research note on Thursday, August 8th. Finally, Morgan Stanley downgraded ACADIA Pharmaceuticals from an “overweight” rating to an “equal weight” rating and cut their target price for the stock from $28.00 to $20.00 in a research note on Wednesday, August 7th. Six 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 currently 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.