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

Connor Clark & Lunn Investment Management Ltd. decreased its holdings in ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD) by 22.4% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor 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 hedge funds and other institutional investors have also modified their holdings of the stock. Park Place Capital Corp acquired a new position in shares of ACADIA Pharmaceuticals during the third quarter valued at approximately $25,000. Values First Advisors Inc. purchased a new stake in ACADIA Pharmaceuticals during the third quarter valued at about $27,000. Covestor Ltd lifted its position in shares of ACADIA Pharmaceuticals by 70.5% in the 1st quarter. Covestor Ltd now owns 2,032 shares of the biopharmaceutical company’s stock valued at $38,000 after acquiring an additional 840 shares in the last quarter. Quest Partners LLC boosted its stake in ACADIA Pharmaceuticals by 42.3% in the 3rd quarter. Quest Partners LLC now owns 3,520 shares of the biopharmaceutical company’s stock worth $54,000 after purchasing an additional 1,047 shares during the period. Finally, Stonepine Capital Management LLC purchased a new position in ACADIA Pharmaceuticals during the 2nd quarter worth approximately $81,000. 96.71% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the company. StockNews.com cut ACADIA Pharmaceuticals from a “strong-buy” rating to a “buy” rating in a research report on Thursday, November 14th. UBS Group dropped their target price on ACADIA Pharmaceuticals from $25.00 to $23.00 and set a “buy” rating on the stock in a report on Thursday, August 8th. HC Wainwright restated a “buy” rating and set a $27.00 price target on shares of ACADIA Pharmaceuticals in a report on Thursday, November 7th. Morgan Stanley downgraded shares of ACADIA Pharmaceuticals from an “overweight” rating to an “equal weight” rating and lowered their price objective for the company from $28.00 to $20.00 in a research report on Wednesday, August 7th. Finally, Raymond James reiterated a “market perform” rating on shares of ACADIA Pharmaceuticals in a research report on Thursday, October 10th. Six research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $25.56.

ACADIA Pharmaceuticals Stock Performance

Shares of ACAD stock opened at $16.27 on Thursday. The stock’s 50 day simple moving average is $15.61 and its 200 day simple moving average is $15.99. 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 20.86 and a beta of 0.38.

ACADIA Pharmaceuticals (NASDAQ:ACAD) last released its quarterly 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 company had revenue of $250.40 million for the quarter, compared to analyst estimates 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% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.40) earnings per share. On average, analysts forecast that ACADIA Pharmaceuticals Inc. will post 0.72 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, COO Brendan Teehan sold 10,329 shares of the company’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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider James Kihara sold 4,073 shares of the firm’s stock in a transaction on Tuesday, November 19th. The stock was 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 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 disclosure for this sale can be found here. Insiders sold a total of 24,661 shares of company stock valued at $414,551 in the last quarter. Insiders own 28.30% of the company’s stock.

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.