Sofinnova Investments Inc. Has $1.75 Million Holdings in ACADIA Pharmaceuticals Inc. $ACAD

Sofinnova Investments Inc. boosted its position in ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD) by 144.7% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 65,567 shares of the biopharmaceutical company’s stock after buying an additional 38,767 shares during the quarter. Sofinnova Investments Inc.’s holdings in ACADIA Pharmaceuticals were worth $1,751,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently bought and sold shares of ACAD. Braidwell LP acquired a new stake in ACADIA Pharmaceuticals in the 3rd quarter worth $50,760,000. Norges Bank acquired a new stake in ACADIA Pharmaceuticals in the 4th quarter worth $40,266,000. Millennium Management LLC grew its position in ACADIA Pharmaceuticals by 2,052.1% in the 3rd quarter. Millennium Management LLC now owns 1,483,235 shares of the biopharmaceutical company’s stock worth $31,652,000 after purchasing an additional 1,414,315 shares during the last quarter. Arrowstreet Capital Limited Partnership grew its position in ACADIA Pharmaceuticals by 390.1% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 1,648,864 shares of the biopharmaceutical company’s stock worth $35,187,000 after purchasing an additional 1,312,426 shares during the last quarter. Finally, Frazier Life Sciences Management L.P. grew its position in ACADIA Pharmaceuticals by 111.3% in the 4th quarter. Frazier Life Sciences Management L.P. now owns 1,297,198 shares of the biopharmaceutical company’s stock worth $34,648,000 after purchasing an additional 683,361 shares during the last quarter. 96.71% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, EVP Mark C. Schneyer sold 3,506 shares of ACADIA Pharmaceuticals stock in a transaction dated Monday, May 4th. The shares were sold at an average price of $21.79, for a total transaction of $76,395.74. Following the completion of the transaction, the executive vice president directly owned 66,145 shares of the company’s stock, valued at $1,441,299.55. This trade represents a 5.03% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider James Kihara sold 5,401 shares of ACADIA Pharmaceuticals stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $21.18, for a total transaction of $114,393.18. Following the transaction, the insider directly owned 24,509 shares of the company’s stock, valued at $519,100.62. This represents a 18.06% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 13,978 shares of company stock valued at $302,819 over the last three months. 26.20% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the stock. Stifel Nicolaus decreased their price target on shares of ACADIA Pharmaceuticals from $25.00 to $24.00 and set a “hold” rating on the stock in a research report on Thursday, February 26th. Citizens Jmp raised their price target on shares of ACADIA Pharmaceuticals from $34.00 to $35.00 and gave the stock a “market outperform” rating in a research report on Thursday, February 26th. Weiss Ratings lowered shares of ACADIA Pharmaceuticals from a “hold (c+)” rating to a “hold (c)” rating in a research report on Friday, May 1st. Mizuho upgraded shares of ACADIA Pharmaceuticals from a “neutral” rating to an “outperform” rating and raised their price target for the stock from $29.00 to $35.00 in a research report on Monday, February 23rd. Finally, JPMorgan Chase & Co. raised their price target on shares of ACADIA Pharmaceuticals from $31.00 to $34.00 and gave the stock an “overweight” rating in a research report on Wednesday, March 4th. Eleven analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $31.63.

ACADIA Pharmaceuticals Stock Performance

NASDAQ:ACAD opened at $21.26 on Tuesday. ACADIA Pharmaceuticals Inc. has a 52 week low of $19.69 and a 52 week high of $28.35. The company has a market capitalization of $3.64 billion, a price-to-earnings ratio of 9.66, a PEG ratio of 26.48 and a beta of 0.84. The company has a 50-day moving average of $21.74 and a 200-day moving average of $23.64.

ACADIA Pharmaceuticals (NASDAQ:ACAD) last announced its quarterly earnings results on Wednesday, May 6th. The biopharmaceutical company reported $0.02 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.04 by ($0.02). ACADIA Pharmaceuticals had a net margin of 34.30% and a return on equity of 9.61%. The firm had revenue of $268.10 million for the quarter, compared to the consensus estimate of $280.25 million. During the same period in the prior year, the business earned $0.11 earnings per share. The company’s revenue for the quarter was up 9.7% on a year-over-year basis. Sell-side analysts forecast that ACADIA Pharmaceuticals Inc. will post 0.37 EPS for the current year.

About ACADIA Pharmaceuticals

ACADIA Pharmaceuticals Inc is a biopharmaceutical company focused on the development and commercialization of innovative therapies for central nervous system (CNS) disorders. Established in 1993 and headquartered in San Diego, California, ACADIA’s research centers concentrate on conditions with significant unmet medical needs, including Parkinson’s disease psychosis, Alzheimer’s disease psychosis, and schizophrenia. The company utilizes a range of scientific platforms, including selective receptor modulation and precision-targeted compounds, to advance its portfolio of small-molecule therapeutics.

The company’s flagship product, NUPLAZID® (pimavanserin), received U.S.