Hudson Bay Capital Management LP Sells 119,700 Shares of ACADIA Pharmaceuticals Inc. $ACAD

Hudson Bay Capital Management LP cut its stake in ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD) by 63.0% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 70,300 shares of the biopharmaceutical company’s stock after selling 119,700 shares during the period. Hudson Bay Capital Management LP’s holdings in ACADIA Pharmaceuticals were worth $1,500,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of ACAD. Braidwell LP bought a new position in shares of ACADIA Pharmaceuticals during the 3rd quarter worth approximately $50,760,000. Marshall Wace LLP increased its position in shares of ACADIA Pharmaceuticals by 496.2% in the second quarter. Marshall Wace LLP now owns 1,969,711 shares of the biopharmaceutical company’s stock valued at $42,487,000 after acquiring an additional 1,639,315 shares during the last quarter. Norges Bank bought a new stake in ACADIA Pharmaceuticals during the second quarter worth about $31,679,000. Millennium Management LLC raised its holdings in ACADIA Pharmaceuticals by 2,052.1% during the third quarter. Millennium Management LLC now owns 1,483,235 shares of the biopharmaceutical company’s stock worth $31,652,000 after acquiring an additional 1,414,315 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership boosted its position in ACADIA Pharmaceuticals by 390.1% during the third quarter. Arrowstreet Capital Limited Partnership now owns 1,648,864 shares of the biopharmaceutical company’s stock valued at $35,187,000 after purchasing an additional 1,312,426 shares during the last quarter. Institutional investors and hedge funds own 96.71% of the company’s stock.

ACADIA Pharmaceuticals Stock Performance

ACAD opened at $20.72 on Monday. The stock has a fifty day moving average of $23.92 and a 200-day moving average of $24.04. The company has a market capitalization of $3.53 billion, a P/E ratio of 9.05, a P/E/G ratio of 20.62 and a beta of 0.66. ACADIA Pharmaceuticals Inc. has a fifty-two week low of $13.40 and a fifty-two week high of $28.35.

ACADIA Pharmaceuticals (NASDAQ:ACAD) last announced its earnings results on Thursday, February 26th. The biopharmaceutical company reported $1.60 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.12 by $1.48. ACADIA Pharmaceuticals had a net margin of 36.49% and a return on equity of 12.49%. The firm had revenue of $298.00 million for the quarter, compared to analyst estimates of $292.54 million. During the same quarter in the prior year, the business posted $0.86 EPS. The business’s revenue was up 9.4% compared to the same quarter last year. On average, equities research analysts predict that ACADIA Pharmaceuticals Inc. will post 0.7 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research analysts have weighed in on the company. HC Wainwright restated a “buy” rating and issued a $37.00 price target on shares of ACADIA Pharmaceuticals in a research note on Tuesday, February 3rd. Piper Sandler set a $37.00 price objective on ACADIA Pharmaceuticals in a research note on Tuesday, December 16th. Wolfe Research started coverage on shares of ACADIA Pharmaceuticals in a research note on Monday, February 23rd. They issued an “outperform” rating and a $33.00 price target for the company. Mizuho upgraded shares of ACADIA Pharmaceuticals from a “neutral” rating to an “outperform” rating and raised their target price for the company from $29.00 to $35.00 in a research note on Monday, February 23rd. Finally, Citigroup lifted their price target on ACADIA Pharmaceuticals from $33.00 to $36.00 and gave the stock a “buy” rating in a report on Tuesday, January 6th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $31.21.

Insider Activity

In other ACADIA Pharmaceuticals news, EVP Jennifer J. Rhodes sold 6,950 shares of the stock in a transaction dated Monday, February 9th. The shares were sold at an average price of $23.38, for a total transaction of $162,491.00. Following the sale, the executive vice president directly owned 7,609 shares in the company, valued at $177,898.42. This represents a 47.74% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Company insiders own 28.30% of the company’s stock.

ACADIA Pharmaceuticals Profile

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.