Connor Clark & Lunn Investment Management Ltd. Has $14.96 Million Position in ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD)

Connor Clark & Lunn Investment Management Ltd. lessened its holdings in ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD) by 22.4% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 972,665 shares of the biopharmaceutical company’s stock after selling 280,877 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.’s holdings in ACADIA Pharmaceuticals were worth $14,960,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Park Place Capital Corp bought a new position in ACADIA Pharmaceuticals during the 3rd quarter valued at about $25,000. Values First Advisors Inc. acquired a new position in shares of ACADIA Pharmaceuticals during the third quarter worth approximately $27,000. Covestor Ltd lifted its position in shares of ACADIA Pharmaceuticals by 70.5% during the first quarter. Covestor Ltd now owns 2,032 shares of the biopharmaceutical company’s stock worth $38,000 after purchasing an additional 840 shares in the last quarter. Quest Partners LLC increased its holdings in shares of ACADIA Pharmaceuticals by 42.3% in the third quarter. Quest Partners LLC now owns 3,520 shares of the biopharmaceutical company’s stock valued at $54,000 after purchasing an additional 1,047 shares in the last quarter. Finally, Stonepine Capital Management LLC bought a new position in ACADIA Pharmaceuticals in the 2nd quarter worth approximately $81,000. Institutional investors own 96.71% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently commented on ACAD. 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 research note on Wednesday, August 7th. HC Wainwright reissued a “buy” rating and set a $27.00 price target on shares of ACADIA Pharmaceuticals in a research note on Thursday, November 7th. StockNews.com lowered shares of ACADIA Pharmaceuticals from a “strong-buy” rating to a “buy” rating in a report on Thursday, November 14th. UBS Group cut their price target 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, Citigroup decreased their price objective on ACADIA Pharmaceuticals from $30.00 to $23.00 and set a “buy” rating for the company in a research note on Thursday, August 8th. Six research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat, ACADIA Pharmaceuticals has an average rating of “Moderate Buy” and an average target price of $25.56.

Insider Buying and Selling at ACADIA Pharmaceuticals

In related news, CFO Mark C. Schneyer sold 10,259 shares of the business’s stock in a transaction that occurred on Tuesday, November 19th. The stock was sold at an average price of $16.81, for a total transaction of $172,453.79. Following the transaction, the chief financial officer now directly owns 53,302 shares of the company’s stock, valued at approximately $896,006.62. The trade was a 16.14 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Brendan Teehan sold 10,329 shares of the firm’s stock in a transaction on Tuesday, November 19th. The shares were sold at an average price of $16.81, for a total value of $173,630.49. Following the sale, the chief operating officer now directly owns 62,105 shares of the company’s stock, valued at $1,043,985.05. This represents a 14.26 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 24,661 shares of company stock worth $414,551 over the last quarter. 28.30% of the stock is currently owned by insiders.

ACADIA Pharmaceuticals Price Performance

ACADIA Pharmaceuticals stock opened at $16.27 on Thursday. The firm has a 50-day moving average of $15.61 and a 200-day moving average of $15.99. The company has a market cap of $2.71 billion, a price-to-earnings ratio of 20.86 and a beta of 0.38. ACADIA Pharmaceuticals Inc. has a one year low of $14.15 and a one year high of $32.59.

ACADIA Pharmaceuticals (NASDAQ:ACAD) last released its quarterly earnings data on Wednesday, November 6th. The biopharmaceutical company reported $0.20 EPS for the quarter, beating the consensus estimate 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 prior year, the firm posted ($0.40) EPS. The firm’s revenue for the quarter was up 18.3% compared to the same quarter last year. As a group, sell-side analysts expect that ACADIA Pharmaceuticals Inc. will post 0.72 earnings per share for the current year.

ACADIA Pharmaceuticals Company 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.