Alpine Global Management LLC Makes New Investment in ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD)

Alpine Global Management LLC acquired a new stake in ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 55,566 shares of the biopharmaceutical company’s stock, valued at approximately $1,020,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Vanguard Group Inc. grew its holdings in shares of ACADIA Pharmaceuticals by 0.8% in the 4th quarter. Vanguard Group Inc. now owns 13,947,640 shares of the biopharmaceutical company’s stock worth $255,939,000 after acquiring an additional 104,444 shares during the period. Geode Capital Management LLC increased its stake in shares of ACADIA Pharmaceuticals by 1.1% during the 3rd quarter. Geode Capital Management LLC now owns 2,875,540 shares of the biopharmaceutical company’s stock worth $44,234,000 after purchasing an additional 30,826 shares in the last quarter. First Trust Advisors LP raised its holdings in shares of ACADIA Pharmaceuticals by 27.0% in the fourth quarter. First Trust Advisors LP now owns 2,700,125 shares of the biopharmaceutical company’s stock worth $49,547,000 after acquiring an additional 574,251 shares during the last quarter. SG Americas Securities LLC increased its position in ACADIA Pharmaceuticals by 380.3% during the 4th quarter. SG Americas Securities LLC now owns 2,483,731 shares of the biopharmaceutical company’s stock worth $45,576,000 after purchasing an additional 1,966,607 shares in the last quarter. Finally, Norges Bank purchased a new position in ACADIA Pharmaceuticals in the 4th quarter valued at about $25,555,000. 96.71% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, Director Elizabeth A. Garofalo sold 4,919 shares of ACADIA Pharmaceuticals stock in a transaction that occurred on Wednesday, March 5th. The shares were sold at an average price of $18.23, for a total value of $89,673.37. Following the transaction, the director now owns 17,595 shares of the company’s stock, valued at $320,756.85. This trade represents a 21.85 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Mark C. Schneyer sold 2,708 shares of the business’s stock in a transaction on Tuesday, April 8th. The stock was sold at an average price of $14.82, for a total transaction of $40,132.56. Following the transaction, the executive vice president now directly owns 59,456 shares of the company’s stock, valued at approximately $881,137.92. This represents a 4.36 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 14,169 shares of company stock valued at $242,686. Corporate insiders own 28.30% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on ACAD. HC Wainwright reaffirmed a “buy” rating and issued a $27.00 price objective on shares of ACADIA Pharmaceuticals in a research report on Thursday, February 27th. Guggenheim cut shares of ACADIA Pharmaceuticals from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $23.00 to $20.00 in a research report on Friday, January 3rd. Morgan Stanley reiterated an “equal weight” rating and set a $20.00 price objective on shares of ACADIA Pharmaceuticals in a research note on Friday, March 7th. Deutsche Bank Aktiengesellschaft initiated coverage on shares of ACADIA Pharmaceuticals in a research note on Tuesday, February 11th. They set a “hold” rating and a $22.00 target price for the company. Finally, Cantor Fitzgerald reiterated an “overweight” rating and set a $28.00 price objective on shares of ACADIA Pharmaceuticals in a research note on Thursday, February 27th. Eight research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat, ACADIA Pharmaceuticals presently has a consensus rating of “Moderate Buy” and a consensus price target of $23.93.

ACADIA Pharmaceuticals Price Performance

ACAD stock opened at $14.38 on Tuesday. The company’s 50 day simple moving average is $17.06 and its 200-day simple moving average is $16.95. ACADIA Pharmaceuticals Inc. has a 52-week low of $13.40 and a 52-week high of $20.68. The firm has a market capitalization of $2.40 billion, a P/E ratio of 18.44 and a beta of 0.54.

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.