22.1% Stake of ACADIA Pharmaceuticals Inc. (ACAD) Owned by Baker Bros. Advisors LP
Baker Bros. Advisors LP
stated that they own a 22.1% stake in ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD) in a Schedule 13D/A disclosure that was filed with the Securities and Exchange Commission on Monday, October 16th. The investor owns 27,339,280 shares of the stock worth about $986,948,008. The reporting parties listed on the disclosure included Baker Bros Advisors LP, Baker Bros Advisors (GP) LLC, Felix J Baker and Julian C Baker. The disclosure is available through the SEC website at this link.
Baker Bros. Advisors LP
provided the following explanation of their ownership:
Item 4 of Schedule 13D is supplemented and amended, as the case may be, as follows:
On October 13,2017, Life Sciences exercised a warrant to acquire 1,426,590 shares of the common stock of ACADIA Pharmaceuticals Inc. (“the Issuer”) at an exercise price of $1.38 per share with an expiration date of January 11,2018 (the “ 2018 Warrants”). Life Sciences paid the exercise price on a cashless basis resulting in the Issuer withholding 55,457 of the 2018 Warrant shares to pay the exercise price and issuing to Life Sciences the remaining 1,371,133 shares of common stock of the Issuer.
The Funds hold securities of the Issuer for investment purposes. The Reporting Persons or their affiliates may purchase additional securities or dispose of securities in varying amounts and at varying times depending upon the Reporting Persons’ continuing assessments of pertinent factors, including the availability of shares of common stock or other securities for purchase at particular price levels, the business prospects of the Issuer, other business investment opportunities, economic conditions, stock market conditions, money market conditions, the attitudes and actions of the board of directors and management of the Issuer, the availability and nature of opportunities to dispose of shares in the Issuer and other plans and requirements of the particular entities. The Reporting Persons may discuss items of mutual interest with the Issuer, which could include items in subparagraphs (a) through (j) of Schedule 13D.
Depending upon their assessments of the above factors, the Reporting Persons or their affiliates may change their present intentions as stated above and they may assess whether to make suggestions to the management of the Issuer regarding financing, and whether to acquire additional securities of the Issuer, including shares of common stock (by means of open market purchases, privately negotiated purchases, exercise of some of all of the warrants, exercise of some or all of the Stock Options, or otherwise) or to dispose of some or all of the securities of the Issuer, including shares of common stock, under their control.
Except as otherwise disclosed herein, at the present time, the Reporting Persons do not have any plans or proposals with respect to any extraordinary corporate transaction involving the Issuer including, without limitation, those matters described in subparagraphs (a) through (j) of Item 4 of Schedule 13D.
Other hedge funds also recently added to or reduced their stakes in the company. PNC Financial Services Group Inc. lifted its holdings in shares of ACADIA Pharmaceuticals by 138.8% in the first quarter. PNC Financial Services Group Inc. now owns 4,384 shares of the biopharmaceutical company’s stock worth $150,000 after buying an additional 2,548 shares in the last quarter. Handelsinvest Investeringsforvaltning lifted its holdings in shares of ACADIA Pharmaceuticals by 167.6% in the second quarter. Handelsinvest Investeringsforvaltning now owns 58,600 shares of the biopharmaceutical company’s stock worth $1,634,000 after buying an additional 36,700 shares in the last quarter. BlackRock Inc. lifted its holdings in shares of ACADIA Pharmaceuticals by 2.9% in the second quarter. BlackRock Inc. now owns 5,590,706 shares of the biopharmaceutical company’s stock worth $155,925,000 after buying an additional 157,497 shares in the last quarter. Elliott Management Corp purchased a new position in shares of ACADIA Pharmaceuticals in the first quarter worth $26,726,000. Finally, Vanguard Group Inc. lifted its holdings in shares of ACADIA Pharmaceuticals by 4.9% in the first quarter. Vanguard Group Inc. now owns 7,469,785 shares of the biopharmaceutical company’s stock worth $256,812,000 after buying an additional 348,141 shares in the last quarter. 97.10% of the stock is currently owned by hedge funds and other institutional investors.
ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD) traded up 1.98% on Monday, reaching $36.10. 1,068,927 shares of the company’s stock were exchanged. ACADIA Pharmaceuticals Inc. has a one year low of $20.68 and a one year high of $41.20. The firm’s market cap is $4.42 billion. The firm has a 50 day moving average price of $36.78 and a 200 day moving average price of $31.67.
ACADIA Pharmaceuticals (NASDAQ:ACAD) last issued its earnings results on Tuesday, August 8th. The biopharmaceutical company reported ($0.55) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.72) by $0.17. ACADIA Pharmaceuticals had a negative return on equity of 62.08% and a negative net margin of 485.14%. The business had revenue of $30.50 million during the quarter, compared to the consensus estimate of $20.02 million. During the same period last year, the company earned ($0.63) EPS. The company’s revenue for the quarter was up 30400.0% on a year-over-year basis. On average, equities analysts anticipate that ACADIA Pharmaceuticals Inc. will post ($2.55) earnings per share for the current year.
In other ACADIA Pharmaceuticals news, EVP Glenn Baity sold 38,097 shares of the firm’s stock in a transaction on Thursday, July 20th. The stock was sold at an average price of $30.00, for a total value of $1,142,910.00. Following the completion of the sale, the executive vice president now directly owns 109,253 shares of the company’s stock, valued at approximately $3,277,590. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders sold a total of 116,426 shares of company stock valued at $4,100,885 over the last ninety days. Corporate insiders own 22.25% of the company’s stock.
Several equities research analysts recently weighed in on ACAD shares. Jefferies Group LLC restated a “buy” rating and issued a $47.00 price target on shares of ACADIA Pharmaceuticals in a research report on Thursday. Leerink Swann restated a “market perform” rating on shares of ACADIA Pharmaceuticals in a research report on Monday, October 9th. Goldman Sachs Group, Inc. (The) restated a “neutral” rating and issued a $45.00 price target on shares of ACADIA Pharmaceuticals in a research report on Friday, October 6th. J P Morgan Chase & Co set a $50.00 price target on shares of ACADIA Pharmaceuticals and gave the stock a “buy” rating in a research report on Thursday, October 5th. Finally, Piper Jaffray Companies restated a “buy” rating and issued a $61.00 price target (up previously from $54.00) on shares of ACADIA Pharmaceuticals in a research report on Thursday, October 5th. Six investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus target price of $46.21.
ACADIA Pharmaceuticals Company Profile
ACADIA Pharmaceuticals Inc is a biopharmaceutical company. The Company is focused on the development and commercialization of medicines for central nervous system (CNS) disorders. Its lead drug candidate, NUPLAZID (pimavanserin), is used for the treatment of hallucinations and delusions associated with Parkinson’s disease psychosis (PD Psychosis).
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