Traders Buy High Volume of Put Options on ACADIA Pharmaceuticals (ACAD)

ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD) was the recipient of unusually large options trading activity on Wednesday. Stock traders acquired 5,844 put options on the stock. This is an increase of approximately 2,276% compared to the average volume of 246 put options.

ACAD opened at $18.48 on Thursday. The firm has a market capitalization of $2.32 billion, a P/E ratio of -7.83 and a beta of 3.36. ACADIA Pharmaceuticals has a 52 week low of $12.77 and a 52 week high of $32.99.

ACADIA Pharmaceuticals (NASDAQ:ACAD) last posted its quarterly earnings results on Tuesday, November 6th. The biopharmaceutical company reported ($0.50) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.58) by $0.08. ACADIA Pharmaceuticals had a negative net margin of 119.62% and a negative return on equity of 88.18%. The business had revenue of $58.31 million during the quarter, compared to analyst estimates of $56.31 million. During the same period in the prior year, the business posted ($0.53) earnings per share. The company’s revenue was up 63.9% on a year-over-year basis. On average, equities analysts forecast that ACADIA Pharmaceuticals will post -2 EPS for the current year.

ACAD has been the topic of a number of research analyst reports. Piper Jaffray Companies raised ACADIA Pharmaceuticals from a “neutral” rating to an “overweight” rating and set a $25.00 target price on the stock in a research note on Thursday, September 20th. BidaskClub raised ACADIA Pharmaceuticals from a “hold” rating to a “buy” rating in a research note on Tuesday, September 25th. Cantor Fitzgerald set a $25.00 target price on ACADIA Pharmaceuticals and gave the company a “buy” rating in a research note on Tuesday, October 2nd. Zacks Investment Research raised ACADIA Pharmaceuticals from a “sell” rating to a “hold” rating in a research note on Wednesday, August 22nd. Finally, Canaccord Genuity initiated coverage on ACADIA Pharmaceuticals in a research note on Monday. They issued a “hold” rating and a $23.00 target price on the stock. Seven investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company. ACADIA Pharmaceuticals currently has an average rating of “Hold” and a consensus price target of $31.00.

In other news, Director Bros. Advisors Lp Baker purchased 11,764,705 shares of the firm’s stock in a transaction dated Friday, November 30th. The shares were purchased at an average price of $17.00 per share, with a total value of $199,999,985.00. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 23.28% of the company’s stock.

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Baker BROS. Advisors LP boosted its position in ACADIA Pharmaceuticals by 4.4% during the third quarter. Baker BROS. Advisors LP now owns 28,439,114 shares of the biopharmaceutical company’s stock valued at $590,396,000 after buying an additional 1,210,776 shares during the period. BlackRock Inc. boosted its position in ACADIA Pharmaceuticals by 0.5% during the third quarter. BlackRock Inc. now owns 9,786,905 shares of the biopharmaceutical company’s stock valued at $203,175,000 after buying an additional 51,804 shares during the period. Vanguard Group Inc. boosted its position in ACADIA Pharmaceuticals by 1.8% during the third quarter. Vanguard Group Inc. now owns 8,829,618 shares of the biopharmaceutical company’s stock valued at $183,303,000 after buying an additional 155,172 shares during the period. First Trust Advisors LP boosted its position in ACADIA Pharmaceuticals by 125.5% during the third quarter. First Trust Advisors LP now owns 5,870,693 shares of the biopharmaceutical company’s stock valued at $121,876,000 after buying an additional 3,267,247 shares during the period. Finally, OppenheimerFunds Inc. boosted its position in ACADIA Pharmaceuticals by 2.6% during the second quarter. OppenheimerFunds Inc. now owns 4,458,376 shares of the biopharmaceutical company’s stock valued at $68,080,000 after buying an additional 112,430 shares during the period. Institutional investors and hedge funds own 95.15% of the company’s stock.

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About ACADIA Pharmaceuticals

ACADIA Pharmaceuticals Inc, a biopharmaceutical company, focuses on the development and commercialization of small molecule drugs that address unmet medical needs in central nervous system disorders. The company offers NUPLAZID (pimavanserin) for the treatment of hallucinations and delusions associated with Parkinson's disease psychosis.

Read More: Initial Public Offering (IPO)

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