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Fund Invests $50M in ACADIA Pharma
5 Dec
Summary
- Braidwell established a new position in ACADIA Pharmaceuticals.
- The fund acquired nearly 2.4 million shares valued at $50.8 million.
- ACADIA's stock has significantly outperformed the S&P 500 over the past year.
Braidwell, a Connecticut-based investment fund, has disclosed a new significant stake in ACADIA Pharmaceuticals, as revealed in a recent filing. The fund acquired nearly 2.4 million shares, a position valued at approximately $50.8 million based on September 30 figures. This substantial investment now constitutes 2.1% of Braidwell's total reportable U.S. equity assets for the quarter.
ACADIA Pharmaceuticals, a biotechnology company focused on central nervous system disorders, has seen its stock price rise, with shares up 59% over the past year, significantly outperforming the S&P 500's 13% gain. The company's revenue is primarily driven by NUPLAZID for Parkinson's disease psychosis, and it has promising late-stage candidates for other neurological conditions.
Despite some historical stock volatility, ACADIA's fundamentals appear robust, with recent double-digit revenue growth and more than doubled net income in the third quarter. The company boasts a strong cash position and an advancing pipeline, suggesting continued growth potential, although execution risks remain.
