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San Diego, CA—Mark C. Schneyer, the Executive Vice President and Chief Financial Officer of Acadia Pharmaceuticals Inc. (NASDAQ:ACAD), a $3.17 billion biopharmaceutical company currently trading slightly below its InvestingPro Fair Value, recently executed a series of stock transactions, according to a filing with the Securities and Exchange Commission. The company maintains excellent financial health with a 47% year-over-year revenue growth. On February 24, Schneyer sold 773 shares of the company’s common stock at a price of $19.96 per share, totaling $15,429.
These sales were conducted to cover withholding taxes and other tax-related items associated with the vesting of restricted stock units. This is in compliance with Rule 10b5-1(c)(1)(i)(B) under the Exchange Act.
Additionally, on February 23, Schneyer acquired 1,353 shares of common stock through the vesting of restricted stock units, which involved no cash transaction. Following these transactions, Schneyer holds a total of 53,882 shares of Acadia Pharmaceuticals, demonstrating confidence in the company which maintains a healthy current ratio of 2.29, indicating strong short-term liquidity.
In other recent news, Acadia Pharmaceuticals has submitted a Marketing Authorization Application to the European Medicines Agency for trofinetide, targeting Rett syndrome in patients aged two and above. This submission is supported by positive results from the Phase 3 LAVENDER study, which showed significant improvements in patients. Additionally, Acadia completed a $150 million sale of a Rare Pediatric Disease Priority Review Voucher, with a portion of the proceeds going to Neuren Pharmaceuticals as per their agreement. Deutsche Bank (ETR:DBKGn) initiated coverage on Acadia with a Hold rating and a $22 price target, citing uncertainties in the long-term market penetration of Daybue, a treatment for Rett syndrome.
In another development, Acadia entered into an exclusive worldwide licensing agreement with Saniona for SAN711, a drug candidate for essential tremor. This agreement involves an upfront payment of $28 million, with potential milestone payments up to $582 million. Baird reaffirmed its Outperform rating on Acadia, noting the strategic value of the SAN711 in-licensing deal. The analyst firm views this move as financially prudent, allowing Acadia to enhance its pipeline while maintaining a strong cash position. These recent developments reflect Acadia’s ongoing efforts to expand its portfolio in central nervous system disorders.
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