760,629 Shares in ACADIA Pharmaceuticals Inc. $ACAD Acquired by Bank of New York Mellon Corp

Key Points

• Bank of New York Mellon acquired 760,629 ACADIA Pharmaceuticals shares worth approximately $19.2 million, giving it a 0.44% stake. Institutional investors collectively own 96.71% of the company.
• Analysts remain broadly positive, with 14 Buy ratings and four Holds, resulting in a consensus “Moderate Buy” rating and a $34.36 price target.
• ACADIA exceeded quarterly expectations, reporting $0.18 EPS versus $0.07 expected and $308 million in revenue, up 16.4% year over year. However, insiders sold 36,699 shares worth about $1.02 million over the past 90 days.

Bank of New York Mellon Corp acquired a new stake in ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD - Free Report) during the second quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 760,629 shares of the biopharmaceutical company's stock, valued at approximately $19,244,000. Bank of New York Mellon Corp owned approximately 0.44% of ACADIA Pharmaceuticals at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in ACAD. State of Wyoming bought a new position in ACADIA Pharmaceuticals during the 2nd quarter worth $1,234,000. Bank of America Corp DE lifted its position in shares of ACADIA Pharmaceuticals by 27.2% during the 1st quarter. Bank of America Corp DE now owns 1,553,770 shares of the biopharmaceutical company's stock valued at $34,587,000 after acquiring an additional 332,325 shares during the period. Norges Bank bought a new stake in shares of ACADIA Pharmaceuticals during the 4th quarter valued at $40,266,000. GSA Capital Partners LLP acquired a new stake in shares of ACADIA Pharmaceuticals during the 2nd quarter worth $1,783,000. Finally, Jupiter Asset Management Ltd. grew its holdings in shares of ACADIA Pharmaceuticals by 30.4% during the 4th quarter. Jupiter Asset Management Ltd. now owns 621,049 shares of the biopharmaceutical company's stock worth $16,588,000 after purchasing an additional 144,732 shares in the last quarter. Institutional investors own 96.71% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the stock. Citigroup upped their price objective on shares of ACADIA Pharmaceuticals from $39.00 to $40.00 and gave the stock a "buy" rating in a research report on Tuesday, August 25th. Deutsche Bank Aktiengesellschaft boosted their target price on shares of ACADIA Pharmaceuticals from $37.00 to $38.00 and gave the company a "buy" rating in a research report on Tuesday, August 25th. UBS Group upped their price target on shares of ACADIA Pharmaceuticals from $45.00 to $49.00 and gave the stock a "buy" rating in a report on Monday, August 17th. Canaccord Genuity Group increased their price target on shares of ACADIA Pharmaceuticals from $32.00 to $36.00 and gave the stock a "buy" rating in a research report on Monday, June 29th. Finally, BMO Capital Markets increased their price target on shares of ACADIA Pharmaceuticals from $34.00 to $36.00 and gave the stock an "outperform" rating in a research report on Tuesday, July 21st. Fourteen analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $34.36.

ACADIA Pharmaceuticals Price Performance

Shares of ACAD stock opened at $28.91 on Tuesday. The business's 50 day simple moving average is $26.93 and its 200 day simple moving average is $23.72. ACADIA Pharmaceuticals Inc. has a one year low of $19.69 and a one year high of $30.96. The stock has a market capitalization of $4.98 billion, a PE ratio of 13.02, a PEG ratio of 21.71 and a beta of 0.81.

ACADIA Pharmaceuticals (NASDAQ:ACAD - Get Free Report) last released its quarterly earnings results on Tuesday, August 4th. The biopharmaceutical company reported $0.18 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.07 by $0.11. ACADIA Pharmaceuticals had a net margin of 33.42% and a return on equity of 9.03%. The firm had revenue of $308.00 million during the quarter, compared to analyst estimates of $296.55 million. During the same quarter last year, the business earned $0.16 EPS. The company's revenue was up 16.4% compared to the same quarter last year. As a group, research analysts expect that ACADIA Pharmaceuticals Inc. will post 0.63 earnings per share for the current year.

Insider Activity

In related news, EVP Elizabeth H.Z. Thompson sold 16,558 shares of the business's stock in a transaction on Thursday, July 30th. The shares were sold at an average price of $26.13, for a total transaction of $432,660.54. Following the transaction, the executive vice president owned 18,994 shares in the company, valued at $496,313.22. The trade was a 46.57% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Mark C. Schneyer sold 14,292 shares of the business's stock in a transaction on Thursday, August 6th. The shares were sold at an average price of $29.22, for a total transaction of $417,612.24. Following the transaction, the executive vice president owned 67,828 shares in the company, valued at $1,981,934.16. The trade was a 17.40% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 36,699 shares of company stock worth $1,019,894. 26.20% of the stock is owned by corporate insiders.

About ACADIA Pharmaceuticals

ACADIA Pharmaceuticals Inc is a biopharmaceutical company focused on the development and commercialization of innovative therapies for central nervous system (CNS) disorders. Established in 1993 and headquartered in San Diego, California, ACADIA's research centers concentrate on conditions with significant unmet medical needs, including Parkinson's disease psychosis, Alzheimer's disease psychosis, and schizophrenia. The company utilizes a range of scientific platforms, including selective receptor modulation and precision-targeted compounds, to advance its portfolio of small-molecule therapeutics.

The company's flagship product, NUPLAZID® (pimavanserin), received U.S.

Want to see what other hedge funds are holding ACAD? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.