Wesbanco Bank Inc. Acquires 26,400 Shares of ACADIA Pharmaceuticals Inc. $ACAD

Key Points

• Wesbanco Bank Inc. increased its stake in ACADIA Pharmaceuticals by 51.0%, acquiring an additional 26,400 shares, bringing its total holdings to 78,200 shares valued at approximately $1.69 million.
• ACADIA Pharmaceuticals' stock price fell by 2.4% to $23.61, with a 12-month range between $13.40 and $26.65 as the company reported a 9.4% increase in revenue year-over-year.
• Analysts have mixed ratings on ACADIA Pharmaceuticals, with one Strong Buy, eleven Buy, six Hold, and one Sell rating, averaging a target price of $29.65.

Wesbanco Bank Inc. grew its stake in shares of ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD - Free Report) by 51.0% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 78,200 shares of the biopharmaceutical company's stock after purchasing an additional 26,400 shares during the period. Wesbanco Bank Inc.'s holdings in ACADIA Pharmaceuticals were worth $1,687,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Vanguard Group Inc. lifted its position in ACADIA Pharmaceuticals by 9.0% in the first quarter. Vanguard Group Inc. now owns 15,203,234 shares of the biopharmaceutical company's stock valued at $252,526,000 after buying an additional 1,255,594 shares during the last quarter. Assenagon Asset Management S.A. purchased a new position in ACADIA Pharmaceuticals in the 1st quarter valued at $60,845,000. Fred Alger Management LLC boosted its position in shares of ACADIA Pharmaceuticals by 2.0% during the 1st quarter. Fred Alger Management LLC now owns 2,769,828 shares of the biopharmaceutical company's stock worth $46,007,000 after purchasing an additional 54,899 shares in the last quarter. Jacobs Levy Equity Management Inc. boosted its position in shares of ACADIA Pharmaceuticals by 73.7% during the 1st quarter. Jacobs Levy Equity Management Inc. now owns 1,977,432 shares of the biopharmaceutical company's stock worth $32,845,000 after purchasing an additional 838,728 shares in the last quarter. Finally, American Century Companies Inc. raised its stake in shares of ACADIA Pharmaceuticals by 1,055.8% during the 1st quarter. American Century Companies Inc. now owns 1,632,749 shares of the biopharmaceutical company's stock worth $27,120,000 after buying an additional 1,491,484 shares during the last quarter. 96.71% of the stock is owned by hedge funds and other institutional investors.

ACADIA Pharmaceuticals Stock Down 0.5%

ACAD traded down $0.13 during mid-day trading on Friday, reaching $24.63. 351,567 shares of the company traded hands, compared to its average volume of 2,142,906. The stock has a market capitalization of $4.15 billion, a P/E ratio of 18.45, a P/E/G ratio of 6.13 and a beta of 0.75. The company's fifty day moving average price is $24.24 and its 200-day moving average price is $20.47. ACADIA Pharmaceuticals Inc. has a 52-week low of $13.40 and a 52-week high of $26.65.

ACADIA Pharmaceuticals (NASDAQ:ACAD - Get Free Report) last issued its earnings results on Wednesday, August 6th. The biopharmaceutical company reported $0.16 EPS for the quarter, topping analysts' consensus estimates of $0.14 by $0.02. ACADIA Pharmaceuticals had a net margin of 21.80% and a return on equity of 14.69%. The business had revenue of $264.57 million for the quarter, compared to analyst estimates of $263.07 million. During the same period last year, the company posted $0.20 earnings per share. The company's quarterly revenue was up 9.4% compared to the same quarter last year. As a group, sell-side analysts forecast that ACADIA Pharmaceuticals Inc. will post 0.7 earnings per share for the current fiscal year.

Insider Activity

In other news, EVP Mark C. Schneyer sold 3,498 shares of ACADIA Pharmaceuticals stock in a transaction that occurred on Monday, September 15th. The shares were sold at an average price of $23.65, for a total transaction of $82,727.70. Following the sale, the executive vice president owned 43,447 shares in the company, valued at $1,027,521.55. This trade represents a 7.45% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Elizabeth A. Garofalo sold 1,600 shares of the business's stock in a transaction dated Tuesday, September 2nd. The stock was sold at an average price of $25.98, for a total value of $41,568.00. Following the sale, the director owned 25,382 shares in the company, valued at approximately $659,424.36. The trade was a 5.93% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 27,098 shares of company stock worth $678,256 over the last ninety days. 26.50% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several equities analysts have recently commented on the company. JMP Securities increased their target price on ACADIA Pharmaceuticals from $37.00 to $38.00 and gave the company a "market outperform" rating in a research note on Thursday, August 7th. Cowen reissued a "buy" rating on shares of ACADIA Pharmaceuticals in a report on Thursday, September 11th. Bank of America boosted their target price on ACADIA Pharmaceuticals from $18.00 to $23.00 and gave the stock a "hold" rating in a research report on Thursday, June 5th. TD Cowen increased their price target on ACADIA Pharmaceuticals from $35.00 to $39.00 and gave the stock a "buy" rating in a report on Thursday, September 11th. Finally, Mizuho lifted their price target on ACADIA Pharmaceuticals from $23.00 to $24.00 and gave the stock a "neutral" rating in a report on Thursday, August 7th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, ACADIA Pharmaceuticals has an average rating of "Moderate Buy" and an average target price of $29.65.

About ACADIA Pharmaceuticals

ACADIA Pharmaceuticals Inc, a biopharmaceutical company, focuses on the development and commercialization innovative medicines that address unmet medical needs in central nervous system (CNS) disorders and rare diseases in the United States. The company offers NUPLAZID (pimavanserin) for the treatment of hallucinations and delusions associated with Parkinson's disease psychosis; and DAYBUE, a novel synthetic analog of the amino-terminal tripeptide of insulin-like growth factor 1 for treatment of Rett Syndrome.