Bank of America Corp DE Acquires 332,325 Shares of ACADIA Pharmaceuticals Inc. $ACAD

Key Points

• Bank of America increased its ACADIA Pharmaceuticals position by 27.2%, purchasing 332,325 shares to hold 1.55 million shares worth approximately $34.6 million. Institutional investors collectively own 96.71% of the company.
• ACADIA reported quarterly revenue of $308 million, up 16.4% year over year, and adjusted earnings of $0.18 per share—beating analyst estimates of $0.07.
• Analyst sentiment remains positive, with 14 Buy ratings and three Holds, producing a “Moderate Buy” consensus and an average price target of $33.69. Insiders, however, sold 42,100 shares worth about $1.13 million over the past 90 days.

Bank of America Corp DE grew its holdings in ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD - Free Report) by 27.2% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 1,553,770 shares of the biopharmaceutical company's stock after purchasing an additional 332,325 shares during the quarter. Bank of America Corp DE owned about 0.91% of ACADIA Pharmaceuticals worth $34,587,000 as of its most recent filing with the SEC.

Several other large investors also recently made changes to their positions in the business. Norges Bank acquired a new stake in ACADIA Pharmaceuticals in the 4th quarter valued at about $40,266,000. Millennium Management LLC lifted its holdings in ACADIA Pharmaceuticals by 2,052.1% during the 3rd quarter. Millennium Management LLC now owns 1,483,235 shares of the biopharmaceutical company's stock worth $31,652,000 after buying an additional 1,414,315 shares in the last quarter. Arrowstreet Capital Limited Partnership boosted its position in ACADIA Pharmaceuticals by 390.1% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 1,648,864 shares of the biopharmaceutical company's stock valued at $35,187,000 after buying an additional 1,312,426 shares during the last quarter. First Trust Advisors LP boosted its position in ACADIA Pharmaceuticals by 47.3% in the 1st quarter. First Trust Advisors LP now owns 3,343,868 shares of the biopharmaceutical company's stock valued at $74,435,000 after buying an additional 1,073,834 shares during the last quarter. Finally, Logos Global Management LP bought a new stake in shares of ACADIA Pharmaceuticals during the fourth quarter worth $22,704,000. Institutional investors own 96.71% of the company's stock.

ACADIA Pharmaceuticals Stock Performance

Shares of ACAD stock opened at $28.24 on Friday. ACADIA Pharmaceuticals Inc. has a 52-week low of $19.69 and a 52-week high of $29.85. The stock has a market cap of $4.87 billion, a price-to-earnings ratio of 12.72, a PEG ratio of 22.35 and a beta of 0.81. The firm's 50-day moving average is $25.14 and its 200-day moving average is $23.35.

ACADIA Pharmaceuticals (NASDAQ:ACAD - Get Free Report) last posted its quarterly earnings results on Tuesday, August 4th. The biopharmaceutical company reported $0.18 EPS for the quarter, topping analysts' consensus estimates of $0.07 by $0.11. ACADIA Pharmaceuticals had a return on equity of 9.03% and a net margin of 33.42%.The business had revenue of $308.00 million during the quarter, compared to analysts' expectations of $296.55 million. During the same quarter last year, the company posted $0.16 earnings per share. ACADIA Pharmaceuticals's quarterly revenue was up 16.4% on a year-over-year basis. Sell-side analysts predict that ACADIA Pharmaceuticals Inc. will post 0.59 EPS for the current fiscal year.

Insiders Place Their Bets

In other ACADIA Pharmaceuticals news, EVP Mark C. Schneyer sold 14,292 shares of the company's stock in a transaction on Thursday, August 6th. The shares were sold at an average price of $29.22, for a total value of $417,612.24. Following the transaction, the executive vice president directly owned 67,828 shares in the company, valued at $1,981,934.16. The trade was a 17.40% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider James Kihara sold 5,401 shares of the stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $21.18, for a total transaction of $114,393.18. Following the completion of the transaction, the insider directly owned 24,509 shares in the company, valued at $519,100.62. The trade was a 18.06% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 42,100 shares of company stock valued at $1,134,287 over the last ninety days. 26.20% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of research firms have issued reports on ACAD. Morgan Stanley set a $27.00 target price on shares of ACADIA Pharmaceuticals in a research report on Monday. Weiss Ratings upgraded ACADIA Pharmaceuticals from a "hold (c)" rating to a "hold (c+)" rating in a research report on Wednesday. HC Wainwright reiterated a "buy" rating on shares of ACADIA Pharmaceuticals in a report on Thursday, August 6th. Deutsche Bank Aktiengesellschaft reissued a "buy" rating and issued a $37.00 target price on shares of ACADIA Pharmaceuticals in a research note on Monday, June 29th. Finally, Bank of America restated a "buy" rating and set a $14.50 target price on shares of ACADIA Pharmaceuticals in a research report on Wednesday, July 29th. Fourteen equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, ACADIA Pharmaceuticals has an average rating of "Moderate Buy" and a consensus price target of $33.69.

ACADIA Pharmaceuticals Profile

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.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source