Bank of America Corp DE Purchases New Position in ACADIA Pharmaceuticals Inc. $ACAD

Key Points

• Bank of America acquired 1.3 million ACADIA Pharmaceuticals shares worth approximately $32.9 million, representing a 0.75% stake. Institutional investors collectively own 96.71% of the company.
• Analysts maintain a favorable outlook, with 14 Buy ratings and four Holds producing a consensus “Moderate Buy” rating and an average price target of $34.36.
• ACADIA exceeded quarterly expectations, reporting $0.18 in EPS versus $0.07 expected and $308 million in revenue, up 16.4% year over year. Meanwhile, insiders sold 36,699 shares worth about $1.02 million over the past 90 days.

Bank of America Corp DE acquired a new stake in ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 1,300,385 shares of the biopharmaceutical company's stock, valued at approximately $32,900,000. Bank of America Corp DE owned 0.75% of ACADIA Pharmaceuticals at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Freestone Grove Partners LP acquired a new stake in shares of ACADIA Pharmaceuticals in the 2nd quarter valued at about $1,756,000. Man Group plc acquired a new position in ACADIA Pharmaceuticals in the second quarter worth about $312,000. Jupiter Topco LLC acquired a new position in ACADIA Pharmaceuticals in the second quarter worth about $1,301,000. ADAR1 Capital Management LLC bought a new stake in ACADIA Pharmaceuticals in the second quarter valued at about $986,000. Finally, Hsbc Holdings PLC bought a new stake in ACADIA Pharmaceuticals in the second quarter valued at about $984,000. Institutional investors and hedge funds own 96.71% of the company's stock.

Insider Transactions at ACADIA Pharmaceuticals

In related news, EVP Elizabeth Thompson sold 16,558 shares of the stock in a transaction dated Thursday, July 30th. The shares were sold at an average price of $26.13, for a total value of $432,660.54. Following the completion of the transaction, the executive vice president owned 18,994 shares in the company, valued at $496,313.22. This represents a 46.57% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP Mark C. Schneyer sold 14,292 shares of the firm's stock in a transaction dated 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 directly owned 67,828 shares in the company, valued at approximately $1,981,934.16. The trade was a 17.40% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 36,699 shares of company stock worth $1,019,894. Company insiders own 26.20% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have commented on the company. Royal Bank Of Canada increased their target price on ACADIA Pharmaceuticals from $36.00 to $37.00 and gave the stock an "outperform" rating in a report on Wednesday, August 5th. Oppenheimer upped their price target on ACADIA Pharmaceuticals from $23.00 to $25.00 and gave the company a "market perform" rating in a research report on Wednesday, August 5th. Citigroup raised their price objective on ACADIA Pharmaceuticals from $39.00 to $40.00 and gave the stock a "buy" rating in a research note on Tuesday, August 25th. UBS Group lifted their price objective 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. Finally, Citizens Jmp boosted their target price on shares of ACADIA Pharmaceuticals from $35.00 to $36.00 and gave the company a "market outperform" rating in a research note on Wednesday, August 5th. Fourteen investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the stock currently 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 $26.41 on Wednesday. ACADIA Pharmaceuticals Inc. has a 12-month low of $19.69 and a 12-month high of $30.96. The firm has a market capitalization of $4.55 billion, a price-to-earnings ratio of 11.90 and a beta of 0.86. The business has a 50 day simple moving average of $27.68 and a 200 day simple moving average of $24.19.

ACADIA Pharmaceuticals (NASDAQ:ACAD - Get Free Report) last announced its earnings results on Tuesday, August 4th. The biopharmaceutical company reported $0.18 earnings per share for the quarter, beating the consensus estimate of $0.07 by $0.11. ACADIA Pharmaceuticals had a return on equity of 9.03% and a net margin of 33.42%.The firm had revenue of $308.00 million for the quarter, compared to the consensus estimate of $296.55 million. During the same quarter in the previous year, the business earned $0.16 EPS. The firm's revenue for the quarter was up 16.4% on a year-over-year basis. On average, equities analysts anticipate that ACADIA Pharmaceuticals Inc. will post 0.64 EPS for the current fiscal year.

ACADIA Pharmaceuticals Company Profile

ACADIA Pharmaceuticals Inc is a biopharmaceutical company focused on developing and commercializing medicines for neurological and psychiatric disorders. The company is headquartered in San Diego, California, and conducts research and commercial activities primarily in the United States.

ACADIA's marketed products include NUPLAZID (pimavanserin), an atypical antipsychotic approved for the treatment of hallucinations and delusions associated with Parkinson's disease psychosis. The company also markets DAYBUE (trofinetide), a therapy for Rett syndrome, a rare neurodevelopmental disorder.

Founded in 1993, ACADIA continues to advance a pipeline of therapies for central nervous system conditions, including additional neurological and psychiatric disorders.

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