Comerica Bank Has $716,000 Holdings in ACADIA Pharmaceuticals Inc. $ACAD

Key Points

• Comerica Bank increased its holdings in ACADIA Pharmaceuticals by 4,770.1% in Q1, owning 43,100 shares valued at $716,000 after acquiring an additional 42,215 shares during the quarter.
• A significant number of other investors, including Vanguard Group and American Century Companies, also expanded their positions in ACADIA Pharmaceuticals, indicating strong institutional interest with 96.71% of the stock owned by hedge funds and other institutional investors.
• Analysts have a consensus rating of "Moderate Buy" for ACADIA Pharmaceuticals, with a consensus target price of $28.88, influenced by several upgrades from major financial institutions.

Comerica Bank boosted its stake in ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD - Free Report) by 4,770.1% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 43,100 shares of the biopharmaceutical company's stock after buying an additional 42,215 shares during the period. Comerica Bank's holdings in ACADIA Pharmaceuticals were worth $716,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. Exchange Traded Concepts LLC acquired a new position in ACADIA Pharmaceuticals during the 1st quarter valued at about $29,000. Picton Mahoney Asset Management bought a new position in ACADIA Pharmaceuticals in the 1st quarter worth about $32,000. Federated Hermes Inc. grew its position in ACADIA Pharmaceuticals by 231.5% in the 1st quarter. Federated Hermes Inc. now owns 2,317 shares of the biopharmaceutical company's stock worth $38,000 after purchasing an additional 1,618 shares during the last quarter. Virtus Fund Advisers LLC bought a new position in ACADIA Pharmaceuticals in the 4th quarter worth about $39,000. Finally, Quantbot Technologies LP bought a new position in ACADIA Pharmaceuticals in the 1st quarter worth about $52,000. 96.71% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, Director Elizabeth A. Garofalo sold 1,600 shares of the business's stock in a transaction that occurred on Tuesday, September 2nd. The shares were sold at an average price of $25.98, for a total transaction of $41,568.00. Following the sale, the director owned 25,382 shares in the company, valued at $659,424.36. The trade was a 5.93% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Mark C. Schneyer sold 22,000 shares of the business's stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $25.18, for a total transaction of $553,960.00. Following the sale, the executive vice president owned 40,130 shares in the company, valued at $1,010,473.40. This represents a 35.41% decrease in their position. The disclosure for this sale can be found here. 26.50% of the stock is owned by insiders.

ACADIA Pharmaceuticals Trading Down 2.4%

Shares of NASDAQ ACAD traded down $0.59 during midday trading on Friday, reaching $23.61. The company's stock had a trading volume of 1,539,914 shares, compared to its average volume of 1,850,874. The company has a 50 day moving average price of $23.99 and a 200 day moving average price of $20.32. ACADIA Pharmaceuticals Inc. has a one year low of $13.40 and a one year high of $26.65. The company has a market cap of $3.98 billion, a price-to-earnings ratio of 17.75, a price-to-earnings-growth ratio of 6.13 and a beta of 0.75.

ACADIA Pharmaceuticals (NASDAQ:ACAD - Get Free Report) last released 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 the consensus estimate of $263.07 million. During the same period in the previous year, the firm earned $0.20 EPS. The business's revenue for the quarter was up 9.4% on a year-over-year basis. Research analysts anticipate that ACADIA Pharmaceuticals Inc. will post 0.7 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research analysts have commented on the stock. Robert W. Baird upped their target price on shares of ACADIA Pharmaceuticals from $28.00 to $31.00 and gave the stock an "outperform" rating in a research report on Monday, May 19th. Morgan Stanley set a $24.00 price target on ACADIA Pharmaceuticals and gave the company an "equal weight" rating in a report on Tuesday, May 20th. Deutsche Bank Aktiengesellschaft raised ACADIA Pharmaceuticals from a "hold" rating to a "buy" rating and raised their price target for the company from $20.00 to $35.00 in a report on Wednesday, May 21st. BMO Capital Markets upped their price target on shares of ACADIA Pharmaceuticals from $24.00 to $28.00 and gave the stock an "outperform" rating in a research note on Monday, May 19th. Finally, Needham & Company LLC reaffirmed a "buy" rating and issued a $30.00 price target on shares of ACADIA Pharmaceuticals in a research note on Thursday, June 26th. One analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target 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.