Great Lakes Advisors LLC Buys 72,667 Shares of ACADIA Pharmaceuticals Inc. $ACAD

Key Points

• Great Lakes Advisors LLC increased its stake in ACADIA Pharmaceuticals by 13.5%, acquiring an additional 72,667 shares to hold a total of 612,680 shares valued at about $10.18 million.
• Multiple large investors including Vanguard Group and Jacobs Levy Equity Management have recently adjusted their holdings, with institutional investors owning approximately 96.71% of ACADIA's stock.
• The company reported $264.57 million in revenue and $0.16 EPS for the last quarter, exceeding analyst expectations for both metrics.

Great Lakes Advisors LLC lifted its position in shares of ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD - Free Report) by 13.5% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 612,680 shares of the biopharmaceutical company's stock after purchasing an additional 72,667 shares during the period. Great Lakes Advisors LLC owned 0.37% of ACADIA Pharmaceuticals worth $10,177,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the company. Allspring Global Investments Holdings LLC lifted its holdings in ACADIA Pharmaceuticals by 645.7% in the first quarter. Allspring Global Investments Holdings LLC now owns 310,332 shares of the biopharmaceutical company's stock worth $5,065,000 after buying an additional 268,714 shares during the period. GAMMA Investing LLC lifted its holdings in ACADIA Pharmaceuticals by 627.3% in the first quarter. GAMMA Investing LLC now owns 3,513 shares of the biopharmaceutical company's stock worth $58,000 after buying an additional 3,030 shares during the period. Comerica Bank lifted its holdings in ACADIA Pharmaceuticals by 4,770.1% in the first quarter. Comerica Bank now owns 43,100 shares of the biopharmaceutical company's stock worth $716,000 after buying an additional 42,215 shares during the period. Concurrent Investment Advisors LLC purchased a new stake in ACADIA Pharmaceuticals in the first quarter worth about $247,000. Finally, Amalgamated Bank lifted its holdings in ACADIA Pharmaceuticals by 757.7% in the first quarter. Amalgamated Bank now owns 35,002 shares of the biopharmaceutical company's stock worth $581,000 after buying an additional 30,921 shares during the period. 96.71% of the stock is currently owned by hedge funds and other institutional investors.

ACADIA Pharmaceuticals Stock Performance

Shares of ACAD traded down $0.59 on Friday, hitting $23.61. 1,539,914 shares of the stock traded hands, compared to its average volume of 1,782,423. The company has a market capitalization of $3.98 billion, a PE ratio of 17.75, a P/E/G ratio of 5.98 and a beta of 0.75. The business has a 50 day simple moving average of $23.99 and a 200 day simple moving average of $20.34. ACADIA Pharmaceuticals Inc. has a one year low of $13.40 and a one year high of $26.65.

ACADIA Pharmaceuticals (NASDAQ:ACAD - Get Free Report) last announced its quarterly earnings results on Wednesday, August 6th. The biopharmaceutical company reported $0.16 earnings per share for the quarter, beating the consensus estimate of $0.14 by $0.02. The company had revenue of $264.57 million during the quarter, compared to the consensus estimate of $263.07 million. ACADIA Pharmaceuticals had a net margin of 21.80% and a return on equity of 14.69%. The firm's quarterly revenue was up 9.4% compared to the same quarter last year. During the same quarter last year, the firm earned $0.20 earnings per share. On average, equities analysts expect that ACADIA Pharmaceuticals Inc. will post 0.7 earnings per share for the current year.

Insider Activity at ACADIA Pharmaceuticals

In related news, EVP Mark C. Schneyer sold 22,000 shares of the firm'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 completion of the sale, the executive vice president owned 40,130 shares of the company's stock, valued at $1,010,473.40. This trade represents a 35.41% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Elizabeth A. Garofalo sold 1,600 shares of ACADIA Pharmaceuticals stock in a transaction that occurred on Tuesday, September 2nd. The stock was sold at an average price of $25.98, for a total transaction of $41,568.00. Following the completion of the sale, the director directly owned 25,382 shares of the company's stock, valued at approximately $659,424.36. This trade represents a 5.93% decrease in their position. The disclosure for this sale can be found here. 28.30% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several analysts have commented on the stock. Bank of America raised their price objective on shares of ACADIA Pharmaceuticals from $18.00 to $23.00 and gave the stock a "hold" rating in a report on Thursday, June 5th. Needham & Company LLC reiterated a "buy" rating and set a $30.00 target price on shares of ACADIA Pharmaceuticals in a report on Thursday, June 26th. TD Cowen lifted their target price on shares of ACADIA Pharmaceuticals from $35.00 to $39.00 and gave the company a "buy" rating in a report on Thursday. Wall Street Zen lowered shares of ACADIA Pharmaceuticals from a "buy" rating to a "hold" rating in a report on Friday, September 5th. Finally, JMP Securities lifted their target price on shares of ACADIA Pharmaceuticals from $37.00 to $38.00 and gave the company a "market outperform" rating in a report on Thursday, August 7th. 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 given a Sell rating to the company's stock. According to MarketBeat.com, ACADIA Pharmaceuticals currently 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.