Bank of America Corp DE Raises Stock Holdings in ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD)

Bank of America Corp DE boosted its holdings in shares of ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD) by 41.4% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 680,853 shares of the biopharmaceutical company’s stock after acquiring an additional 199,504 shares during the quarter. Bank of America Corp DE owned 0.41% of ACADIA Pharmaceuticals worth $12,494,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of the business. R Squared Ltd bought a new stake in shares of ACADIA Pharmaceuticals during the fourth quarter worth $47,000. KBC Group NV increased its stake in ACADIA Pharmaceuticals by 67.0% in the 4th quarter. KBC Group NV now owns 5,093 shares of the biopharmaceutical company’s stock worth $93,000 after buying an additional 2,044 shares during the period. Globeflex Capital L P purchased a new position in ACADIA Pharmaceuticals in the 4th quarter worth about $168,000. Xponance Inc. bought a new stake in ACADIA Pharmaceuticals during the 4th quarter valued at about $186,000. Finally, Vinva Investment Management Ltd bought a new stake in ACADIA Pharmaceuticals during the 4th quarter valued at about $187,000. Hedge funds and other institutional investors own 96.71% of the company’s stock.

ACADIA Pharmaceuticals Trading Down 1.4%

Shares of NASDAQ:ACAD opened at $21.55 on Friday. The company has a market capitalization of $3.61 billion, a PE ratio of 27.63 and a beta of 0.47. ACADIA Pharmaceuticals Inc. has a 12-month low of $13.40 and a 12-month high of $25.23. The business’s fifty day simple moving average is $16.29 and its 200-day simple moving average is $17.27.

ACADIA Pharmaceuticals (NASDAQ:ACAD) last posted its earnings results on Wednesday, May 7th. The biopharmaceutical company reported $0.11 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.10 by $0.01. The company had revenue of $244.32 million for the quarter, compared to analyst estimates of $239.32 million. ACADIA Pharmaceuticals had a return on equity of 25.83% and a net margin of 13.83%. The firm’s quarterly revenue was up 18.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.10 earnings per share. Research analysts predict that ACADIA Pharmaceuticals Inc. will post 0.7 EPS for the current year.

Insider Buying and Selling

In other ACADIA Pharmaceuticals news, insider James Kihara sold 4,000 shares of ACADIA Pharmaceuticals stock in a transaction on Friday, May 16th. The shares were sold at an average price of $22.50, for a total value of $90,000.00. Following the transaction, the insider now directly owns 20,395 shares of the company’s stock, valued at approximately $458,887.50. The trade was a 16.40% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Elizabeth A. Garofalo sold 4,919 shares of the stock in a transaction on Wednesday, March 5th. The shares were sold at an average price of $18.23, for a total value of $89,673.37. Following the sale, the director now owns 17,595 shares of the company’s stock, valued at approximately $320,756.85. This represents a 21.85% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 24,994 shares of company stock worth $453,131 in the last 90 days. 26.50% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the stock. UBS Group dropped their target price on shares of ACADIA Pharmaceuticals from $25.00 to $22.00 and set a “buy” rating on the stock in a research note on Monday, April 28th. BMO Capital Markets boosted their price target on ACADIA Pharmaceuticals from $24.00 to $28.00 and gave the company an “outperform” rating in a report on Monday. Morgan Stanley increased their price objective on ACADIA Pharmaceuticals from $20.00 to $24.00 and gave the stock an “equal weight” rating in a research note on Tuesday. Mizuho lifted their target price on ACADIA Pharmaceuticals from $20.00 to $23.00 and gave the company a “neutral” rating in a research report on Monday. Finally, Cantor Fitzgerald reiterated an “overweight” rating and issued a $28.00 target price on shares of ACADIA Pharmaceuticals in a report on Thursday, February 27th. Five equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $26.83.

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.