Bank of New York Mellon Corp Grows Stock Position in ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD)

Bank of New York Mellon Corp grew its stake in ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD) by 96.3% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 804,390 shares of the biopharmaceutical company’s stock after buying an additional 394,640 shares during the quarter. Bank of New York Mellon Corp owned 0.48% of ACADIA Pharmaceuticals worth $13,361,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. GF Fund Management CO. LTD. lifted its holdings in ACADIA Pharmaceuticals by 21.9% in the first quarter. GF Fund Management CO. LTD. now owns 4,260 shares of the biopharmaceutical company’s stock valued at $71,000 after acquiring an additional 766 shares during the period. Summit Investment Advisors Inc. increased its holdings in shares of ACADIA Pharmaceuticals by 6.8% during the 4th quarter. Summit Investment Advisors Inc. now owns 12,519 shares of the biopharmaceutical company’s stock valued at $230,000 after purchasing an additional 795 shares in the last quarter. Exchange Traded Concepts LLC acquired a new position in shares of ACADIA Pharmaceuticals in the 1st quarter valued at $29,000. Arete Wealth Advisors LLC boosted its holdings in ACADIA Pharmaceuticals by 15.9% during the fourth quarter. Arete Wealth Advisors LLC now owns 13,700 shares of the biopharmaceutical company’s stock worth $251,000 after buying an additional 1,875 shares in the last quarter. Finally, Virtus Fund Advisers LLC purchased a new stake in ACADIA Pharmaceuticals during the fourth quarter worth $39,000. Hedge funds and other institutional investors own 96.71% of the company’s stock.

Analyst Upgrades and Downgrades

ACAD has been the subject of a number of analyst reports. UBS Group decreased their price objective on shares of ACADIA Pharmaceuticals from $25.00 to $22.00 and set a “buy” rating for the company in a research report on Monday, April 28th. JPMorgan Chase & Co. increased their price target on ACADIA Pharmaceuticals from $26.00 to $30.00 and gave the stock an “overweight” rating in a research report on Friday, June 6th. HC Wainwright restated a “buy” rating and issued a $32.00 price objective on shares of ACADIA Pharmaceuticals in a research report on Thursday, June 26th. BMO Capital Markets increased their target price on ACADIA Pharmaceuticals from $24.00 to $28.00 and gave the company an “outperform” rating in a research report on Monday, May 19th. Finally, Oppenheimer reissued a “market perform” rating and issued a $22.00 price target (up previously from $19.00) on shares of ACADIA Pharmaceuticals in a research note on Thursday, June 26th. Six research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $27.88.

Insider Transactions at ACADIA Pharmaceuticals

In other news, EVP Mark C. Schneyer sold 2,000 shares of the company’s stock in a transaction on Friday, May 16th. The stock was sold at an average price of $25.00, for a total value of $50,000.00. Following the transaction, the executive vice president owned 62,130 shares of the company’s stock, valued at $1,553,250. This represents a 3.12% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider James Kihara sold 4,000 shares of the stock in a transaction on Friday, May 16th. The stock was sold at an average price of $22.50, for a total value of $90,000.00. Following the transaction, the insider owned 20,395 shares of the company’s stock, valued at approximately $458,887.50. This represents a 16.40% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 25,271 shares of company stock worth $525,079 in the last 90 days. Insiders own 28.30% of the company’s stock.

ACADIA Pharmaceuticals Price Performance

Shares of ACADIA Pharmaceuticals stock opened at $22.56 on Monday. The stock’s 50 day simple moving average is $21.58 and its 200-day simple moving average is $18.67. The stock has a market cap of $3.78 billion, a P/E ratio of 16.47, a P/E/G ratio of 4.86 and a beta of 0.64. ACADIA Pharmaceuticals Inc. has a 1-year low of $13.40 and a 1-year high of $25.23.

ACADIA Pharmaceuticals (NASDAQ:ACAD) last released its quarterly earnings data on Wednesday, May 7th. The biopharmaceutical company reported $0.11 earnings per share for the quarter, topping analysts’ consensus estimates of $0.10 by $0.01. ACADIA Pharmaceuticals had a return on equity of 17.46% and a net margin of 22.97%. The company had revenue of $244.32 million for the quarter, compared to analyst estimates of $239.32 million. During the same quarter in the previous year, the company posted $0.10 earnings per share. The firm’s revenue for the quarter was up 18.7% compared to the same quarter last year. As a group, research analysts expect that ACADIA Pharmaceuticals Inc. will post 0.7 EPS for the current fiscal year.

ACADIA Pharmaceuticals Profile

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.