Acadia Pharma (ACAD): 2Q Results Don't Capture A Real Indication For NUPLAZID Demand - Piper Jaffray

August 5, 2016 7:37 AM EDT
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Price: $23.72 -6.39%

Rating Summary:
    8 Buy, 5 Hold, 0 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 0 | Down: 1 | New: 2
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Piper Jaffray analyst, Charles Duncan, reiterated his Overweight rating on shares of Acadia Pharmaceuticals (NASDAQ: ACAD) after the company reported 2Q16 earnings, including $97K in NUPLAZID revenues from the first month in-market. It’s much too early to dissect the $97K figure, but the analyst is encouraged by management’s qualitative feedback on the call around early adoption by movement disorder specialists, high clinician interest in educational efforts, and strong NUPLAZID messaging recall. Keep in mind that the company’s new patient program allows doctors to prescribe a 30-day free trial of NUPLAZID to anyone beginning on drug.

The analyst believes "management is taking a thorough and measured approach to this potentially challenging launch and therefore looks forward to the next (still very early) look at progress during 3Q earnings. Also in 2H16, we expect exploratory ADP results may demonstrate a signal on NPS for certain types of patients and can confirm good safety in AD more generally. In advance of growing momentum for the NUPLAZID launch, ADP data, and Phase II ADA program details by YE16".

The largest near-term value drivers for ACADIA are 3Q16 NUPLAZID revenues reported later this year and Phase II ADP data around YE16. While 3Q revenues are still very early in the launch period, they will represent the first full quarter of earnings with NUPLAZID on the market.

No change to the price target of $44.

For an analyst ratings summary and ratings history on Acadia Pharmaceuticals click here. For more ratings news on Acadia Pharmaceuticals click here.

Shares of Acadia Pharmaceuticals closed at $36.48 yesterday.

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