Acadia Pharma (ACAD): NUPLAZID 4Q Outlook - Piper Jaffray
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Piper Jaffray analyst, Charles Duncan, reiterated his Overweight rating on shares of Acadia Pharmaceuticals (NASDAQ: ACAD) and believes that the first full quarter postlaunch for NUPLAZID will meet his estimates. Unfortunately, his estimates are 20% of what the street is expecting. For 3Q, 4Q and 2017, the analyst's estimates are $0.7, $1.7 and $20.3 compared with consensus of $4.6, $10.2, and $103.4.
Street consensus looks similar to pre-2Q earnings, which makes sense given the street only has 1 month of data to go on.
The analyst is maintaining his conservative estimates but is encouraged by ACADIA confirming it is now on 99% + of targeted MEDICARE formularies, consistent with NUPLAZID being in a protected class. The company also reports it is on 25-30% of commercial formularies targeted, with more complete progress expected on that front by YE16.
No change to the price target of $44.
At a recent conference, ACADIA confirmed it is now on 99% + of targeted MEDICARE formularies, consistent with NUPLAZID being in a protected class. The company also reports it is on 25-30% of commercial formularies targeted, with more complete progress expected on that front by YE16. ACADIA believes most plans require confirmation of PDP diagnosis in terms of prior authorization, but has not seen unanticipated restrictions from most payers beyond that.
Shares of Acadia Pharmaceuticals closed at $31.81 yesterday.
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