Acadia Pharma (ACAD): Offering Bridges Commercial Activities To 2019 - Piper Jaffray
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Piper Jaffray analyst, Charles Duncan, reiterated his Overweight rating on shares of Acadia Pharmaceuticals (NASDAQ: ACAD) after ACADIA, yesterday, completed an offering of ~6M shares, raising $188M in net proceeds and pro-forma cash to ~$545M. The analyst believes this offering means the company’s clinical and commercial activities are well-funded into 1H19.
During this time, he expected ACADIA to make significant progress on the NUPLAZID commercial launch in the US and submit a marketing application in the EU. He believes the company can produce positive, potentially pivotal-stage data in AD agitation and advance NUPLAZID in a third possible indication such as schizophrenia or LBD.
Overall, he views the strengthened balance sheet as a positive in terms of supporting the marketing efforts needed for a successful PDP launch and funding clinical development to generate upside additional large-market neuro-psych indications. In advance of increased visibility on early traction in PDP, Phase II ADP data, and a Phase II/III ADA trial start by YE16,
No change to the price target of $44.00
Shares of Acadia Pharmaceuticals closed at $32.82 yesterday.
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