Aegis Capital Affirms ACADIA Pharma (ACAD) at 'Buy' Following Achievement of Two Key Milestones

Aegis Capital affirms ACADIA Pharmaceuticals (Nasdaq: ACAD) with a Buy rating and $54 price target following the achievement of two key milestones.

Analyst Robert LeBoyer noted the following today:

• NDA Submission Completed: Acadia announced that it has submitted the NDA for Nuplazid, its drug for Parkinson's disease psychosis (PDP). This is an important milestone that gives a timeframe for approval and product launch. The timing is consistent with the company's 2H15 guidance, and ahead of our 4Q15 modeling assumptions.
• Acadia has also applied for FDA Priority Review which would shorten the time to approval to six months from the standard ten month review. If Priority Review is granted, approval could come as early as March 2016. This would be an important development that could lead to product launch much earlier than our estimates, representing additional upside from our price target. The FDA has a 60 days to review the application to give its decision on Priority Review.
• Permanent CEO Has Been Appointed: Separately, the company named Steve Davis as the new CEO. He became Interim CEO in March 2015, having been Acadia's Chief Financial Officer and Chief Business Officer. We see his appointment as a positive step that indicates the Board of Directors is satisfied with his leadership and progress during the past six months.

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

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