Leerink Partners Starts Acadia Pharmaceuticals (ACAD) at Market Perform
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Leerink Partners initiates coverage on Acadia Pharmaceuticals (NASDAQ: ACAD) with a Market Perform rating and a price target of $34.00.
Analyst Paul Matteis commented, "We continue to believe that pimavanserin (NUPLAZID) is one of the most differentiated commercial stage assets in CNS and could be attractive to multiple potential buyers, including BIIB (MP) and AGN (OP). However, we are resuming coverage with a neutral view on the stock based on (1) our belief that the pimavanserin roll-out will be slow and steady, given the drug's high price tag and the intrinsic challenges associated with assisting high out-of-pocket cost for Medicare patients and (2) our caution surrounding the upcoming readout for pimavanserin in Alzheimer's Disease Psychosis (ADP), for which we believe there exists at least some credit in the stock today."
Shares of Acadia Pharmaceuticals closed at $30.71 yesterday.
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