Piper Jaffray Upgrades Acadia Pharmaceuticals (ACAD) to Overweight

Piper Jaffray upgraded Acadia Pharmaceuticals (NASDAQ: ACAD) from Neutral to Overweight and maintained a price target of $48, saying the NUPLAZID manufacturing deal and valuation reduces execution risk.

Analyst Charles Duncan commented, "ACAD shares have pulled back ~25% month to date (vs. NBI down ~10.5%), due to market volatility and increased perceived uncertainty following updates on the 2Q earnings call. As we highlighted in our last note here, uncertainty likely centers around the need for additional financing to commercialize NUPLAZID, unknown regulatory reaction to long-term safety data, and delayed enrollment of the ADP trial. While we acknowledge remaining risk, we now believe execution risk has been reduced with the recently announced manufacturing collaboration (with BASF Pharma), and investor expectations on remaining risks are now better priced into the stock at current levels."

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 $36.38 yesterday.

You May Also Be Interested In

• Keefe, Bruyette & Woods Upgrades Trustmark (TRMK) to Outperform
• First Cash Financial (FCFS) PT Lowered to $140 at TD Cowen
• Intel (INTC) tops Q1 EPS by 3c; misses on guidance