UPDATE: Jefferies Starts Acadia Pharmaceuticals (ACAD) at Buy; Attractive Takeover Target

March 18, 2013 5:39 PM EDT
Get Alerts ACAD Hot Sheet
Price: $31.02 -1.3%

Rating Summary:
    9 Buy, 5 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 30 | Down: 30 | New: 23
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(Updated - March 19, 2013 6:54 AM EDT)

Jefferies initiates coverage on Acadia Pharmaceuticals (NASDAQ: ACAD) with a Buy and $13 price target saying the company owns the next $1 billion CNS drug and may be an attractive licensing/acquisition target for pharma companies.

The firm comments, "Acadia Pharmaceuticals is developing its lead drug pimavanserin for Parkinson’s disease psychosis (PDP), an indication that has no FDA-approved treatment. Having recently reported positive Phase 3 data, we believe ACAD will be able to replicate the favorable efficacy data in a confirmatory pivotal trial in 2H14 and launch pimavanserin in 2016. We see pimavanserin as a highly attractive licensing/acquisition target for pharma companies."

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 $6.26 yesterday.

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