Piper Jaffray Downgrades ACADIA Pharma (ACAD) to Neutral
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Piper Jaffray downgrades ACADIA Pharmaceuticals (Nasdaq: ACAD) from Buy to Neutral and lowers its price target from $6 to $3.
The firm believes ACADIA's announcement that it would be cutting its workforce in half, in addition to the announced $60 million in committed equity financing, has taken its potential partnership for pimavanserin "off the table." This assumption implies that studies of pimavanserin on other diseases, such as schizophrenia, will also be delayed.
ACADIA Pharmaceuticals, Inc., a biopharmaceutical company, engages in the discovery, development, and commercialization of small molecule drugs for the treatment of central nervous system disorders.
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