Leerink Partners Starts Acadia Pharmaceuticals (ACAD) at Outperform

Leerink Partners initiates coverage on Acadia Pharmaceuticals (NASDAQ: ACAD) with a Outperform rating and a price target of $48.00.

Analyst Paul Matteis commented, "ACAD shares remain ~19% off previous highs since the delay of the pimavanserin NDA and the retirement of longtime CEO Uli Hacksell, providing what we believe to be an attractive entry point for investment into the potential of Breakthrough Therapy NUPLAZID (pimavanserin) which could be approved for Parkinson's Disease Psychosis (PDP) in mid-2016. MEDACorp specialists view pimavanserin as a best-in-class psychosis treatment in PD and see significant clinical potential in other dementia psychoses such as Alzheimer's Disease Psychosis (ADP), where we expect data from a Phase II proof-of-concept study in 1H16. We model $1.3B and $1.1B in peak risk-adjusted PDP/ADP sales in 2027E on 80%/40% probabilities-of-success, off gross opptys of ~$1.6B/~$2.8B."

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 $37.50 yesterday.

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