Piper Jaffray Downgrades Acadia Pharmaceuticals (ACAD) to Neutral

Piper Jaffray downgraded Acadia Pharmaceuticals (NASDAQ: ACAD) from Overweight to Neutral with a price target of $39.00 (from $48.00).

Analyst Charles Duncan commented, "We're downgrading to Neutral following program updates that lower our conviction on near-term upside from the pima’ pipeline. New concerns center on a lack of visibility, including ongoing delays to ADP enrollment, CMO departure, and early but emerging potential competitive pressure from other neuro-innovators, perhaps a symptom of the lengthy turnaround from pivotal pima' data to NDA filing. While the May PDUFA and pre-commercial activities for PDP are in line with our expectations, we view this program's value as fully included in ACAD’s current trading price. Upside is driven by execution and visibility on clinical utility beyond PDP. Absent new information that is definitive, yesterday’s updates are concerning in terms of gauging outcomes of the ADP trial and, we speculate, possibly undisclosed pima’ challenges (e.g. safety?) that could present a review issue. At a minimum, we now model first ADP sales in 2019, which results in our new $39 PT (down from $48)"

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 $41.54 yesterday.

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