Acadia Pharmaceuticals (ACAD) PT Lowered to $36 as RBC Capital Sees a CRL Likely

March 9, 2021 6:47 AM EST
Get Alerts ACAD Hot Sheet
Price: $21.15 -0.24%

Rating Summary:
    10 Buy, 13 Hold, 0 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 17 | Down: 13 | New: 41
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RBC Capital analyst Gregory Renza lowered the price target on Acadia Pharmaceuticals (NASDAQ: ACAD) to $36.00 (from $60.00) after the company announced the receipt of a filing deficiency notice on March 3, and a subsequent 5 days of ghosting, from the FDA regarding Nuplazid’s DRP sNDA. These events add a
new dimension of uncertainty, leading to an increasing likelihood for a CRL to be issued in short order.

The analyst reiterated the Outperform rating, stating "Though we believe the delay in regulatory timelines is inevitable – despite no official PDUFA change yet or any additional detail to disposition the new state of the program – we maintain focus on the current strength of data and out year viability in DRP and await clarity from the company on issues raised in order to gauge the tangible impact to program prospects. Following
ACAD’s public call and our post-call discussion with mgmt., we recommend shares from these new levels seen by the after hours move though exercise new caution as this new chapter develops."

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