Acadia Pharmaceuticals (ACAD) PT LIfted to $44 at Piper Jaffray Amid Panel Backing for NUPLAZID
Piper Jaffray analyst Charles Duncan reiterated an Overweight rating and boosted his price target on Acadia Pharmaceuticals (NASDAQ: ACAD) to $44.00 (from $39.00) after an FDA panel voted positively on three questions regarding efficacy, and safety.
"Given the clear numerical results, and opinions voiced during the panel discussion, we believe regulatory risk is substantially reduced and we have renewed conviction in NUPLAZID potential for PDP commercialization, and as an uncommon, wholly-owned and long-lived neuropsych asset," Duncan said. "Specifically, the panel supported a high level of clinical value seen on SAPS-PD and CGI with NUPLAZID. Additionally, although the safety profile was not entirely benign, it was viewed as addressable via the label, including (we believe) a Black Box Warning, as well as longer-term, post-marketing outcomes research. On these AdComm results, we're increasing our PT from $39 to $44, and remain Overweight in advance of an approval decision as well as EU progress (2H16), and label expanding efforts in ADP (4Q16 data) and AD agitation (1H16 trial start)."
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Shares of Acadia Pharmaceuticals closed at $23.81 yesterday.