Needham & Company Remains Bullish on Acadia Pharma (ACAD) Following Positive FDA Vote on Nuplazid
Needham & Company reiterated a Buy rating and $49.00 price target on Acadia Pharmaceuticals (NASDAQ: ACAD) following a vote by the FDA Psychopharmacologic Drugs Advisory Committee in favor of Nuplazid approval for treatment of Parkinson's Disease Psychosis. Committee members generally viewed Nuplazid as effective, with a few expressing disappointment that effect size was not larger.
Analyst Alan Carr commented, "The FDA Psychopharmacologic Drugs Advisory Committee voted yesterday 12-2 in favor of Nuplazid approval for treatment of Parkinson's Disease Psychosis. Although FDA clinical reviewer P. Andreason made clear his serious concerns with Nuplazid risk/ benefit profile, ODE I Deputy Director R. Temple appeared more open-minded. The vote creates a path to approval, which we expect to occur by 5/1/16 PDUFA date. Discussion around Boxed Warning was inconclusive, with some members advocating against one. We reiterate BUY."
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Shares of Acadia Pharmaceuticals closed at $23.81 yesterday.