In a research report released Friday, Needham analyst Alan Carr maintained a Buy rating on ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD) with a $38 price target, after the company reported first-quarter financial results and held a conference call last night to provide a corporate update. With ACADIA shares last trading at $37.42, Carr’s price target implies a slight upside potential from current levels.
Carr wrote, “Timelines remain intact for a Nuplazid NDA submission in Parkinson’s Disease Psychosis (PDP) in 2H15. Work is continuing on the manufacturing quality systems. We note that the NDA itself has been completed. We remain favorably inclined towards the drug, given differentiated profile relative to other antipsychotics. We remind investors of the Breakthrough designation from the FDA and reiterate BUY rating.”
“Acadia ended 1Q15 with $297.9M, down from $322.5M in 4Q14. We believe the company has sufficient resources to support Nuplazid launch through at least 2016.”, the analyst added.
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Alan Carr has a total average return of 38.8% and a 69.2% success rate. Carr has a 67.7% average return when recommending ACAD, and is ranked #4 out of 3596 analysts.