Morgan analyst Cory Kasimov weighed in today with his views on ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD), following the news of the much anticipated NDA submission of Nuplazid in Parkinson’s disease psychosis. The analyst rates ACAD an Overweight with a price target of $55, which implies an upside of 39% from current levels.
Kasimov noted, “With Breakthrough Designation for PDP in hand (granted in 2014), coupled with a high unmet need, with think approval of Nuplazid in PDP is likely. With investors keenly focused on this NDA submission, we view this news as welcome relief for the story and are not surprised by this morning’s initial move. Bottom line, we continue to see ACAD as an intriguing name in the space equipped with a differentiated asset targeting high-unmet-need indications.”
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Cory Kasimov has a total average return of 2.8% and a 43.9% success rate. Kasimov has a 19.5% average return when recommending ACAD, and is ranked #1191 out of 3748 analysts.
Earlier today, analyst Alan Carr of Needham reiterated a Buy rating on ACADIA shares with a price target of $49.
All the 7 analysts polled by TipRanks rate Acadia stock a Buy. With a return potential of 41%, the stock’s consensus target price stands at $55.57.