ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD), a biopharmaceutical company focused on the development and commercialization of innovative medicines to address unmet medical needs in central nervous system disorders, today announced its unaudited financial results for the third quarter ended September 30, 2015.
ACADIA reported a net loss of $38.9 million, or $0.39 per common share, for the third quarter of 2015 compared to a net loss of $24.8 million, or $0.25 per common share, for the third quarter of 2014. Net losses for the third quarters of 2015 and 2014 included $9.2 million and $3.9 million, respectively, in non-cash stock-based compensation expense. For the nine months ended September 30, 2015, ACADIA reported a net loss of $118.7 million, or $1.18 per common share, compared to a net loss of $64.1 million, or $0.66per common share, for the comparable period of 2014. Net losses for the nine-month periods endedSeptember 30, 2015 and 2014 included $31.3 million and $11.4 million, respectively, in non-cash, stock-based compensation expense. At September 30, 2015, ACADIA’s cash, cash equivalents and investment securities totaled $240.7 million, compared to $322.5 million at December 31, 2014.
“Our third quarter was highlighted by the September submission to the FDA of our New Drug Application for the use of NUPLAZID™ in the treatment of Parkinson’s disease psychosis, a condition for which there is noFDA-approved therapy,” said Steve Davis, ACADIA’s President and Chief Executive Officer. “We’re pleased by the FDA’s recent decision to grant Priority Review status to our NUPLAZID application, resulting in a projected accelerated timeline for review and an FDA goal of May 1, 2016 for taking action under the Prescription Drug User Fee Act, or PDUFA. We continue to advance our preparations for the planned commercial launch of NUPLAZID in the United States and to lay the foundation for additional development with pimavanserin in other areas of significant unmet medical need.”
Research and development expenses increased to $18.7 million for the third quarter of 2015, including $3.9 million in stock-based compensation expense, from $17.0 million for the comparable quarter of 2014, including $1.4 million in stock-based compensation expense. This increase was primarily due to an increase in personnel and related costs of $4.9 million associated with ACADIA’s expanded research and development organization, largely offset by pimavanserin manufacturing development costs incurred during the third quarter of 2014 that were not incurred during the third quarter of 2015.
General and administrative expenses increased to $20.3 million for the third quarter of 2015, including $5.3 million in stock-based compensation expense, from $8.1 million for the comparable quarter of 2014, including $2.5 million in stock-based compensation expense. This increase was due to increases in personnel and related costs of $7.0 million and increases in external services costs of $5.2 million, all largely related to ACADIA’s commercial preparations for the planned launch of NUPLAZID. (Original Source)
Shares of Acadia closed today at $41.54, down $0.75 or 1.77%. ACAD has a 1-year high of $51.99 and a 1-year low of $26.57. The stock’s 50-day moving average is $35.35 and its 200-day moving average is $39.57.
On the ratings front, Acadia has been the subject of a number of recent research reports. In a report issued on September 16, J.P. Morgan analyst Cory Kasimov initiated coverage with a Hold rating on ACAD and a price target of $75, which implies an upside of 78.3% from current levels. Separately, on September 3, Needham’s Alan Carr reiterated a Buy rating on the stock and has a price target of $49.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Cory Kasimov and Alan Carr have a total average return of 4.8% and 28.5% respectively. Kasimov has a success rate of 58.1% and is ranked #668 out of 3824 analysts, while Carr has a success rate of 65.2% and is ranked #10.
Overall, one research analyst has assigned a Hold rating and 6 research analysts have given a Buy rating to the stock. When considering if perhaps the stock is under or overvalued, the average price target is $55.50 which is 31.9% above where the stock opened today.
ACADIA Pharmaceuticals Inc is a biopharmaceutical company. It is engaged in the business of development and commercialization of small molecule drugs for the treatment of central nervous system disorders.