H.C. Wainwright Maintains Buy on ACADIA Pharmaceuticals Inc. Following Meeting with Management
In a research report issued yesterday, H.C. Wainwright analyst Andrew Fein maintained a Buy rating on ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD) with a $50 price target, after having a meeting with management last week.
Fein noted, “The main near-term uncertainty for Acadia and key contributor to its stock price instability over the last 6 months has undoubtedly been the question of their ability to execute NDA filing due to deficiencies in the company’s manufacturing and supply chain. However, following a meeting with management last week we remain confident that the company has diagnosed and implemented processes (including mock inspections) to ensure that the quality systems for commercial scale production of the API are in place (we maintain our view that the delay in NDA filing is solely due to CMC and not a question of efficacy or safety, which is now supported by additional long term efficacy data).”
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Andrew Fein has a total average return of 23.4% and a 63.8% success rate. Fein has a 15.5% average return when recommending ACAD, and is ranked #130 out of 3688 analysts.
All the 8 analysts polled by TipRanks rate Acadia stock a Buy. With a return potential of 4.7%, the stock’s consensus target price stands at $43.25.