Needham Reiterates Buy Rating on ACADIA Pharmaceuticals Following 4Q14 Update
In a research report issued today, Needham analyst Alan Carr reiterated a Buy rating on ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD) with a $40 price target, after the company reported fourth-quarter financial results and held a conference call last night to provide a corporate update.
Carr noted, “Acadia ended 2014 with $322.5M in cash, down from $337.8M in 3Q14. We believe the company has sufficient financial resources through at least 2H16.” Furthermore, “Timelines for the Nuplazid NDA submission in Parkinson’s Disease Psychosis (PDP) are unchanged (1Q15). We believe a priority review is likely given Breakthrough Designation and we assume approval in the U.S. in 4Q15. Acadia plans to submit an MAA for Nuplazid in PDP approximately 6-9 months after the NDA is submitted. Mgmt expects to complete enrollment of the Phase 2 Nuplazid trial in Alzheimer’s Disease Psychosis (ADP) by YE15, with results available by around mid-2016.”
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 43.1% and a 75.0% success rate. Carr has a 91.4% average return when recommending ACAD, and is ranked #6 out of 3483 analysts.