J.P. Morgan analyst Cory Kasimov is out with a research note on shares of ACADIA Pharmaceuticals (NASDAQ:ACAD), after the drug maker announced FDA approval of a new capsule dose formulation and a new tablet strength of NUPLAZID (pimavanserin) to help in the treatment of patients living with hallucinations and delusions associated with Parkinson’s disease psychosis. ACAD expects to launch these new formulations in mid-August.
Kasimov wrote, “While we see these approvals as not entirely unexpected and incremental to the overall commercial trajectory, we do believe this somewhat (but not completely) de-risks the FDA review. On that, we note that ACAD has yet to be notified of review completion. With that said, we do expect focus in the near term to remain on Nuplazid safety as well as the commercial impact, if any, to the ongoing launch in PDP.”
Net net, Kasimov reiterates an Overweight rating on ACADIA shares, with a price target of $50, which represents a potential upside of 215% from where the stock is currently trading.
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Cory Kasimov has a yearly average return of 2% and a 37.5% success rate. Kasimov has a -7.8% average return when recommending ACAD, and is ranked #1967 out of 4827 analysts.
If we turn to the Street in general, we can see that the stock has a Buy analyst consensus rating. In the last 12 months, ACAD has received 6 buy and 1 hold ratings. These analysts have an average price target on the stock of $52.83, which suggests an upside potential of 233% from current levels.
ACADIA is a biopharmaceutical company focused on the development and commercialization of innovative medicines to address unmet medical needs in central nervous system disorders. ACADIA has developed and is commercializing the first and only medicine approved for the treatment of hallucinations and delusions associated with Parkinson’s disease psychosis.