In a report released yesterday, Charles Duncan from Cantor Fitzgerald reiterated a Buy rating on ACADIA Pharmaceuticals Inc (ACAD), with a price target of $30. The company’s shares closed on Tuesday at $18.82.
Duncan observed:
“. We reiterate our Overweight rating and $30 price target on ACADIA. We recently hosted investors for a meeting with ACAD management on our Post ASH-Thrash Bus Tour. One focus of investor interest was the progress made by ACADIA on the NUPLAZID franchise since the removal of the safety concern overhang precipitated by what we view as an unfounded negative media article regarding the drug in PDP. Recall that in September 2018, the FDA announced that the label for NUPLAZID adequately characterized the known risks and that the agency still viewed benefits as outweighing risks for patients with PDP, especially in light of alternative off-label antipsych drugs.”
According to TipRanks.com, Duncan is a 1-star analyst with an average return of -0.9% and a 43.6% success rate. Duncan covers the Healthcare sector, focusing on stocks such as Biohaven Pharmaceutical Holding Co Ltd, KalVista Pharmaceuticals Inc, and Corcept Therapeutics Inc.
The word on The Street in general, suggests a Strong Buy analyst consensus rating for ACADIA Pharmaceuticals Inc with a $31.44 average price target.
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The company has a one-year high of $32.99 and a one-year low of $12.77. Currently, ACADIA Pharmaceuticals Inc has an average volume of 2.99M.
Based on the recent corporate insider activity of 9 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of ACAD in relation to earlier this year.
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ACADIA Pharmaceuticals, Inc. operates as a biopharmaceutical company focused on the development and commercialization of medicines to address unmet medical needs in central nervous system, or CNS, disorders. It operates through development and commercialization of innovative medicines segment.
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