Cantor Fitzgerald analyst Charles Duncan maintained a Buy rating on ACADIA Pharmaceuticals Inc (NASDAQ: ACAD) today and set a price target of $25. The company’s shares closed yesterday at $20.79.
Duncan observed:
“We are Overweight on ACAD with a 12-month PT of $25 based on NUPLAZID/pimavanserin in PDP/other neuropsych indications. Our contrarian view is based on long-standing & recently updated pima’ diligence, leading us to dismiss issues raised in the media that have challenged, albeit we believe temporarily, NUPLAZID sales & ACAD shares. Why? NUPLAZID remains the only agent approved for PDP against a class of atypical antipsych drugs used off- label with known safety challenges. We believe the FDA continues to see clinical benefit that outweighs risk, thus recently approving a new dosage form and making a public statement. In our view, new patient/revs growth should resume as an awareness campaign gains traction yet in ‘18.”
According to TipRanks.com, Duncan is a 3-star analyst with an average return of 3.6% and a 49.3% success rate. Duncan covers the Healthcare sector, focusing on stocks such as Biohaven Pharmaceutical Holding Co Ltd, KalVista Pharmaceuticals Inc, and Corcept Therapeutics Inc.
Currently, the analyst consensus on ACADIA Pharmaceuticals Inc is a Strong Buy with an average price target of $28.83, a 38.7% upside from current levels. In a report issued on September 20, JMP Securities also reiterated a Buy rating on the stock with a $27 price target.
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Based on ACADIA Pharmaceuticals Inc’s latest earnings release for the quarter ending June 30, the company reported a quarterly GAAP net loss of $63.27 million. In comparison, last year the company had a GAAP net loss of $65.25 million.
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.
