In a report released today, 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 yesterday at $23.66.
Duncan said:
“. We reiterate our Overweight rating and PT of $30 per share on ACAD. On Wednesday, AMC, ACADIA reported 1Q19 revenues of $63M, just shy of our $64.8M estimate, but above FactSet consensus of $60.9M. The company ended 1Q19 with $414.3M in cash, and we model current cash and projected NUPLAZID revenues to fund ACADIA through several potential value inflection points, including top-line data from the P3 ENHANCE study (schizophrenia inadequate response, mid-2019) and the P2 ADVANCE study (neg symptoms of schizophrenia, mid-2019), as well as the P3 HARMONY study (DRP, 2020).”
According to TipRanks.com, Duncan is a 4-star analyst with an average return of 6.8% and a 49.8% success rate. Duncan covers the Healthcare sector, focusing on stocks such as Biohaven Pharmaceutical Holding Co Ltd, Crinetics Pharmaceuticals Inc, and KalVista Pharmaceuticals Inc.
ACADIA Pharmaceuticals Inc has an analyst consensus of Strong Buy, with a price target consensus of $40.60.
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Based on ACADIA Pharmaceuticals Inc’s latest earnings release for the quarter ending December 31, the company reported a quarterly GAAP net loss of $65.49 million. In comparison, last year the company had a GAAP net loss of $54.3 million.
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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.
