ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD), a biopharmaceutical company focused on the development and commercialization of innovative medicines that address unmet medical needs in neurological and related central nervous system disorders, today announced its unaudited financial results for the second quarter ended June 30, 2015.
ACADIA reported a net loss of $39.4 million, or $0.39 per common share, for the second quarter of 2015 compared to a net loss of $21.5 million, or $0.22 per common share, for the second quarter of 2014. Net losses for the second quarters of 2015 and 2014 included $7.5 million and $4.3 million, respectively, in non-cash stock-based compensation expense. For the six months ended June 30, 2015, ACADIA reported a net loss of $79.8 million, or $0.80 per common share, compared to a net loss of $39.3 million, or $0.41 per common share, for the comparable period of 2014. Net losses for the six-month periods ended June 30, 2015 and 2014 included $22.0 million and $7.5 million, respectively, in non-cash, stock-based compensation expense. At June 30, 2015, ACADIA’s cash, cash equivalents and investment securities totaled $270.8 million, compared to $322.5 million at December 31, 2014.
“We remain on track to submit our NUPLAZID™ New Drug Application for Parkinson’s disease psychosis to the U.S. Food and Drug Administration in the second half of 2015,” said Steve Davis, ACADIA’s Interim Chief Executive Officer. “I am pleased with the significant progress that we have made in advancing the preparation of manufacturing quality systems to support commercial manufacturing and supply. In addition, we continue to build out our infrastructure to support the planned commercial launch of NUPLAZID in the United States. We’re bringing highly accomplished industry veterans into the organization with recent senior level appointments in manufacturing, quality, compliance, strategy, business development, and access and reimbursement.”
“We also have had a strong presence at medical meetings during the first half of the year and recently presented integrated data from NUPLAZID’s Phase III program at the International Congress of Parkinson’s Disease and Movement Disorders. The data underscore the potential of NUPLAZID to improve the lives of patients with Parkinson’s disease psychosis, a condition for which there is no approved therapy in the United States.”
Research and development expenses increased to $18.4 million for the second quarter of 2015, including$2.8 million in stock-based compensation expense, from $13.8 million for the comparable quarter of 2014, including $1.1 million in stock-based compensation expense. This increase was primarily due to an increase of $4.1 million in personnel and related costs and stock-based compensation expense associated with ACADIA’s expanded research and development organization.
General and administrative expenses increased to $21.1 million for the second quarter of 2015, including$4.7 million in stock-based compensation expense, from $8.0 million for the comparable quarter of 2014, including $3.2 million in stock-based compensation expense. This increase was due to increases in personnel and related costs of $7.9 million and increases in external services costs of $5.2 million, all largely related to ACADIA’s commercial preparations for the planned launch of NUPLAZID. (Original Source)
Shares of Acadia closed today at $45.15, down $2.45 or 5.15%. ACAD has a 1-year high of $51.99 and a 1-year low of $19.90. The stock’s 50-day moving average is $45.32 and its 200-day moving average is $38.73.
On the ratings front, Acadia has been the subject of a number of recent research reports. In a report issued on July 1, H.C. Wainwright analyst Andrew Fein maintained a Buy rating on ACAD, with a price target of $50, which represents a slight upside potential from current levels. Separately, on May 8, Needham’s Alan Carr maintained a Buy rating on the stock and has a price target of $38.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Andrew Fein and Alan Carr have a total average return of 25.9% and 42.8% respectively. Fein has a success rate of 61.6% and is ranked #113 out of 3727 analysts, while Carr has a success rate of 76.3% and is ranked #3.
Overall, 6 research analysts have given a Buy rating to the stock. When considering if perhaps the stock is under or overvalued, the average price target is $43.80 which is -8.6% under where the stock opened today.
ACADIA Pharmaceuticals Inc is a biopharmaceutical company. It is engaged in the business of development and commercialization of small molecule drugs for the treatment of central nervous system disorders.