ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD) announced the initiation of SERENE, a Phase II study with pimavanserin for the treatment of agitation in patients with Alzheimer’s disease (AD Agitation). There is currently no drug approved by the FDA for the treatment of AD Agitation. Pimavanserin is a selective serotonin inverse agonist (SSIA) preferentially targeting 5-HT2A receptors, with a distinct mechanism of action compared to other currently available medicines used off-label to treat AD Agitation.
“AD Agitation is a common condition and a major cause of distress for Alzheimer’s patients, their families and caregivers,” said Serge Stankovic, M.D., M.S.P.H., ACADIA’s Executive Vice President, Head of Research and Development. “It also is associated with more rapid decline and earlier institutionalization of patients with AD Agitation. With no FDA-approved therapy for AD Agitation, there is a large, unmet need for a new treatment option for patients.” (Original Source)
Shares of ACADIA Pharmaceuticals closed last Friday at $22.57, up $0.01 or 0.04%. ACAD has a 1-year high of $43.30 and a 1-year low of $16.64. The stock’s 50-day moving average is $30.50 and its 200-day moving average is $33.13.
On the ratings front, ACADIA Pharmaceuticals has been the subject of a number of recent research reports. In a report issued on October 24, Needham analyst Alan Carr reiterated a Buy rating on ACAD, with a price target of $49, which implies an upside of 117% from current levels. Separately, on October 19, Roth Capital’s Michael Higgins initiated coverage with a Hold rating on the stock and has a price target of $25.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Alan Carr and Michael Higgins have a yearly average return of 5.1% and a loss of 14.0% respectively. Carr has a success rate of 40% and is ranked #534 out of 4178 analysts, while Higgins has a success rate of 30% and is ranked #3932.
Overall, 3 research analysts have assigned a Hold rating and 7 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 $45.50 which is 101.6% above where the stock closed last Friday.
ACADIA Pharmaceuticals, Inc. engages in the research, development, and manufacture of pharmaceutical products. It caters to patients with central nervous system disorders such as Parkinson’s disease, Alzheimer’s disease, Schizophrenia, chronic pain, and Glaucoma. Its portfolio consists of Nuplazid, Pimavanserin, Adrenergic, and Muscarinic.