Market Overview

UPDATE: MLV & Co. Downgrades ACADIA Pharmaceuticals on Valuation

Related ACAD
Biotechs Presenting At The J.P. Morgan Healthcare Conference: Day 2
Benzinga's Top Initiations
Qiagen (QGEN) Disappoints with Q4 Earnings, Revenue Miss - Analyst Blog (Zacks)

In a report published Wednesday, MLV & Co. analyst George B. Zavoico downgraded ACADIA Pharmaceuticals (NASDAQ: ACAD) from Buy to Hold, but raised the price target from $18.00 to $20.00.

In the report, MLV & Co. noted, “2Q:13 was a transformational quarter for Acadia. On April 11, the FDA agreed that results of multiple clinical trials of pimavanserin for the treatment of Parkinson's disease psychosis (PDP) were sufficient to support a NDA filing without a confirmatory Phase III trial. On this news Acadia successfully raised $107.9 million in net proceeds from a public equity offering in May without warrants or a discount, providing another catalyst for Acadia's share price. With a stronger balance sheet and an increase in pre-commercialization activities that we think will ensure a more successful product launch and more rapid market penetration, we are raising our 12-month price target from $18 to $20. However, we are also lowering our recommendation from a BUY to HOLD as we believe Acadia has reached its fair value at this time.”

ACADIA Pharmaceuticals closed on Tuesday at $20.68.

Latest Ratings for ACAD

Jan 2015JefferiesMaintainsBuy
Nov 2014Cowen & CompanyInitiates Coverage onOutperform
May 2014JP MorganInitiates Coverage onOverweight

View More Analyst Ratings for ACAD
View the Latest Analyst Ratings

Posted-In: George B. Zavoico MLV & Co.Analyst Color Downgrades Analyst Ratings


Related Articles (ACAD)

Around the Web, We're Loving...

Get Benzinga's Newsletters