UPDATE: Jefferies Initiates ACADIA Pharmaceuticals at Buy on Pimavanserin Optimism

Jefferies initiated coverage on ACADIA Pharmaceuticals

with a Buy rating and a $13.00 price target. Jefferies analyst Thomas Wei noted, "Acadia Pharmaceuticals is developing its lead drug pimavanserin for Parkinson's disease psychosis (PDP), an indication that has no FDA-approved treatment. Having recently reported positive Phase 3 data, we believe ACAD will be able to replicate the favorable efficacy data in a confirmatory pivotal trial in 2H14 and launch pimavanserin in 2016. We see pimavanserin as a highly attractive licensing/acquisition target for pharma companies." ACADIA Pharmaceuticals closed at $6.26 on Monday.