Acadia Pharmaceuticals (ACAD) PT Raised to $49 at Needham & Company Ahead of NDA Submission

Needham & Company analyst Alan Carr reiterated a Buy rating and boosted his price target on Acadia Pharmaceuticals (NASDAQ: ACAD) to $49.00 (from $38.00) following Q2 results and ahead of NDA submission.

Carr commented, "Acadia hosted a quarterly conference call last night. Mgmt guided for Nuplazid NDA submission in Parkinson's Disease Psychosis (PDP) in 2H15 (unch). We assume a priority review and approval mid-2016. As a reminder, the drug was designated a Breakthrough therapy by the FDA. Given a differentiated safety/tolerability profile relative to other antipsychotics, we believe the drug may be well-suited for a range of psychosis indications beyond PDP. We reiterate BUY and are raising our target to $49 (was $38; 25x 2020 EPS estimate discounted 15% annually) in anticipation of NDA submission and near-term regulatory approval."

For an analyst ratings summary and ratings history on Acadia Pharmaceuticals click here. For more ratings news on Acadia Pharmaceuticals click here.

Shares of Acadia Pharmaceuticals closed at $45.15 yesterday.

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