Zacks Investment Research upgraded shares of Acadia Pharmaceuticals, Inc. (ACAD) from NEUTRAL to OUTPERFORM on April 12, 2013, with a target price of $12.00.
This morning, Acadia Pharmaceuticals announced very positive news with respect to the timeline for filing the U.S. New Drug Application (NDA) for pimavanserin for the treatment of Parkinson's disease psychosis (PDP). According to management, the FDA is amenable to accepting and reviewing the NDA for pimavanserin based on the full data from -020 and data from previous and yet to be completed supportive studies. This means the company can skip the confirmatory phase III -021 study, saving as much as a year and a half and $15 million in expense. We believe the accelerated timeline for PDP bodes well for ADP as well, as management can now shift resources to moving forward in the much larger ADP indication. We see $12 as fair-value.
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