Zacks Investment Research downgraded shares of Acadia Pharmaceuticals, Inc. (ACAD) from OUTPERFORM to NEUTRAL on February 28, 2014, with a target price of $30.00.
At its fourth quarter earnings conference call, Acadia Pharmaceuticals (ACAD) provided an update on its clinical and regulatory programs. These include the ongoing stability testing of the three registration batches of pimavanserin produced in the third quarter of 2013, the ongoing drug-drug interaction studies, the ongoing accumulation of data from the -015 extension study, and the Phase 2 Alzheimer's Disease Psychosis (ADP) trial. Importantly, management indicated that they remain on track for a planned NDA submission near the end of 2014. While we are still quite bullish on the pimavanserin story for PDP, we have downgraded the stock to Neutral, since we believe at close to $30 it is fully valued. However, we would look at any pull-back in the share price as a buying opportunity.
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