Cerevel falls after J.P. Morgan downgrades to 'neutral'

Cerevel Therapeutics Holdings

17/03/2023 14:26

(Updates)
    ** Shares of Cerevel Therapeutics Holdings Inc  CERE.O  down
4.5% at $23.24
    ** J.P. Morgan downgrades Cerevel to "neutral" from
"overweight", and cuts PT on the stock to $29 from $40    
    ** Brokerage sees 2023 as "an execution year that is
relatively quiet in terms of anticipated stock-moving catalysts"
for the co; says "meaningful" data updates not expected until
next year
    ** Adds it expects co's mid-stage trials for experimental
schizophrenia therapy to be successful although the trials could
show "some erosion" on efficacy 
    ** Seven of 12 brokerages rate the stock "buy" or higher, 5
"hold"; their median PT is $38 - Refinitiv data
    ** Cerevel shares have lost ~26% so far this year

 (Reporting by Raghav Mahobe)
 ((Raghav.Mahobe@thomsonreuters.com;))