JP Morgan downgrades Cerevel to 'neutral' citing few near-term catalysts

Cerevel Therapeutics Holdings

17/03/2023 11:17

** J.P. Morgan downgrades Cerevel Therapeutics Holdings Inc
 CERE.O  to "neutral" from "overweight" 
    ** 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
    ** Also cuts PT on the stock to $29 from $40   
    ** Adds that co's mid-stage trials on experimental
schizophrenia therapy could show "some erosion" on efficacy, but
it expects success 
    ** 7 of 12 brokerages rate the stock "buy" or higher, 5
"hold"; their median PT is $38
    ** Cerevel shares have lost ~19% in the past six months 

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