Acadia gains as Cannacord Genuity upgrades to 'buy'

Johnan Academic Preparatory Institute

16/03/2022 11:44

** Acadia's shares  ACAD.O  rise 2.4% to $23.60 premarket
after Cannacord Genuity upgrades to "buy" from "hold" ahead of
the FDA's plan to hold advisory committee before Aug. 4 action
date on co's antipsychosis drug 
    ** The advisory committee is expected to discuss expanding
the use of Nuplazid, to treat hallucinations and delusions
associated with Alzheimer's disease psychosis (ADP) 
    ** Nuplazid is currently approved in U.S. for treating
hallucinations and delusions related to Parkinson's disease
psychosis (PDP) 
    ** Cannacord says the current stock value does not include
catalysts, such as the upcoming mid-stage data from arthritis
drug ACP-044, late-stage data from Nuplazid in negative symptoms
of schizophrenia expected in 2023 
    ** Brokerage raises PT on stock from $30 to $31, to include
ACAD's 2022 PDP-related sales outlook for Nuplazid of $510
mln-$560 mln; median PT is $31
    ** Brokerage sees ADP-related peak sales of $2.2 bln for
Nuplazid by 2029
    ** Nine out of 21 brokerages rate the stock "buy" or higher,
the remaining rate it "hold"
    ** Up to Tuesday's close, ACAD down 1.2% YTD 
    
    

 (Reporting by Bhanvi Satija in Bengaluru)
 ((Bhanvi.Satija@thomsonreuters.com; Outside U.S. +91
9873062788;))