- The shares of ACADIA Pharmaceuticals (NASDAQ: ACAD) have received a decreased price target from $50 to $28. These are the details.
The shares of ACADIA Pharmaceuticals have received a decreased price target from $50 to $28. And Morgan Stanley analyst Jeffrey Hung maintained an “overweight” rating on the shares.
Hung decreased the price target after the company announced it received a complete response letter (CRL) for pimavanserin in dementia-related psychosis (DRP) from the FDA.
Hung pointed out that a CRL was largely expected after last month’s regulatory update. And Hung believes at least one additional pivotal study will be necessary for broader approval of pimavanserin in DRP.
After the CRL, Hung cut the odds of success for a DRP indication to 50% from 75%. And a potential launch was pushed into 2024.
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