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12:00 AM
 | 
Aug 11, 2008
 |  BioCentury  |  Analyst Picks & Changes

Analyst picks & changes

Analyst picks & changes

Company Bank Analyst Coverage Opinion Wk chg 8/8 cls
Acadia (NASDAQ:ACAD) Fortis Patrick Moriarty Price target Buy 0% $2.97
Jefferies Eun Yang Price target Hold
JMP Securities Charles Duncan Downgrade Market perform (from market outperform)
Piper Jaffray Edward Tenthoff Downgrade Neutral (from buy)
Moriarty lowered his target to $6 from $15 after the company announced earnings and said it would reduce headcount by 50% as well as take on a $60M committed equity financing from Kingsbridge (see B7). The company will focus on pimavanserin (ACP-103), which is in Phase III testing to treat Parkinson’s disease psychosis (PDP). Moriarty expects top-line results for a Phase III trial of the small molecule serotonin (5-HT2A) receptor inverse agonist in 3Q09. In its earnings, Acadia reported a greater loss per share than expected by the Street.
Yang lowered her target to $2 from $4 on lack of catalysts and the expectation that a pimavanserin partnership in PDP will not materialize until after Phase III data in 3Q09....

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