Acadia shares rise as analyst sees drug approval/ Jefferies Initiates $13 ON ACAD. LINKED
Acadia shares rise as analyst sees drug approval
Shares of Acadia Pharma jump on confidence a top drug candidate will be approved
Associated PressAssociated Press –
NEW YORK (AP) -- Shares of Acadia Pharmaceuticals Inc. rose Monday on investor optimism about the prospects for its drug candidate pimavanserin, which is designed to treat psychosis in patients with Parkinson's disease.
Jefferies analyst Thomas Wei backed his "Buy" rating and $13 price target for the stock, saying that overall feedback on new data from a study of pimavanserin has been positive. The analyst said Jefferies spoke with 28 neurologists about the drug at a recent conference.