The JPMorgan investment bank initiated coverage of Acadia Pharmaceuticals (Nasdaq: ACAD) on Thursday with a target price of $33, far above its current price in the $19 range.
The recommendation helped push Acadia's price 1.9 percent in morning trading on Wall Street, hitting $19.21 by noon Eastern time after closing at $18.87 on Wednesday, while the rest of the Nasdaq market dropped by 1.5 percent.
JPMorgan's move comes nine days after Acadia released its first-quarter financials, showing earnings of 19 cents per share compared to the Wall Street consensus projection of 13 cents. JPMorgan rated the company as "overweight" -- essentially a "buy" recommendation.
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