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JPMorgan recommends Acadia

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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Acadia Pharmaceuticals Inc.

Company Website

3911 Sorrento Valley Blvd.
San Diego, CA 92121

Acadia Pharmaceuticals Inc. Executive(s):

Uli Hacksell

  • Chief Executive Officer, President

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NAICS - 541711 - Research and Development in Biotechnology