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ADAD: ACADIA Pharmaceuticals: Primavanserin has potential to become a blockbuster - Ladenburg Thalmann (5.65 +3.35)
Tue Nov 27 2012 12:59:37 GMT-0500 (Eastern Standard Time) ET
Ladenburg Thalmann notes that ACAD reported positive top line results from the primavanserin Phase 3 study (Study 020) in Parkinson's Disease Psychosis (PDP). They believe the top-line data is, "as good as it gets for a central nervous system drug." They estimate primavanserin could become a $300 million drug in PDP and $200 million in off-label use with the possibility of becoming a greater than $800 million drug in the US if other indications are approved (primarily Alzheimer's Disease Psychosis). They maintain a Buy rating and set their price target at $8 but note that financing needs of the company could somewhat temper initial stock reaction to the results.