Stifel analyst Paul Matteis upgraded Acadia Pharmaceuticals (ACAD) to a Buy from a Hold today and raised his target price to $71 from $41. (Shares closed at $57 today, up 6.17%)
The upgrade from Matteis was especially powerful since he has been skeptical on the stock and the potential for its primavanserin to win approval for dementia-related psychosis. He wrote in this upgrade that primavanserin is “too good to overlook” and the safety argument for prescribing pimavanserin in the DRP population is also “very strong”.
The upgrade from Stifel also continues the momentum from analysts with upgrades from Oppenheimer on May 27, from Jefferies on June 23, and from Citigroup on June 24.
Acadia Pharmaceuticals is a member of my 12-18 month Jubak Picks Portfolio. The shares have gained 21.51% since I added them to the portfolio on June 3.