ACADIA Pharmaceuticals Inc (ACAD) Message Board

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Biotech / Medical : ACADIA Pharmaceuticals Inc (ACAD)

ACAD 25.88

+1.7%

3:59 PM EST

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next

From: mopgcw	6/14/2005 3:32:04 AM
	Read Replies (1) of 588

Piper a little dated March 4, 2005 * ACADIA announced in-line 4Q:04 results with revenues of $1.1 million or $4.6 million for the year. We look for revenues to grow slightly to $5 million in 2005. * Operating expenses in 4Q:04 of $8.5 million were in-line with our forecast. R&D and SG&A expenses were $6.3 million and $1.8 million respectively. We are maintaining our 2005 estimates for R&D expenses of $30 million and SG&A of $6 million. * Net losses of $7.3 million or ($0.44) per share were in line with forecasted $7.4 million or ($0.44) per share. We forecast 2005 net losses of $31.7 million or ($1.73) per share. * ACADIA retains a pro forma cash balance of $45.9 million, including the recent equity investment by Sepracor, who will invest an additional $10 million in January 2006. We estimate this should be sufficient to fund operations into 2006. * With three Phase II CNS programs, we view ACAD as significantly undervalued. We expect 2005 to be a breakout year for the company driven by clinical data from ACADIA's proprietary drugs and additional IND filings. * We look for the Phase II trial data on ACP-103 in Parkinson's disease on the first 30 patients in mid-'05 and complete data by early '06. This program could advance into Phase III trials this year. ACADIA reported that it is performing an extended study of patients who have completed the Phase II trial to determine the safety of long-term administration of ACP-103 in Parkinson's patients. * ACADIA is evaluating tolerability and efficacy of ACP-103 as adjunctive therapy to haloperidol for the treatment of Schizophrenia in Phase II studies with data likely available in 2H:05. ACADIA is preparing to launch a second Phase II study in 2Q:05 to examine the ability of ACP-103 to act as an adjunctive therapy with risperidone in patients with schizophrenia. * Lastly, we look for Phase II ACP-104 data to establish safety and PK in Schizophrenia with the potential for initial efficacy signals of improved cognitive benefit sometime in 2H:05. Price: $7.53 Rating -- Outperform 52 Week High: $8.40 52 Week Low: $4.95 Price Tgt -- $11.00 Proj Mkt Cap of $200MM based on comp group avg Shares Out (mil): 18.0 Market Cap. (mil): $135.5 Avg Daily Vol (000): 20 Book Value/Share: $2.26 Cash Per Share: $2.55 Est LT EPS Growth: NM P/E to LT EPS Growth (FY06): NA Est Next Rep Date: 05/26/2005 Fiscal Year End: Dec INVESTMENT RECOMMENDATION: We are maintaining our Outperform rating and price target of $11 per share. We project ACADIA's enterprise value should increase to $180 million based on its clinical pipeline, supporting a market cap of $200 million. RISKS TO ACHIEVEMENT OF TARGET PRICE: Among the risks associated with shares of ACAD are those typical with all drug discovery companies including developmental, clinical, and regulatory risks, particularly in CNS. ACP-103 and ACP-104 could fail in clinical trials. ACADIA may not enter into new collaborations or achieve milestones in existing alliances. The company will require additional funding. ACADIA could face future unforeseen litigation that could adversely impact business. COMPANY DESCRIPTION: ACADIA Pharmaceuticals is a biopharmaceutical company located in San Diego developing novel small-molecule drugs to treat CNS disorders. The company's lead drug is ACP-103 in Phase II trials for Parkinson's disease. ACADIA should also commence Phase II trials of ACP-103 and ACP-104 for schizophrenia soon. Partner Allergan should advance two pain drugs into the clinic this year.

Report TOU Violation

Share This Post

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next