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Biotech / Medical : ACADIA Pharmaceuticals Inc (ACAD)

ACAD 25.04

+0.9%

Nov 28 9:30 AM EST

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From: sim1	7/10/2007 9:23:07 AM
	of 588

Ahead of the Bell: Acadia Tuesday July 10, 8:47 am ET Acadia Pharmaceuticals Rated "Outperform" As Analyst Predicts Success for Schizophrenia Drug NEW YORK (AP) -- A Friedman Billings Ramsey analyst initiated coverage of biopharmaceutical company Acadia Pharmaceuticals Inc. with an "Outperform" rating Tuesday, predicting the stock will rise as Acadia develops its lead drug candidate, pimavanserin. David Amsellem set a price target of $21 for the San Diego-based company, implying Acadia's stock price will rise 56.1 percent over the next year. Shares closed at $13.45 Monday. Amsellem said the company has a good chance of finding a partner to help develop pimavanserin, and thinks the drug could be worth close to $1 billion in sales. He sees schizophrenia as the most promising market for the drug. "With pimavanserin already showing encouraging data in two indications, and with current antipsychotics limited by uneven efficacy and troublesome side effects, we believe that there is a strong appetite among Big Pharma to develop new treatments," he said. Shares nearly doubled in March when Acadia revealed mid-stage trial results showing pimavanserin was effective in treating schizophrenia. The company began a late-stage trial of pimavanserin in Parkinson's disease psychosis last month, and is also developing the drug for insomnia. Amsellem believes another Acadia drug candidate, ACP-104, also has promise as a schizophrenia treatment. Questions or comments about this story should be directed to the Financial News desk of The Associated Press at (212) 621-7190.

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