Analysts Remain Bullish on Acadia Pharma Despite Drug Approval Delay

 | Mar 12, 2015 12:34PM ET


ACADIA Pharmaceuticals Inc (NASDAQ:ACAD) is making headlines with the sudden announcement of the CEO’s retirement and an application delay for the company’s leading drug. Acadia focuses on developing treatment for neurological and central nervous system disorders.

On March 11, CEO Uli Hacksell abruptly retired after 16 years with the company. He will also be retiring from his position on the board of directors. Acadia applauded Hacksell’s tenure in a press release, noting that Acadia “has grown from a small startup to a fast growing biopharmaceutical company with innovative drug candidates” under his leadership. CFO Steve David will take over immediately as the interim CEO.

Also on March 11, Acadia announced a delay in submitting the New Drug Application for Nuplazid. The application was scheduled for submission in the first quarter of 2015 but is being pushed back to the second half of 2015. Nuplazid is intended to treat Parkinson’s disease psychosis and is Acadia’s primary pipeline drug. The drug already reported successful results in a Phase III clinical trial. Acadia noted that the prudent delay is necessary to complete the application and emphasized that the “change in submission timing is not a result of any change to NUPLAZID’s clinical or safety profile, nor is it a result of any interaction with or request for information from the FDA.”

On March 12, analyst TipRanks is Strong Buy.


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