Mizuho upgraded Acadia Pharmaceuticals (ACAD) to Outperform from Neutral with a price target of $35, up from $29. The firm believes remlifanserin, which is in a Phase 2 trial in Alzheimer’s disease psychosis, is underappreciated at current share levels. Investors are overly focused on Acadia’s 2019 disappointing Alzheimer’s disease psychosis results from pimavanserinb’s Phase 3 HARMONY trial, which was under-powered and used a suboptimal dose, the analyst tells investors in a research note. Mizuho believes remlifanserin is a more potent and safer second generation pimavanserin. It finds the stock undervalued at current levels.
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