Leerink analyst Paul Matteis says he's bullish on ACADIA Pharmaceuticals (ACAD) into the FDA panel meeting on March 29 following his "deep dive" into pimavanserin in Parkinson's Disease Psychosis. The analyst points out that AstraZeneca's (AZN) Seroquel is widely prescribed in Parkinson's Disease Psychosis, despite a lack of efficacy data, motor side effects and a black box warning against elevated mortality risk in the elderly. The totality of pimavanserin's efficacy/safety data looks supportive of approval despite only one positive study, Matteis tells investors. He reiterates an Outperform rating on ACADIA with a $40 price target. ACADIA closed yesterday up $1.89 to $19.15.

Consensus $4.56. Backs FY24 revenue view up low double-digit to low teens percentage, consensus $50.95B. Sees FY24 core tax rate 18%-22%.

Bearish flow noted in AstraZeneca with 3,362 puts trading, or 1.7x expected. Most active are 4/26 weekly 70 puts and May-24 70 calls, with total volume in those strikes near 3,600 contracts. The Put/Call Ratio is 1.72, while ATM IV is up nearly 2 points on the day. Earnings are expected on April 25th.