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Fly News Breaks for April 26, 2018
ACAD
Apr 26, 2018 | 09:59 EDT
JPMorgan analyst Cory Kasimov continues to see a low, "but not zero," risk of Acadia Pharmaceuticals' Nuplazid being pulled from the market. Yesterday's CNN report is "mostly noise" and "nothing new," Kasimov told investors last night in a research note. The analyst, however, says he can appreciate the impact of the FDA Commissioner indicating he would "take another look" at the drug's safety profile. Kasimov predicates his views on the formal FDA review and the agency's initial statement that Nuplazid's safety profile is consistent with the label, as well as additional commentary he received yesterday from management. The analyst views yesterday's pullback in shares of Acadia as "fundamentally unjustified based on current information." He kept an Overweight rating on the stock. Shares of Acadia are up 5% to $15.95 in early trading.