JMP reiterates Acadia at market outperform

Acadia Pharmaceuticals Inc. was reiterated by JMP Research analyst Charles C. Duncan at a market outperform rating and a $15 price target after results from the company's phase 2 ACP-103 study in schizophrenia were encouraging. JMP said it believes the statistical trends observed in the study bode well for a larger phase 3 trial. JMP said it anticipates that heightened investor attention to the ACP-103 development program will drive ACAD share price appreciation. Shares of the San Diego biopharmaceutical company were down 43 cents, or 4.18%, at $9.86 on volume of 102,363 shares versus the three-month running average of 76,846.9 shares.

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