When Acadia Pharmaceuticals Inc. (NASDAQ: ACAD) released its third-quarter earnings report after the markets closed on Monday, it said it had a net loss of $0.49 per share and $5.3 million in revenue. The consensus estimates from Thomson Reuters called for a net loss of $0.56 per share and revenue of $2.9 million. In the same period of last year, Acadia posted a net loss of $0.39 per share.
In October, the company announced the initiation of the SERENE study, a Phase 2 study with pimavanserin for patients with Alzheimer’s disease agitation.
Acadia announced the initiation of its Enhance-1, a Phase 3 study with pimavanserin for adjunctive treatment for patients with schizophrenia who are experiencing inadequate response to their current antipsychotic therapy.
During this quarter, the company also completed the enrollment of its Phase 2 study exploring the utility of pimavanserin for the treatment of Alzheimer’s disease psychosis. The top-line results from the study are expected by the end of 2016.
In a common stock offering that took place in August, Acadia raised roughly $216 million, which is being put toward developing its current pipeline.
On the books, Acadia cash, cash equivalents and investment securities totaled $588.86 million at the end of the quarter, up from $215.13 million at the end of 2015.
Steve Davis, Acadia’s president and chief executive, commented on the report:
We are very pleased with the launch and are gratified by the positive feedback we have received from physicians, patients, and caregivers on NUPLAZID (pimavanserin). We saw solid month-over-month prescription growth, reported increased payor coverage, and continued to expand awareness of NUPLAZID among movement disorder specialists, neurologists, and psychiatrists.
Shares of Acadia were trading up 15% at $26.45 on Tuesday. The consensus analyst price target is $42.80 and the 52-week trading range is $16.64 to $42.49.