ACADIA Pharmaceuticals (NASDAQ: ACAD) stock soared 5% in the after-market trading hours as the biopharma firm reported better-than-expected Q2 results. The company also lifted its sales outlook, which surpassed estimates.
The company’s stock plunged 16% last week after the Phase 3 results failed to meet the primary endpoint in treating schizophrenia patients with persistent inadequate response. However, the company’s stock has surged 55% this year touching a new 52-week high mark of $28 in April.
Sales rose 46% to $83.2 million compared to $72 million expected by the street. Loss per share contracted to 38 cents, which came in better than 45 cent per share loss anticipated by the analysts. Strong sales of its lead candidate NUPLAZID aided in the strong performance in Q2.
For the full-year period, the company is projecting sales to come in the range of $320-330 million, which is revised upwards from the earlier outlook of $280-300 million. The street is anticipating full-year revenues of $293 million and loss per share of $1.9.
ACADIA focuses on fulfilling the unmet medical need for treating patients who are suffering from central nervous system (CNS) disorders. The company’s lead drug NUPLAZID (pimavanserin) was approved by the US FDA in 2016. NUPLAZID is used for the treatment of hallucinations and delusions associated with Parkinson’s disease psychosis. Currently, this brings the entire revenue to the firm.
ACADIA has started clinical trials for MDD in the third quarter and plans to start trials for trofinetide in Rett syndrome in the fourth quarter. The company expects top-line results for ADVANCE trials by the end of 2019 and results for the HARMONY trials are anticipated in the latter half of 2020 period.
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