JMP reiterates Acadia at market outperform

Acadia Pharmaceuticals Inc. was reiterated at market outperform with an $18 price target and a 2006 earnings-per-share estimate of $1.17 by JMP Securities analyst Charles C. Duncan after the company released positive results from its phase 2 study of ACP-103 for treatment-induced psychosis in patients with Parkinson's disease. The study found that ACP-103 was safe and well tolerated - a key differentiating feature from current treatments for these symptoms - and showed statistically significant antipsychotic efficacy, the agency said. Shares of the San Diego-based biopharmaceutical company were down 77 cents, or 4.94%, at $14.81 on volume of 1,538,411 shares versus the three-month running average of 578,718 shares. (Nasdaq: ACAD)

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