ZGNX - Acadia downgraded on Nuplazid CRL Longboard initiated with a buy and more in today's analyst action

Following yesterday's announcement that the FDA issued a complete response letter for Nuplazid (pimavanserin) for a label extension, Mizuho analyst Vamil Divan has downgraded Acadia (ACAD) shares to neutral and lowered his price target to $25 from $37.He says the company is unlikely to win FDA approval in dementia-related psychosis without conducting an additional trial.However, Cantor analyst Charles Duncan is reiterating his overweight rating but reducing his price target to $33 from $45, noting the company is profitable on the Parkinson's disease psychosis indication alone.Longboard Pharmaceuticals (LBPH) has been initiated with a buy/overweight at both Citi and Cantor.Citi analyst Neena Bitritto-Garg has a $37 price target, while Cantor's price target is $32.Bitritto-Garg says the company's lead asset, LP352, may be a better version of Zogenix's (ZGNX) Fintepla (fenfluramine) for Dravet, Lennox-Gastaut, and other rare epileptic conditions.Cantor's Alethia Young is also bullish on LP352, saying it has blockbuster potential.Canaccord Genuity has

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Acadia downgraded on Nuplazid CRL, Longboard initiated with a buy, and more in today's analyst action