CERE - Cerevel Therapeutics started at buy at BofA on neuropsychiatric pipeline

• BofA Securities has initiated Cerevel Therapeutics ( NASDAQ: CERE ) with a buy rating lauding its platform of novel receptor-selective therapeutic agents for neuropsychiatric indications.
• The firm has a $39 price target (~52% upside based on Thursday's close)
• Cerevel's ( CERE ) key assets are emraclidine for schizophrenia (phase 2), darigabat for focal epilepsy (phase 2), and tavapadon for Parkinson's disease (phase 3).
• Analyst Tazeen Ahmad noted the following upcoming catalysts for the candidates: phase 2 data for emraclidine in 1H 2024; phase 2 data in mid-2023 for darigabat; and phase 3 data for tavapadon in late-stage Parkinson's in 1H 2023 and early-stage in 2H 2023.
• Ahmad said that darigabat is a key value driver given the ~3M epilepsy patients in the US and about one-third of focal epilepsy patients experience drug resistance.
• Seeking Alpha's Quant Rating views Cerevel Therapeutics ( CERE ) as a strong sell.

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