Acadia and Neuren Ink Global Licensing Deal
Shares in Acadia Pharmaceuticals surged by almost 25% in the latest trading session, finishing at $32.18.*
Performance of ACADIA Pharmaceuticals Inc over 5 years. Source: investing.com
This big jump is thanks to an exciting announcement about a deal with Neuren Pharmaceuticals. As part of the deal, Acadia will now be able to sell the drug trofinetide outside of North America. Plus, Acadia has bagged exclusive rights to a drug in development by Neuren, known as NNZ-2591, for the treatment of Rett syndrome and Fragile X syndrome. In return, Neuren will get a $100 million payment upfront, along with the possibility of further payments based on future success. Even though Acadia is expected to report a slight loss of $0.22 per share in its upcoming report, experts are feeling optimistic. They've increased their earnings estimate for the company by 7.7% over the last month, hinting at a possible increase in the share price in the future. On the other hand, Tango Therapeutics, another company in the same industry, saw a slight dip in its share price. It closed at $3.43, which is a 0.6% decrease.*
Performance of Tango Therapeutics Inc over 5 years. Source: investing.com
The company's earnings estimate for the upcoming report hasn't changed over the past month and remains at a loss of $0.35 per share.
* Past performance is no guarantee of future results
