Berenberg resumes Cerevel with Hold with data readouts postponed

Berenberg resumed coverage of Cerevel Therapeutics with a Hold rating and $22 price target. Cerevel is a clinical-stage biotech company focused on developing drugs to treat neuropsychiatric diseases including Parkinson’s disease, schizophrenia and panic disorder, the analyst tells investors in a research note. The company’s pipeline is diverse, but late-stage data readouts have been postponed and are at least one year away, the firm contends. In addition, several of the company’s target therapeutic areas are considered difficult to treat while others are competing with cheaper treatment options already on the market.