Tazeen Ahmad, an analyst from Bank of America Securities, reiterated the Hold rating on ACADIA Pharmaceuticals. The associated price target remains the same with $27.00.
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Tazeen Ahmad has given his Hold rating due to a combination of factors influencing ACADIA Pharmaceuticals’ current performance and future prospects. The company reported steady growth in Daybue sales for the third quarter, but the increase in unique patients was lower compared to the previous quarter. Management remains optimistic about future growth, citing an expansion in their salesforce as a positive influence, yet clarity on the trajectory of Daybue’s launch is still needed.
Additionally, ACADIA is expanding its Nuplazid salesforce to support growth, which is expected to increase market penetration. While this expansion is seen as a strategic move, the current estimates already account for moderate growth, and further insights into the return on investment are necessary. The company is also refocusing its pipeline spend following a recent setback in Prader-Willi syndrome, with attention on upcoming data for ACP-204 in Alzheimer’s disease psychosis. These factors contribute to the Hold rating, reflecting a balanced view of potential growth and existing uncertainties.
Based on the recent corporate insider activity of 26 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of ACAD in relation to earlier this year.