Ritu Baral, an analyst from TD Cowen, maintained the Buy rating on ACADIA Pharmaceuticals (ACAD – Research Report). The associated price target remains the same with $35.00.
Ritu Baral has given her Buy rating due to a combination of factors that suggest positive future prospects for ACADIA Pharmaceuticals. Despite a slight miss in Daybue’s first-quarter sales compared to expectations, the company has completed its sales force expansion, which is expected to drive further growth by targeting non-Center of Excellence (non-COE) institutions. This strategic move is anticipated to increase patient starts and enhance sales performance.
Additionally, ACADIA’s pipeline developments, including the initiation of a Phase 2 trial for ‘204 in Lewy Body Dementia (LBD) and the expected topline data for Phase 3 Prader-Willi Syndrome (PWS) ‘101 and Phase 2 Autism Spectrum Disorder (ADP) ‘204 in the coming quarters, contribute to the positive outlook. The company’s financial guidance for the fiscal year remains strong, with reiterated sales targets for both Daybue and Nuplazid, and a robust cash position to support ongoing research and development efforts.
In another report released today, Needham also maintained a Buy rating on the stock with a $27.00 price target.
Based on the recent corporate insider activity of 29 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.