Acadia Pharmaceuticals initiated with a Buy at UBS

UBS initiated coverage of Acadia Pharmaceuticals with a Buy rating and $33 price target. The firm’s bullish thesis is based on launch acceleration for Daybue and potential indication expansion for Nuplazid, both in debilitating diseases where no other drug works, the analyst tells investors in a research note. The firm estimates Daybue can generate peak sales of $900M and models a 43% CAGR for 4-year forward sales growth.