Acadia Pharmaceuticals price target lowered to $25 from $29 at JPMorgan

JPMorgan analyst Tessa Romero lowered the firm’s price target on Acadia Pharmaceuticals to $25 from $29 and keeps an Overweight rating on the shares. The firm conducted a survey of 25 U.S. physicians who treat patients with Rett syndrome to better understand their clinical experience to date with Daybue since its approval in March 2023 and how they expect to continue to use the product. The analyst sees the survey validating fiscal 2024 and 2025 market forecasts with existing prescribers in the sample indicating they expect a healthy amount of additional adoption over the next 12-24 months, with nearly 50% predicted to stay on the drug over two years. JPMorgan sees the potential for Acadia shares to start to recover as the market becomes more comfortable with the outlook for Daybue.