Acadia Pharmaceuticals price target raised to $21 from $19.40 at Citi

Citi analyst Neena Bitritto-Garg raised the firm’s price target on Acadia Pharmaceuticals to $21 from $19.40 and keeps a Neutral rating on the shares. Key updates from the trofinetide approval call include an expected average net price of $375,000 per year, higher than the Street was expecting, the analyst tells investors in a research note. However, in the long-term, the firm continues to see persistence and compliance challenges. It thinks the shares are weak yesterday as the Street is starting to appreciate these challenges despite more favorable pricing than expected.