Needham upgraades Acadia Pharmaceuticals to Buy on positive survey data

As previously reported, Needham upgraded Acadia Pharmaceuticals to Buy from Hold with a $37 price target. The analyst is citing the firm’s positive physician Rett syndrome survey on growth expectations for Daybue as over 90% of physicians had a neutral or positive view on the treatment benefit, although they believe the benefit is modest. Given the lack of alternatives and significant unmet need however, the surveyed physicians anticipate continued ramp in adoption, with many patients choosing to stay on treatment despite minimal benefit at 4 months.