Wells Fargo believes Acadia Pharmaceuticals’ (ACAD) Phase 3 failure removes a near-term competitor to Soleno Therapeutics’ (SLNO) VYKAT XR. Wells thinks Soleno’s shares should trade up at least 20% on Acadia Pharmaceuticals’ failure in PWS, Prader-Willi syndrome. The firm remains bullish on VYKAT’s launch and would be a buyer at these levels into Q3 print. Wells has an Overweight rating on Soleno with a price target of $123 on the shares.
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