Leerink Partners analyst Marc Goodman has maintained their bullish stance on ACAD stock, giving a Buy rating on February 27.
Marc Goodman has given his Buy rating due to a combination of factors that highlight ACADIA Pharmaceuticals’ promising outlook. The company’s recent quarterly performance and future guidance have exceeded investor expectations, particularly with the surprising growth in Nuplazid sales, which are now anticipated to grow closer to 10% due to effective direct-to-consumer marketing strategies. This unexpected positive trajectory in sales, coupled with the strategic management of Daybue’s supply, has bolstered confidence in the company’s financial health.
Furthermore, ACADIA’s robust pipeline development adds to the positive sentiment. The addition of ACP-711 for essential tremor and the advancement of ACP-204 into Lewy Body Dementia Psychosis are promising developments. The company is also on track with its plans for ACP-101 and ACP-204 in other indications, with significant data expected in the coming years. These factors collectively support the Buy rating, with an updated price target of $28.
In another report released on February 27, JMP Securities also reiterated a Buy rating on the stock with a $37.00 price target.