Andrew Fein, an analyst from H.C. Wainwright, maintained the Buy rating on ACADIA Pharmaceuticals (ACAD – Research Report). The associated price target is $27.00.
Andrew Fein’s rating is based on several positive developments at ACADIA Pharmaceuticals. The company has demonstrated strong sales growth for its drug Daybue, with fourth-quarter revenue surpassing expectations due to increased patient volume and higher dosage adherence. This growth is supported by survey data indicating improved patient outcomes, such as reduced diarrhea severity and enhanced quality of life, which have contributed to higher persistency rates among patients.
Furthermore, the survey results from the American Epilepsy Society 2024 Annual Meeting highlight that a significant percentage of prescribers observed improved tolerability with Daybue, leading to decreased discontinuations. The drug’s acceptance is further bolstered by increased awareness among general physicians and untapped growth potential in the U.S. and European markets. Additionally, the promising results from previous Phase 3 trials of ACP-101, showing sustained efficacy and tolerable side effects, provide further confidence in the company’s pipeline and future prospects.
In another report released today, JMP Securities also reiterated a Buy rating on the stock with a $37.00 price target.