Acadia downgraded to Equal Weight from Overweight at Morgan Stanley

Morgan Stanley analyst Jeffrey Hung downgraded Acadia Pharmaceuticals to Equal Weight from Overweight with a price target of $20, down from $28, post the Q2 report. While Nuplazid sales were above expectations, Daybue came in below due to slower than projected new patient starts, the analyst tells investors in a research note. The firm says Acadia raised its guidance for Nuplazid but lowered for Daybue. It downgraded the shares looking for confirmation that Acadia’s initiatives translates to greater adoption of its treatment.