Acadia Pharmaceuticals price target raised to $31 from $23 at JMP Securities

JMP Securities analyst Jason Butler raised the firm’s price target on Acadia Pharmaceuticals to $31 from $23 and keeps an Outperform rating on the shares. On Tuesday, Acadia announced a new Phase 3 development program, ACP-101 for Prader-Willi Syndrome-related hyperphagia, expanding its rare disease pipeline, the analyst tells investors in a research note. The firm believes ACP-101 is a logical fit for the company, as it leverages Acadia’s rare disease development and commercial expertise, including synergies with Daybue.