Mizuho analyst Uy Ear upgraded Acadia Pharmaceuticals to Buy from Neutral with a price target of $35, up from $20. The firm is bullish on Daybue, increasing its 2030 sales forecast to $1.1B from $838M, and believes the Phase 3 ADVANCE trial for pimavanserin in negative schizophrenia has a high likelihood of reading out positive data in Q1 of 2024. The analyst also sees limited downside to the patent case against generic manufacturer MSN with potential district court ruling by the end of 2023. In the worst case scenario, it estimates $3 of potential downside for the stock. Mizuho upgrades Acadia post the better than expected Q3 on “impressive” Daybue sales. It sees strengthening fundamentals for the company.
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Read More on ACAD:
- Acadia Pharmaceuticals upgraded to Buy from Neutral at Mizuho
- Acadia Pharmaceuticals price target raised to $42 from $39 at JMP Securities
- Acadia Pharmaceuticals sees FY23 NUPLAZID net sales $537.5M-$545M
- Acadia Pharmaceuticals sees Q4 DAYBUE net sales $80M-$87.5M
- Acadia Pharmaceuticals reports Q3 EPS (40c), consensus (43c)
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