Analyst Tazeen Ahmad of Bank of America Securities reiterated a Hold rating on ACADIA Pharmaceuticals, boosting the price target to $27.00.
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Tazeen Ahmad’s rating is based on several factors, including ACADIA Pharmaceuticals’ recent performance and future prospects. The company reported solid second-quarter results with Daybue sales slightly exceeding expectations, driven by an expanded salesforce and increased referrals from the community setting. However, further acceleration is necessary to surpass current estimates, and upcoming data readouts will be crucial to understanding the pipeline’s potential.
Additionally, while Nuplazid sales showed growth and management raised the lower end of future guidance, uncertainties remain, particularly with ongoing price negotiations and the historical challenges in treating PWS. The company awaits key data from ongoing studies, which could influence future estimates. Given these factors, Ahmad maintains a Hold rating, reflecting a balanced view of the company’s current achievements and the uncertainties in its future growth trajectory.
In another report released yesterday, Mizuho Securities also maintained a Hold rating on the stock with a $24.00 price target.
Based on the recent corporate insider activity of 31 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of ACAD in relation to earlier this year.