Evan Seigerman, an analyst from BMO Capital, maintained the Buy rating on ACADIA Pharmaceuticals (ACAD – Research Report). The associated price target remains the same with $28.00.
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Evan Seigerman has given his Buy rating due to a combination of factors that highlight ACADIA Pharmaceuticals’ promising pipeline and strategic investments. The company’s research and development event showcased a diverse range of assets in development, which could significantly enhance its revenue potential beyond its existing commercial products, Nuplazid and Daybue. Notably, the asset ACP-211 shows promise, particularly given the success of similar treatments in major depressive disorder, while ACP-711 presents a high-risk, high-reward opportunity.
Seigerman’s confidence is further bolstered by ACADIA’s strategic approach to research and development investments, demonstrating a careful and calculated allocation of resources. The company’s smaller size in the biotech sector does not deter its ability to make prudent investment decisions, which have historically been well-placed. Additionally, the potential of ACP-204 to improve upon the existing profile of pimavanserin, particularly in addressing concerns such as QT prolongation, adds to the optimism for its future performance in clinical trials. This strategic foresight and pipeline potential underpin Seigerman’s positive outlook on ACADIA Pharmaceuticals.
In another report released today, Needham also maintained a Buy rating on the stock with a $30.00 price target.