Analyst Ritu Baral from TD Cowen maintained a Buy rating on ACADIA Pharmaceuticals and keeping the price target at $35.00.
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Ritu Baral has given her Buy rating due to a combination of factors that highlight ACADIA Pharmaceuticals’ strong performance and potential for growth. The company reported a notable increase in net sales for Daybue, surpassing expectations and demonstrating effective execution of their commercial strategy. This growth is attributed to the expansion of their salesforce, which has successfully broadened Daybue’s uptake beyond Rett Centers of Excellence.
Furthermore, ACADIA’s financial guidance for the fiscal year remains robust, with an upward revision in the lower-end guidance for Nuplazid sales. The company’s strategic initiatives have resulted in a significant increase in new patient starts and a growing number of healthcare providers prescribing Daybue. The low discontinuation rates and high persistence rates among patients indicate strong market acceptance and physician confidence in the product, suggesting continued revenue growth potential.
Baral covers the Healthcare sector, focusing on stocks such as Sarepta Therapeutics, Krystal Biotech, and ACADIA Pharmaceuticals. According to TipRanks, Baral has an average return of 12.4% and a 48.69% success rate on recommended stocks.
In another report released on July 24, J.P. Morgan also maintained a Buy rating on the stock with a $34.00 price target.