Balancing Robust Nuplazid Outlook and RADIANT Trial Uncertainty: Rationale for Maintaining a Hold on Acadia

Morgan Stanley analyst Sean Laaman maintained a Hold rating on ACADIA Pharmaceuticals yesterday and set a price target of $25.00.

Sean Laaman has given his Hold rating due to a combination of factors tied to both strength and uncertainty in Acadia’s outlook. Management’s 2026 forecast for Nuplazid meaningfully exceeds market expectations, indicating robust confidence in ongoing prescription demand even after adjusting for the one‑time IRA rebate impact that temporarily depressed reported sales.

At the same time, overall fourth‑quarter revenue came in slightly shy of consensus, and Daybue guidance merely aligns with current forecasts, limiting near‑term upside. Moreover, investor attention is increasingly shifting to the Phase 2 RADIANT trial for remlifanserin in Alzheimer’s disease psychosis later this year, a binary event that could materially reshape the story, so Laaman’s stance reflects a balanced risk‑reward until those data are available.