Morgan Stanley analyst Sean Laaman maintained a Hold rating on ACADIA Pharmaceuticals yesterday and set a price target of $24.00.
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Sean Laaman has given his Hold rating due to a combination of factors surrounding ACADIA Pharmaceuticals. One key aspect is the anticipated performance of Daybue, which showed growth in unique patients from the previous quarter. However, the focus remains on how well Daybue will continue to penetrate the addressable market of approximately 6,000 patients in the U.S., especially considering the usual seasonality and the recent price adjustments.
Additionally, the Hold rating reflects the uncertainty regarding Nuplazid’s growth trajectory despite the favorable patent ruling extending its protection until 2038. Investors are also keenly observing upcoming data releases, such as the ACP101 COMPASS PWS topline data expected before year-end and the competitive landscape with BMY’s forthcoming Phase 3 study results. These elements contribute to a cautious outlook, justifying the Hold recommendation.
In another report released on July 15, Bank of America Securities also reiterated a Hold rating on the stock with a $23.00 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.