Acadia Pharmaceuticals price target raised to $22 from $19 at Oppenheimer

Oppenheimer analyst Matthew Hershenhorn raised the firm’s price target on Acadia Pharmaceuticals (ACAD) to $22 from $19 and keeps a Perform rating on the shares. Oppenheimer was impressed by new details and overall strategy shared at Acadia’s inaugural R&D Day, and sees incremental insights as supporting potential longer-term value, the analyst tells investors in a research note. The firm remains cautiously optimistic pending further derisking and appreciates Acadia’s comments on prioritizing R&D efficiency and BD strategy.