Acadia Pharmaceuticals price target raised to $23 from $18 at BofA

BofA raised the firm’s price target on Acadia Pharmaceuticals (ACAD) to $23 from $18 and keeps a Neutral rating on the shares. Acadia recently announced the Delaware District Court ruled in favor of the company for the ongoing Nuplazid 34mg formulation patent litigation, which confirms patent protection for Nuplazid 34mg capsule into 2038, the analyst tells investors in a research note. The update removes a long-term revenue overhang for Nuplazid franchise, but additional growth from here will require a reacceleration of the Daybue launch, which has yet to be fully de-risked despite an encouraging Q1, the firm says.