Acadia Pharmaceuticals price target raised to $24 from $20 at Morgan Stanley

Morgan Stanley analyst Sean Laaman raised the firm’s price target on Acadia Pharmaceuticals (ACAD) to $24 from $20 and keeps an Equal Weight rating on the shares after the U.S. District Court for the District of Delaware ruled in favor of Acadia regarding its ‘721 formulation patent for Nuplazid. This ruling now provides patent protection into 2038, notes the analyst, who had previously modelled a decline from 2030. The firm’s new price target suggests an additional about $4.3B in cumulative sales post-2030, the analyst noted.