Acadia Pharmaceuticals price target raised to $30 from $26 at JPMorgan

JPMorgan raised the firm’s price target on Acadia Pharmaceuticals (ACAD) to $30 from $26 and keeps an Overweight rating on the shares. The firm sees the recent ruling from the U.S. District Court for the District of Delaware in favor of Acadia regarding its formulation patent for Nuplazid on both infringement and validity arguments against Aurobindo Pharma and other generic filers as a “clear positive.” The patent provides protection for the Nuplazid 34mg capsule formulation into 2038, the analyst tells investors in a research note. JPMorgan believes it is logical to assume the parties would appeal the ruling, a process that could take up to two years from start to finish.