Acadia Pharmaceuticals (ACAD) PT Raised to $14.50 at BofA Securities

BofA Securities analyst Tazeen Ahmad raised the price target on Acadia Pharmaceuticals (NASDAQ: ACAD) to $14.50 (from $13.00) while maintaining a Underperform rating.

The analyst comments "Q2 EBITDA came in 1% above guide midpoint / our est and was in-line with consensus. ACHC raised the midpoint of its EBITDA guide by $5m or 1% with the $26m SDP benefit offset by a $29m malpractice reserve accrual. Given the FL SDP approval, the market was expecting a guide raise and the 1% increase is likely disappointing. We tick up estimates and raise our PO from $13.00 to $14.50 on the higher estimates (PO now based on 5.7x 2027E EBITDA vs 5.9x 2026E prior as we roll forward our valuation methodology). We reiterate our Underperform rating as we want to see execution on sustainable volume growth and improving margins, while we also worry about potential future legal settlements weighing on cash flows."

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