Canaccord analyst Sumant Kulkami reiterated a Buy rating and $32.00 price target on Acadia Pharmaceuticals (NASDAQ: ACAD).

The analyst commented: "ACAD reported its 1Q26 results after the close today (5/6). Nuplazid (pimavanserin, Parkinson's disease psychosis/PDP) sales were $166.9mn vs. us/consensus of $167.6mn/ $175.8mn. Nuplazid sales were affected by some patients taking longer to refill prescriptions (Rxs), which resolved later in the quarter. Daybue (trofinetide, Rett syndrome) sales of $101.2mn came in below us/consensus of $104.9mn/$104.3mn, but the company cited record shipments in 1Q26, and broader availability of a more convenient Daybue Stix (powder formulation), as positive factors. Importantly, ACAD maintained its 2026 outlook for Nuplazid and Daybue sales, which will be back-end-loaded. We will be watching quarterly performance closely as execution on Daybue/Nuplazid remains important to our thesis that is in part based on the stock being undervalued on approved products alone. With Phase 2 data on remlifanserin for Alzheimer's disease psychosis (ADP) still set for Aug-Oct 2026, there continues to be an underappreciated pipeline component to our thesis as well. Given remlifanserin's mechanism of action, and past trial results for pimavanserin in dementia-related psychosis (DRP), we view this asset as somewhat de-risked. At current levels, we do not see much in the stock for the pipeline, and like ACAD into this readout. Reiterate BUY."

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Shares of Acadia Pharmaceuticals closed at $21.48 yesterday.